V B N Project 2: Flexible Budget and Budget Report (10 points) Upload your file to Moodle by the deadline specified. Do NOT emoll your filel Halloween Supplies, Inc. estimates that 120,000 direct labor hours will be worked during 2021 in the Packaging Department. Based on this estimate the following budget was developed for annual manufacturing overhead costs. Variable Overhead Costs Fixed Overhead Costs Indirect labor $45,000 Supervision $84.000 Indirect materials 28,500 Depreciation 24,000 Repairs 27,600 Insurance 15,000 Utilities 17.400 10.800 Lubricants 6,600 Property taxes 7,200 $125,100 $141,000 Rent 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 Indirect labor $4,100 Indirect materials 2,300 Repairs 2,200 Utilities 1,500 Lubricants 600 $10,700 Fixed Overhead Costs Supervision $7,000 Depreciation 2,000 Insurance 1,250 Rent 900 Property taxes 600 $11.750 1 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, 2021. 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. V B N Project 2: Flexible Budget and Budget Report (10 points) Upload your file to Moodle by the deadline specified. Do NOT emoll your filel Halloween Supplies, Inc. estimates that 120,000 direct labor hours will be worked during 2021 in the Packaging Department. Based on this estimate the following budget was developed for annual manufacturing overhead costs. Variable Overhead Costs Fixed Overhead Costs Indirect labor $45,000 Supervision $84.000 Indirect materials 28,500 Depreciation 24,000 Repairs 27,600 Insurance 15,000 Utilities 17.400 10.800 Lubricants 6,600 Property taxes 7,200 $125,100 $141,000 Rent 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 Indirect labor $4,100 Indirect materials 2,300 Repairs 2,200 Utilities 1,500 Lubricants 600 $10,700 Fixed Overhead Costs Supervision $7,000 Depreciation 2,000 Insurance 1,250 Rent 900 Property taxes 600 $11.750 1 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, 2021. 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
