# ACCT 110 State total budgeted cost formula and prepare flexible budget reports

Name:Course:Date:P10-3A â€“ State total budgeted cost formula and prepare flexible budget reports for 2 timeperiodsManagerial Accounting, 6th Edition, by Weygandt, Kieso, and KimmelPrimer on Using Microsoft Excel in Accounting by Rex A SchildhouseProblem P10-3A Hill Company uses budgets in controlling costs. The August 2014 budget report for the company’sAssembling Department is as follows.HILL COMPANYBudget ReportAssembling DepartmentFor the Month Ended August 31, 2014DifferenceManufacturing CostsVariable costsDirect materialsDirect laborIndirect materialsIndirect laborUtilitiesMaintenanceTotal variable costsFixed costsRentSupervisionDepreciationTotal fixed costsTotal costsBudgetActualFavorable – FavUnfavorable – Unf\$48,00054,00024,00018,00015,0006,000165,000\$47,00051,20024,20017,50014,9006,200161,000(\$1,000) Fav(\$2,800) Fav\$200 Unf(\$500) Fav(100) Fav200 Unf(4,000) Fav12,00017,0006,00035,000\$200,00012,00017,0006,00035,000\$196,000\$0 Unf\$0 Unf\$0 Unf0 Unf(\$4,000) FavThe monthly budget amounts in the report were based on an expected production of60,000unitsper month or720,000 units per year. The Assembling Department manager is pleased with the reportand expects a raise, or at least praise for a job well done. The company president, however, is unhappy with theresults for August, because only58,000units were produced.Instructions:(a) State the total monthly budgeted cost formula.Enter text answer here.Name:Course:Date:(b) Prepare a budget report for August using flexible budget data. Why does this report provide a better basis forevaluating performance than the report based on static budget data?UnitsVariable costs*TitleTitleTitleTitleTitleTitleTotal variable costsFixed costsRentSupervisionDepreciationTotal fixed costsTotal costsHILL COMPANYAssembling DepartmentFlexible Budget ReportFor the Month Ended August 31, 2014Budgeted at Actual CostsNumberNumberunitsunitsAmountAmountAmountAmountAmountAmountAmountAmountAmountAmountAmountAmountFormulaFormula12,00017,0006,000FormulaFormula12,00017,0006,000FormulaFormulaDifferenceFavorable – FavUnfavorable – UnfFormulaFav / UnfFormulaFav / UnfFormulaFav / UnfFormulaFav / UnfFormulaFav / UnfFormulaFav / UnfFormulaFav / UnfFormulaFormulaFormulaFormulaFormulaFav / UnfFav / UnfFav / UnfFav / UnfFav / Unf*Note that the per unit variable costs are computed by taking the budget amount at 60,000 unitsand dividing it by 60,000. For example, direct materials per unit is therefore \$48,000 / 60,000units or \$0.80 per unit.Enter text answer here.Name:Course:Date:(c) In September,64,000 units were produced. Prepare the budget report using flexible budget data,assuming (1) each variable cost was10%higher than its actual cost in August, and (2) fixedcosts were the same in September as in August.UnitsVariable costs*TitleTitleTitleTitleTitleTitleTotal variable costsFixed costsTitleTitleTitleTotal fixed costsTotal costsHILL COMPANYAssembling DepartmentFlexible Budget ReportFor the Month Ended August 31, 2014Budgeted at Actual CostsNumberNumberunitsunitsAmountAmountAmountAmountAmountAmountAmountAmountAmountAmountAmountAmountFormulaFormulaAmountAmountAmountFormulaFormulaAmountAmountAmountFormulaFormulaDifferenceFavorable – FavUnfavorable – UnfFormulaFav / UnfFormulaFav / UnfFormulaFav / UnfFormulaFav / UnfFormulaFav / UnfFormulaFav / Unf0Fav / UnfFormulaFormulaFormulaFormulaFormulaFav / UnfFav / UnfFav / UnfFav / UnfFav / Unf

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