Total Fixed Costs at 120 hours =
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Using the incomplete Flexible Budget Performance Report below, calculate the total fixed costs on the Flexible Budget (at 120 hours).
| Flexible Budget (120 hours) | ||
| Sales Revenue | $2,000 | ? |
| Total Variable Costs | $200 | ? |
| Total Fixed Costs | $600 | ? |
Total Fixed Costs at 120 hours =
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- Cold X, Inc. uses this information when preparing their flexible budget: direct materials of $2 per unit, direct labor of $3 per unit, and manufacturing overhead of $1 per unit. Fixed costs are $35,000. What would be the budgeted amounts for 20,000 and 25,000 units?Using Regression to Calculate Fixed Cost, Calculate the Variable Rate, Construct a Cost Formula, and Determine Budgeted Cost Refer to the information for Pizza Vesuvio on the previous page. Coefficients shown by a regression program for Pizza Vesuvios data are: Required: Use the results of regression to make the following calculations: 1. Calculate the fixed cost of labor and the variable rate per employee hour. 2. Construct the cost formula for total labor cost. 3. Calculate the budgeted cost for next month, assuming that 675 employee hours are budgeted. (Note: Round answers to the nearest dollar.) Use the following information for Brief Exercises 3-17 through 3-20: Pizza Vesuvio makes specialty pizzas. Data for the past 8 months were collected:At zero direct labor hours in a flexible budget graph, the total budgeted cost line intersects the vertical axis at $30,000. At 10,000 direct labor hours, a horizontal line drawn from the total budgeted cost line intersects the vertical axis at $90,000. Fixed and variable costs may be expresses as.
- esc Using the incomplete Flexible Budget Performance Report below, calculate the total fixed costs on the Flexible Budget (at 120 hours). Flexible Budget (120 hours) Sales Revenue Total Variable Costs Total Fixed Costs Total Fixed Costs at 120 hours = Click Save and Submit to save and submit. Click Save All Answers to save all answers. ! 1 Q 2 W Master Budget (100 hours) $2,000 $500 $700 #3 E S A 4 % 07 20 ? ? ? R 5 MacBook Pro < C 6 T & of r ㄱ YApparelle Co. developed the following equation to predict certain components of its budget for the coming period: Costs = $50,000 + ($5 x direct labor hours) The $5 would approximate:a. total costb. direct labor rate per hourc. fixed cost per direct labor hourd. variable costs per direct labor hourYour managerial accountant provided you with information comparing the actual results to the budgeted amounts for the period: Static Flexible Actual Quantity 3,200 DL hours 2,900 hours 2,900 hours Price $15 per hour $15 per hour $18 per hour Total Costs $48,000 $43,500 $52,200 Based on the information provided, select all of the true statements from the following options: Your managerial accountant provided you with information comparing the actual results to the budgeted amounts for the period: Static Flexible Actual Quantity 3,200 DL hours 2,900 hours 2,900 hours Price $15 per hour $15 per hour $18 per hour Total Costs $48,000 $43,500 $52,200 Based on the information provided, select all of the true statements from the following options: The price variance is $8,700, favorable The price variance is $8,700, unfavorable The total budget variance is $42,000, favorable The price variance is $3.00, favorable The…
- Ray's cost accountant prepared the following static budget based on expected activity of 2,000 units for the current accounting period: Sales Revenue Variable Costs Contribution Margin Fixed Costs Net Income Multiple Choice O If Ray actually produced 1,800 units, the flexible budget would show fixed costs amounting to O $15,000 $8,000 $6,000 $ 32,000 (12,000) $9,000 20,000 (8,000) $ 12,000At zero direct labor hours in a flexible budget graph, the total budgeted cost line intersects the vertical axis at $30000. At 20000 direct labor hours, a horizontal line drawn from the total budgeted cost line intersects the vertical axis at $210000. Total fixed costs and unit variable costs are: O $180000 fixed plus $2 per direct labor hour variable. O $30000 fixed plus $9 per direct labor hour variable. O $180000 fixed plus $9 per direct labor hour variable. O $30000 fixed plus $11 per direct labor hour variable.Howard Cooper, the president of Campbell Computer Services, needs your help. He wonders about the potential effects on the firm's net income if he changes the service rate that the firm charges its customers. The following basic data pertain to fiscal Year 3. Standard rate and variable costs Service rate per hour $ 85.00 Labor cost 37.00 Overhead cost 7.10 Selling, general, and administrative cost Expected fixed costs Facility maintenance Selling, general, and administrative 3.80 $522,000 142,000 Required: a. Prepare the pro forma income statement that would appear in the master budget if the firm expects to provide 45,000 hours of services in Year 3. b. A marketing consultant suggests to Mr. Cooper that the service rate may affect the number of service hours that the firm can achieve. According to the consultant's analysis, if Campbell charges customers $80 per hour, the firm can achieve 50,000 hours of services. Prepare a flexible budget using the consultant's assumption. c. The same…
- The following graph is from Floyd and Company. Required: Label (a) and (b) in the graph and give the number of units sold for each. Operating profit Operating loss Flexible budget =$178,000 $0 Master budget = $(95,000) Fixed costs = $680,000 (a) (a) Master budget activity (b) Flexible budget activity Slope = contribution margin per unit = $13 Answer is complete but not entirely correct. 45,000 38,615 (b) units units Flexible budget line Units soldPractice : (see attachemnt) please address parts B, C, D please show any calculations for reference a) What is meant by the term flexible budget? What role do flexible budgets play in evaluating performance? The cost accountant for Bradley, Inc., prepared the following monthly performance report relating to the Finishing Department: Budgeted Production Actual Production number units: 6000 units 6500 units Direct materials: $90,000 $99,600 Direct labor: $48,000 $55,200 Variable Manufacturing Overhead: $6,000 $9,000 Fixed Manufacturing Overhead: $66,000 $64,200 What would the flexible budget amounts be for each of the following: Direct materials Direct labor Variable manufacturing overhead Compute the…The standard labour budget for CTF of 800 units with detail information as follows: 3hours/unit and $12 per labour hour. The actual labour budget of 1,000 units with detail information as follows: 2,6hours/unit and 13$/labour hour. Analyse the direct labour costs variance → Do we need to set up a flexible budget in this case? Why?
