Project 2: Flexible Budget and Budget Report Upload your file to Moodle by the deadl ine specified. Do NOT email your filel Halloween Supplies, Inc. estimates that 120,000 direct labor hours will be worked (10 points) during 2019 in the Packaging Department. Based on this estimate, the following budget was developed for manufacturing overhead costs. Variable Overhead Costs Indirect labor Fixed Overhead Costs $84,000 24,000 15,000 10,800 7,200 $45,000 Supervision Depreciation Indirect materials 28,500 Repairs Utilities 27,600 Insurance 17,400 6,600 $125,100 Rent Lubricants Property taxes $141,000 It is estimated that direct labor hours worked each month will range from 8,000 to 12,000 hours. During January, 10,000 direct labor hours were worked and the following overhead costs were incurred. Variable Overhead Costs Fixed Overhead Costs $7,000 Indirect labor $4,100 Supervision Depreciation Insurance 2,000 Indirect materials 2,300 2,200 1,250 Repairs 1,500 Rent Utilities 900 600 Property taxes Lubricants 600 $10,700 $11,750 Instructions for Project 2 1. Using Excel, prepare a monthly flexible manufacturing overhead budget for each increment of 1,000 direct labor hours over the relevant range for the year ending December 31, 2019. Refer to Illustration 23-13 in the chapter for an example. 2. Using Excel, prepare a manufacturing overhead budget report for January in good form. Refer to Illustration 23-16 in the chapter as a quide L honth will range from 8,000 to During January, 10,000 direct labor hours were worked and the following overhead costs were incurred. Variable Overhead Costs Fixed Overhead Costs Supervision Depreciation Indirect labor $4,100 $7,000 Indirect materials 2,300 2,000 Repairs 2,200 1,500 Insurance 1,250 Utilities Rent 900 Lubricants 600 Property taxes 600 $10,700 $11,750 Instructions for Project 2: 1. Using Excel, prepare a monthly flexible manufacturing overhead budget for each increment of 1,000 direct labor hours over the relevant range for the year ending December 31, 2019. Refer to Illustration 23-13 in the chapter for an example. 2. Using Excel, prepare a manufacturing overhead budget report for January in good form. Refer to Illustration 23-16 in the chapter as a guide. Project 2: Flexible Budget and Budget Report Upload your file to Moodle by the deadline specified. Do NOT email your filel Halloween Supplies, Inc. estimates that 120,000 direct labor hours will be worked (10 points) during 2019 in the Packaging Department. Based on this estimate, the following budget was developed for manufacturing overhead costs. Fixed Overhead Costs Supervision Depreciation Variable Overhead Costs Indirect labor $84,000 24,000 15,000 $45,000 Indirect materials 28,500 Repairs Utilities 27,600 Insurance 10,800 7,200 17,400 Rent Lubricants Property taxes 6,600 $141,000 $125,100 IT is estimated that direct labor hours worked each month will range from 8,000 fo 12,000 hours. During January, 10,000 direct labor hours were worked and the following overhead costs were incurred. Variable Overhead Costs $4,100 Fixed Overhead Costs Supervision $7,000 Indirect labor 2,300 Depreciation Indirect materials 2,000 2,200 Insurance 1,250 Repairs Utilities 1,500 Rent 900 600 Property taxes Lubricants 600 $10,700 $11,750 Instructions for Project 2: 1 Using Excel, prepare a monthly flexible manutacturing overhead budget for egch increment of 1,000 direct labor hours over the relevant range for the year ending December 31, 2019. Refer to Illustration 23-13 in the chapter for an example. 2. Using Excel, prepare a manufacturing overhead budget report for January in good form. Refer to Illustration 23-16 in the chapter as a quide
