Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Accounting Posted 20 Aug 2017 My Price 8.00

Genie in a Bottle Company

Budget performance report

 

Budget performance report

 

Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows:

 

Cost Category

Standard Cost per 100 Two-Liter Bottles

 

Direct labor                                                    $  2.00

Direct materials                                                9.10

Factory overhead                                       0.55 Total                $11.65

At the beginning of July, GBC management planned to produce  400,000  bottles. The actual number of bottles produced for July was 406,000 bottles. The actual costs for July of the current year were as    follows:

 

actual Cost for the

Cost Category

month ended July 31

Direct labor

$  7,540

Direct materials

35,750

Factory overhead

     2,680

Total

$45,970

 

a.     Prepare the July manufacturing standard cost  budget  (direct  labor,  direct materials, and factory overhead) for GBC, assuming planned production.

b.     Prepare a budget performance report for manufacturing costs, showing the total cost variances for direct materials, direct labor, and factory overhead for July.

c.                                Interpret the budget performance report.

 

(GBC) manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows:

 

Cost Category

Standard Cost per 100 Two-Liter Bottles

 

Direct labor                                                    $  2.00

Direct materials                                                9.10

Factory overhead                                       0.55 Total                $11.65

At the beginning of July, GBC management planned to produce  400,000  bottles. The actual number of bottles produced for July was 406,000 bottles. The actual costs for July of the current year were as    follows:

 

actual Cost for the

Cost Category

month ended July 31

Direct labor

$  7,540

Direct materials

35,750

Factory overhead

     2,680

Total

$45,970

 

a.     Prepare the July manufacturing standard cost  budget  (direct  labor,  direct materials, and factory overhead) for GBC, assuming planned production.

b.     Prepare a budget performance report for manufacturing costs, showing the total cost variances for direct materials, direct labor, and factory overhead for July.

c.                                Interpret the budget performance report.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 20 Aug 2017 09:08 AM My Price 8.00

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