QUESTION 4: FLEXIBLE BUDGETING Selkirk industries manufactures a premium specially formulated soil mix sold in 10 kg bags for $250 per boig. For the month of April 2021, budgeted production and sales were 3.500 bags with the following standard costs per bag: Standard Standard Quantity Price Direct materials 10 kg $14.00 per kg Direct labour 2.25 direct labour hours $22.00 per direct labour hour Machine hours 1.25 machine hours During the month of April. Selkirk purchased and used 39.750 kg of materials at a total cost of $423,338 Total factory salaries for April was $233,833, 85% of which was for 39.750 direct labour hours used to product and sell 3,750 bags of mix. Total overhead for April was budgeted $20,000 and the standard fixed overhead rate is $3.60 per bag. Both fixed and variable overhead are applied to the product on the basis of machine hours. Total machine hours used in production during April was 4.300. Actual foved and variable costs were $12.350 and S7 105 respectively Requirement 1: OPTIONAL: Show your supporting calculations in the space below to earn partial credit. Complete the table below relating to direct material and direct labour variances Round final answers to nearest whole dollar. Answers can be entered with or without a comma separator... 12345 S Direct Materials Price Variance College Moodle OUVERTURE WAS DUURDU URUTER the product on the basis of machine hours. Total machine hours used in production during April was 4,300. Actual freed and variable costs were $12.350 and 57.105 respectively. Requirement 1: OPTIONAL Show your supporting calculations in the space below to earn partial credit Complete the table below relating to direct material and direct labour variances. Round final answers to nearest whole dollar. Answers can be entered with or without a comme separator, eg 12345 Direct Materials Price Variance s Direct Materials Efficiency Variance $ Direct Materials Flexible Budget Variances Direct Labour Price (Rate) Vanance $ Direct Labour Efficiency Variance 5 $ Direct Labour Flexoble Budget Variance Requirement 2: OPTIONAL: Show your supporting calculations in the space below to eam partial credit Complete the table below relating to variable and foed overhead variances Round final answers to nearest whole dollar. Answers can be entered with or without conna separator 12345 College Moodle Requirement 2: OPTIONAL: Show your supporting calculations in the space below to earn partial credit Complete the table below relating to variable and fixed overhead variances. Round final answers to nearest whole dollar. Answers can be entered with or without a comma separator, eg. 12345 Variable Overhead Spending Variance $ Variable Overhead Efficiency Variance $ U. Variable Overhead Flexible Budget Variance 5 Fixed Overhead Spending Variance 5 Fixed Overhead Applied S 5 Fixed Overhead Production Volume Variance ** Fixed Overhead Flexible Budget Variance Please in all parts of the question 7 Supporting Calculations (optional) N e Hege Moodle Fixed Overhead Production Volume Varance Fixed Overhead Flexible Budget Variance Please answer all parts of the question Supporting Calculations (optional) 1 x A- B 1 TE = 3 Requirement 1 supporting calculations (optional): Requirement 2 supporting calculations (optional): Next page page
