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Category > Accounting Posted 11 Aug 2017 My Price 13.00

Pebco Company

Pebco Company's 2011 master budget included the following fixed budget report. It is based on an expected production and sales volume of 16,000 units.

 

PEBCO COMPANY
Fixed Budget Report
For Year Ended December 31, 2011
Sales       $ 4,000,000
Cost of goods sold          
Direct materials $ 1,005,000      
Direct labor   225,000      
Machinery repairs (variable cost)   75,000      
Depreciation"plant equipment   300,000      
Utilities ($55,000 is variable)   215,000      
Plant management salaries   215,000     2,035,000
 
 
Gross profit         1,965,000
Selling expenses          
Packaging   75,000      
Shipping   110,000      
Sales salary (fixed annual amount)   260,000     445,000
 
     
General and administrative expenses          
Advertising expense   130,000      
Salaries   251,000      
Entertainment expense   100,000     481,000
 
 
Income from operations       $ 1,039,000
       

 

Pebco Company's actual income statement for 2011 follows.

 

PEBCO COMPANY
Statement of Income from Operations
For Year Ended December 31, 2011
Sales (19,000 units)       $ 4,798,000
Cost of goods sold          
Direct materials $ 1,208,438      
Direct labor   276,188      
Machinery repairs (variable cost)   80,063      
Depreciation"plant equipment   300,000      
Utilities (fixed cost is $157,000)   221,563      
Plant management salaries   225,000     2,311,252
 
 
Gross profit         2,486,748
Selling expenses          
Packaging   86,813      
Shipping   122,625      
Sales salary (annual)   277,000     486,438
 
     
General and administrative expenses          
Advertising expense   138,000      
Salaries   251,000      
Entertainment expense   103,500     492,500
 
 
Income from operations       $ 1,507,810
       

 

Required:
1.

Prepare a flexible budget performance report for 2011.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 01:08 PM My Price 13.00

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