Accounting Assignment | College Homework Help

INITIAL BUDGET INFORMATION Our initial plan was to make and sell 500 wrenches. We budgeted 2 lbs. of steel for each wrench, and expected to pay $1.50 per pound for the steel. We budgeted $20 per hour for labor, and expected it to take 3 hours to make each tool. Our initial plan was to sell the 500 wrenches for $120 each. We budgeted $8000 for insurance (fixed overhead), and we decided to use labor hours as the driver for allocating utilities costs (variable overhead). We expected to have $12,000 in utilities costs.College Homework Help

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ACTUAL RESULTS (1) We receive an order for 550 units at $125.00 each (2) We purchase 1,400 lbs. of materials., paying 1,960.00, or $1.40 per lb. (3) We drawdown 1250 lbs. materials to produce 550 wrenches . (4) We drawdown (pay) $21.00 hr. for 1640 hours of labor to produce the 550 wrenches. (5) We incur variable overhead expenses (ex. – utilities) of $11,890.00. Variable overhead is applied using the budgeted Var. OH application rate. (6) Fixed overhead (insurance)costs are $7,800.

Fixed overhead is deemed to be a period expense. (7) We sell all 550 units at $125 each.PART ONE: Required (use formatted statements shown on Sheet 2 of this EXCEL file) Prepare in good order (in the space provided) a Master Budget Income Statement. Prepare in good order (in the space provided) a Flexible Budget Income Statement, based on actual production. Prepare in good order (in the space provided)an Actual Results Income Statement. Get Accounting Homework Help TodayCollege Homework Help

Actual Results
     Detail Summary
Variable OH
     Total Var.
Contr. Margin
Less: Fixed OH
Net Income

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