please help with calculations on excel

H R L 1 2 Prepare flexible budget and budget report for manufacturing overhead ABC company estimates that 300,000 direct labor hours will be worked during the coming year, 2014, in the Packaging Department. On this basis, the budgeted manufacturing overhead cost data, shown below, are computed for the year. 3 4 5 6 7 8 9 10 $ 16 18 Fixed Overhead Costs Variable Overhead Costs Supervision $ 78,000 Indirect labor $ 126,000 Depreciation 84,000 Indirect materials 90,000 Insurance 36,000 Repairs 54,000 Rent 24,000 Utilities 72,000 11 Property taxes 16,800 Lubricants 18,000 12 $ 238,800 360,000 13 14 It is estimated that direct labor hours worked each month will range from 27,000 to 35,000 hours. 15 During October 27,000 direct labor hours were worked and the following overhead costs were incurred. Fixed overhead costs: supervision $6,500, depreciation $7,000, insurance $2,200, rent $2,000, 17 and property taxes $1,400. Variable overhead costs: indirect labor $11,500, indirect materials $7,000, repairs $5,200, 19 utilities $4,000, and lubricants $2,020. 20 21 Instructions 22 (a) Prepare a monthly manufacturing overhead flexible budget for each increment of 3,000 direct labor 23 hours over the relevant range for the year ending December 31, 2014. 24 (6) Prepare a flexible budget report for October. 25 (c) Comment on management's efficiency in controlling manufacturing overhead costs in October. 26 NOTE: Enter a formula in cells highlighted yellow, remember to use absolute (ABS) and IF formulas when applicable. 27 28 29 30 (a) ABC Company 31 Packaging Department 32 Monthly Manufacturing Overhead Flexible Budget 33 For the Year 2014 34 Activity level 35 Direct labor hours 27,000 30,000 33,000 36,000 Final Question Flex Budget (a) 30 31 32 33 ABC Company Packaging Department Monthly Manufacturing Overhead Flexible Budget For the Year 2014 34 Activity level Direct labor hours 27,000 30,000 33,000 36,000 Variable costs Indirect labor Indirect materials Repairs Utilities Lubricants Total variable costs S $ $ $ S $ Per DLH 0.42 0.30 0.18 0.24 0.06 1.20 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 (b) 60 Fixed costs Supervision Depreciation Insurance Rent Property taxes Total fixed costs Total costs $126,000/300,000 DLH = $0.42 per DLH ** Supervision = $78,000/12 months = $6,500 per month ABC Company Packaging Department Manufacturing Overhead Flexible Budget Report For the Month Ended October 31, 2014 61 62 63 64 65 Budget at 27,000 DLH Actual Costs 27,000 DLH Difference Favorable F Unfavorable U Direct labor hours Veisblo cart Final Question Flex Budget + ABC Company Packaging Department Manufacturing Overhead Flexible Budget Report For the Month Ended October 31, 2014 59 (b) 60 61 62 63 64 65 66 67 68 69 Budget at 27,000 DLH Actual Costs 27,000 DLH Difference Favorable F Unfavorable U ABS Direct labor hours Variable costs Indirect labor Indirect materials Repairs Utilities Lubricants Total variable costs $ $ $ $ $ $ 0.42 0.30 0.18 0.24 0.06 1.20 ABS ABS ABS ABS ABS IF IF IF IF IF IF 70 71 72 73 74 75 76 77 78 79 80 Fixed costs Supervision Depreciation Insurance Rent Property taxes Total fixed costs IF IF IF ABS ABS ABS ABS ABS ABS IF IF IF Total costs ABS IF 81 82 83 84 Ans: 85 (c) 86 87 88 89 90 91 92 93 94 96 Final Question Flex Budget