LO B IULIE Clipboard Font Alignmer SUM f =B7*B8 B D E G 4 BUDGEL ASSUMPTIONS 6 Sales and Production Budget Information 7 Sales budget for 2020 8 Production budget for 2020 Alunits 4 units 10 11 Production Standards Standard Quantity Standard Price 12 Direct materials 400 pounds $30.00 per pound 13 Direct labor 1,000 hours $20.00 per hour 14 Variable manufacturing overhead 1,000 hours $6.00 per hour 15 16 17 Budgeted Fixed Manufacturing Overhead 18 Fixed manufacturing overhead budget for 2020 $25,000 19 20 21 22 ACTUALS 23 24 Actual Sales and Production 25 Actual sales units for 2020 3 units 26 Actual sales revenue for 2020 $260,000 27 Actual production for 2020 3 units 28 29 Actual Quantities and Prices Job 1 Job 2 Job 3 Total Quantity Total Cost 30 Direct materials quantity 420 348 435 1203 31 Direct materials price $29.50 $30 80 $32.40 $37,202.40 32 Direct labor hours 1,106 972 1,077 3,155 33 Direct labor rate $20.10 $20.25 $19.80 $63,238 20 34 Variable manufacturing overhead $22.500.00 35 Fixed manufacturing overhead $30,000.00 7 Actual Selline and Administrative Exnense Instructions Excel Assignment 2 + Edit Type here to search Clipboard 5 Font Alignment SUM X fx =B7*B8 A B E $30.80 972 $20.25 $29.50 1,106 $20.10 D $32.40 1,077 $19.80 $37,202.40 3,155 $63,238.20 $22,500.00 $30,000.00 31 Direct materials price 22 Direct labor hours 33 Direct labor rate 34 Variable manufacturing overhead 35. Fixed manufacturing overhead 36 37 Actual Selling and Administrative Expense 38 Selling and Administrative Expense for 2020 39 40 Average Operating Assets 41 Operating assets at 1/1/20 42 Operating assets at 12/31/20 13 Average Operating Assets for 2020 $20,000 $850,000 $900,000 $875.000 10.0% 45 Minimum required rate of return 46 47 48 50 51 52 54 55 56 57 50 60 61 Instructions Excel Assignment 2 Edit Type here to search H M N OUTPUT AREA Direct Labor Budget Year 2010 87 Required production in units Direct labor hours per unit Total direct labor hours needed Direct labor cost per hour Total direct labor cost budget Completed prior to 2020. Manufacturing Overhead Budget + Year 2020 Budgeted direct labor hours Variable manufacturing overhead rate Variable manufacturing overhead Fixed manufacturing overhead Total manufacturing overhead Budgeted direct labor hours Predetermined overhead rate for the year Actual Job Costs Job 1 Job 2 Iob 3 Total Completed during 2020 Direct materials Direct labor Manufacturing overhead applied Totaljob costs Variance Calculations Year 2020 Direct materials spending variance Direct materials orice variance LA M N Totaljob costs Variance Calculations Yeat 2020 Direct materials spending variance Direct materials price variance Direct materials quantity variance Direct labor spending variance Direct labor rate variance Direct labor efficiency variance Variable manufacturing overhead spending variance Variable manufacturing overhead rate variance Variable manufacturing overhead efficiency variance Completed after end of 20204 Income Statement at Year-End Year 2020 Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income Performance Evaluation Year2020 Margin Turnover Return on investment Residual income LE LO B IULIE Clipboard Font Alignmer SUM f =B7*B8 B D E G 4 BUDGEL ASSUMPTIONS 6 Sales and Production Budget Information 7 Sales budget for 2020 8 Production budget for 2020 Alunits 4 units 10 11 Production Standards Standard Quantity Standard Price 12 Direct materials 400 pounds $30.00 per pound 13 Direct labor 1,000 hours $20.00 per hour 14 Variable manufacturing overhead 1,000 hours $6.00 per hour 15 16 17 Budgeted Fixed Manufacturing Overhead 18 Fixed manufacturing overhead budget for 2020 $25,000 19 20 21 22 ACTUALS 23 24 Actual Sales and Production 25 Actual sales units for 2020 3 units 26 Actual sales revenue for 2020 $260,000 27 Actual production for 2020 3 units 28 29 Actual Quantities and Prices Job 1 Job 2 Job 3 Total Quantity Total Cost 30 Direct materials quantity 420 348 435 1203 31 Direct materials price $29.50 $30 80 $32.40 $37,202.40 32 Direct labor hours 1,106 972 1,077 3,155 33 Direct labor rate $20.10 $20.25 $19.80 $63,238 20 34 Variable manufacturing overhead $22.500.00 35 Fixed manufacturing overhead $30,000.00 7 Actual Selline and Administrative Exnense Instructions Excel Assignment 2 + Edit Type here to search Clipboard 5 Font Alignment SUM X fx =B7*B8 A B E $30.80 972 $20.25 $29.50 1,106 $20.10 D $32.40 1,077 $19.80 $37,202.40 3,155 $63,238.20 $22,500.00 $30,000.00 31 Direct materials price 22 Direct labor hours 33 Direct labor rate 34 Variable manufacturing overhead 35. Fixed manufacturing overhead 36 37 Actual Selling and Administrative Expense 38 Selling and Administrative Expense for 2020 39 40 Average Operating Assets 41 Operating assets at 1/1/20 42 Operating assets at 12/31/20 13 Average Operating Assets for 2020 $20,000 $850,000 $900,000 $875.000 10.0% 45 Minimum required rate of return 46 47 48 50 51 52 54 55 56 57 50 60 61 Instructions Excel Assignment 2 Edit Type here to search H M N OUTPUT AREA Direct Labor Budget Year 2010 87 Required production in units Direct labor hours per unit Total direct labor hours needed Direct labor cost per hour Total direct labor cost budget Completed prior to 2020. Manufacturing Overhead Budget + Year 2020 Budgeted direct labor hours Variable manufacturing overhead rate Variable manufacturing overhead Fixed manufacturing overhead Total manufacturing overhead Budgeted direct labor hours Predetermined overhead rate for the year Actual Job Costs Job 1 Job 2 Iob 3 Total Completed during 2020 Direct materials Direct labor Manufacturing overhead applied Totaljob costs Variance Calculations Year 2020 Direct materials spending variance Direct materials orice variance LA M N Totaljob costs Variance Calculations Yeat 2020 Direct materials spending variance Direct materials price variance Direct materials quantity variance Direct labor spending variance Direct labor rate variance Direct labor efficiency variance Variable manufacturing overhead spending variance Variable manufacturing overhead rate variance Variable manufacturing overhead efficiency variance Completed after end of 20204 Income Statement at Year-End Year 2020 Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income Performance Evaluation Year2020 Margin Turnover Return on investment Residual income LE