Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

this is one whole question, please answer all parts Lily Ines mancturing overhead budget for the first quarter of 2020 contained the following data Variable

this is one whole question, please answer all parts image text in transcribed
image text in transcribed
image text in transcribed
Lily Ines mancturing overhead budget for the first quarter of 2020 contained the following data Variable Costs Fixed costs indirect materials $11.600 Supervisory salaries Indirect labor 11,000 Depreciation 7.000 Property taxes and insurance Maintenance 5600 Maintenance $36 300 7000 7.200 Actual variable costs were indirect materials $14.500 indirect labor $9.200, utilities $9.500, and maintenance 54.900. Actual feed costs equaled budgeted costs except for property taxes and insurang The actual activity level equaled the budgeted level and insurance All costs are considered controllable by the production department manager except for depreciation and property a) Prepare a manufacturing overhead flexible budget report for the first quarter (List variable costs before feed costs) LILY INC. Manufacturing Overhead Flexible Budget Report For the Quarter Ended March 2020 Difference Favorable Unfavorable Neither Favorable nor Unfavorable Actual The actual activity level equaled the budgeted level. Al costs are considered controllable by the production department manager except for depreciation and property taxes and insurance. (a) Prepare a manufacturing overhead flexible budget report for the first quarter. (List variable costs before fred costs.) LILY INC. Manufacturing Overhead Flexible Budget Report For the Quarter Ended March 31, 2020 Difference Favorable Unfavorable Neither Favorable nor Unfavorable Prepare a responsibility report for the first quarter. LILY INC. Manufacturing Overhead Responsibility Report For the Quarter Ended March 31, 2020 Difference Favorable Unfavorable Neither Favorable nor Unfavorable Controllable costs

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Dcaa Audits Widespread Problems With Audit Quality Require Significant Reform: Gao 09 1009t

Authors: U. S. Government Accountability Office

1st Edition

1287232027, 978-1287232025

More Books

Students also viewed these Accounting questions