Business College

Gundy Company expects to produce 1,213,200 units of Product XX in 2020. Monthly production is expected to range from 80,000 to 114,000 units. Budgeted variable manufacturing costs per unit are: direct materials $5, direct labor $7, and overhead $11. Budgeted fixed manufacturing costs per unit for depreciation are $6 and for supervision are $1. In March 2020, the company incurs the following costs in producing 97,000 units: direct materials $515,000, direct labor $670,000, and variable overhead $1,073,000. Actual fixed costs were equal to budgeted fixed costs. Prepare a flexible budget report for March. (List variable costs before fixed costs.)

Answers

Answer 1

Answer:

Gundy Company

Flexible Budget Report for March 2020:

                                      Actual Budget   Flexible Budget   Variance

Direct materials                 $515,000        $485,000           $30,000  U

Direct labor                         670,000           679,000               9,000  F

Variable overhead           1,073,000         1,067,000               6,000  U

Actual fixed costs              679,000           679,000                       0  None

Total costs incurred    $2,937,000       $2,910,000           $27,000  U

Explanation:

a) Data and Calculations:

Expected production of Product XX in 2020 = 1,213,200 units

Monthly production range = 80,000 to 114,000 units

Budgeted variable manufacturing costs per unit are:

Direct materials      $5

Direct labor             $7

Overhead              $11

Total variable       $23

Fixed manufacturing costs per unit:

Depreciation are   $6

Supervision are     $1

Total fixed costs   $7

Total costs =       $30

March 2020 costs incurred for 97,000 units:

Direct materials        $515,000

Direct labor              $670,000

Variable overhead $1,073,000

Actual fixed costs      679,000

Total costs incurred $2,937,000

Flexible Budget Report for March 2020:

                                      Actual Budget   Flexible Budget   Variance

Direct materials                 $515,000        $485,000           $30,000  U

Direct labor                         670,000           679,000               9,000  F

Variable overhead           1,073,000         1,067,000               6,000  U

Actual fixed costs              679,000           679,000                       0  None

Total costs incurred    $2,937,000       $2,910,000           $27,000  U

Related Questions

Revenue and expense data for Bluestem Company are as follows:

Year 2 Year 1
Administrative expenses $37,720 $20,300
Cost of goods sold 360,000 319,900
Income tax 41,000 32,200
Sales 820,000 700,000
Selling expenses 154,160 109,900

Required:
Prepare a comparative income statement, with vertical analysis, stating each item for both years as a percent of sales.

Answers

Answer and Explanation:

The preparation of a comparitive income statement, with vertical analysis, stating each item for both years as a percent of sales is prepared below with the help of the attached spreadsheet:-

The formula that we have used is shown below:-

Gross profit percent = Gross profit / Sales revenue

Cost of goods sold percent = Cost of goods sold / Sales revenue

and in a similar way operating expenses items.

On May 13, 2020, Otto, Parker and Quentin bought a parcel of land as tenants in common. The deed provided that Otto owned 1/2 the property and Parker and Quentin each owned 1/4 each. If Quentin dies, the property will be divided as follows:

a. Otto 1/2. Parker 1/2
b. Otto 5/8, Parker 3/8
c. Otto 1/3, Parker 1/3, Quentin's heirs 1/3
d. Otto 1/2. Parker 1/4, Quentin's heirs 1/4

Answers

Answer:D. Otto 1/2. Parker 1/4, Quentin's heirs 1/4

Explanation:

Based on the information given in the question, if Quentin dies, the property will be divided as Otto 1/2. Parker 1/4, Quentin's heirs 1/4.

When a tenant in common dies, it should be noted that their share of a property will be passed to their legal heir and thesame percentage of ownership will be shared by the co-owners. Hence the correct option is D

Other Questions
ahhhh someone help pls!!!! Let's Check InJapan's population is beginning to decline. Which of the following situations is not a consequence of a decliningpopulation?A. There are fewer workers to support the economy.B. The population ages and grows older over time.C. There are more young citizens than elderly citizens.D. Businesses and industries become less productive without as many workers.Please select the best answer from the choices provided On May 13, 2020, Otto, Parker and Quentin bought a parcel of land as tenants in common. The deed provided that Otto owned 1/2 the property and Parker and Quentin each owned 1/4 each. If Quentin dies, the property will be divided as follows:a. Otto 1/2. Parker 1/2 b. Otto 5/8, Parker 3/8 c. Otto 1/3, Parker 1/3, Quentin's heirs 1/3 d. Otto 1/2. Parker 1/4, Quentin's heirs 1/4 (100 Points NEED ASAP)The War of the Worldsby H. G. Wells [1898] But who shall dwell in these worlds if they be inhabited?Are we or they Lords of the World?And how are all things made for man? KEPLER (quoted in The Anatomy of Melancholy)BOOK ONE: THE COMING OF THE MARTIANSCHAPTER ONE: THE EVE OF THE WAR, excerptNo one would have believed in the last years of the nineteenth century that this world was being watched keenly and closely by intelligences greater than man's and yet as mortal as his own; that as men busied themselves about their various concerns they were scrutinised and studied, perhaps almost as narrowly as a man with a microscope might scrutinise the transient creatures that swarm and multiply in a drop of water. With infinite complacency men went to and fro over this globe about their little affairs, serene in their assurance of their empire over matter. It is possible that the infusoria under the microscope do the same. No one gave a thought to the older worlds of space as sources of human danger, or thought of them only to dismiss the idea of life upon them as impossible or improbable. It is curious to recall some of the mental habits of those departed days. At most terrestrial men fancied there might be other men upon Mars, perhaps inferior to themselves and ready to welcome a missionary enterprise. Yet across the gulf of space, minds that are to our minds as ours are to those of the beasts that perish, intellects vast and cool and unsympathetic, regarded this earth with envious eyes, and slowly and surely drew their plans against us. And early in the twentieth century came the great disillusionment.Yet so vain is man, and so blinded by his vanity, that no writer, up to the very end of the nineteenth century, expressed any idea that intelligent life might have developed there far, or indeed at all, beyond its earthly level. Nor was it generally understood that since Mars is older than our earth, with scarcely a quarter of the superficial area and remoter from the sun, it necessarily follows that it is not only more distant from time's beginning but nearer its end.The secular cooling that must someday overtake our planet has already gone far indeed with our neighbour. Its physical condition is still largely a mystery, but we know now that even in its equatorial region the midday temperature barely approaches that of our coldest winter. Its air is much more attenuated than ours, its oceans have shrunk until they cover but a third of its surface, and as its slow seasons change huge snowcaps gather and melt about either pole and periodically inundate its temperate zones. That last stage of exhaustion, which to us is still incredibly remote, has become a present-day problem for the inhabitants of Mars. The immediate pressure of necessity has brightened their intellects, enlarged their powers, and hardened their hearts. And looking across space with instruments, and intelligences such as we have scarcely dreamed of, they see, at its nearest distance only 35,000,000 of miles sunward of them, a morning star of hope, our own warmer planet, green with vegetation and grey with water, with a cloudy atmosphere eloquent of fertility, with glimpses through its drifting cloud wisps of broad stretches of populous country and narrow, navy-crowded seas.And we men, the creatures who inhabit this earth, must be to them at least as alien and lowly as are the monkeys and lemurs to us. The intellectual side of man already admits that life is an incessant struggle for existence, and it would seem that this too is the belief of the minds upon Mars. Their world is far gone in its cooling and this world is still crowded with life, but crowded only with what they regard as inferior animals. To carry warfare sunward is, indeed, their only escape from the destruction that, generation after generation, creeps upon them.What key idea does the text below suggest?The immediate pressure of necessity has brightened their intellects, enlarged their powers, and hardened their hearts. As their situation grew worse, their course became clear and they lost any compassion. The growing doom consumed all their power to confront it. Their immediate needs made them more intelligent than they had been before. Their intelligence gave them less compassion than less intelligent others. i need help with this question. Which two parts do the capillaries surround?A. small intestines and heartB. heart and lungsC. alveoli and small intestines will give brainliest and 50 pointsGiven the inequality -8 < 2, explain what happens when you multiply or divide both sides by 2 and what happens when you multiply or divide both sides by -2. A pinwheel's four blades are all congruent right trapezoids.4 in2 in2 inWhat is the combined area of the four blades, in square inches? The cone and the sphere have the same volume. The diameter of the cone is 24 cm, and the diameter of the sphere is 18 cm.What is the HEIGHT of the CONE? Use 3.14 Pls Im begging my soul define reflex action in your own words give another name for plane r What is the net force on a skydiver falling with a constant velocity of 0 m/s downward? 18Whose words are inquotation marks in WhenI was One-and-Twenty? Look at the parallelogram pictured in Figure 1. What is the area of theparallelogram? An author wants to show that a character is old and nearing his or her death. What season would be an appropriate setting to introduce the character to the audience? (5 points) How is the environmental problem caused by humans? Describe the specific human activity that causes this problem.Your response should be about 2-4 sentences long, or it may be written as bullet points Which of the following is a true statement about reproduction? A. Sexual reproduction requires two individuals from the same species; two males, two females, or a male and a female. B. Asexual reproduction requires two individuals from the same speciestwo males, two females, or a male and a female--to produce offspring. C. Sexual reproduction requires a male and a female gamete. D. Asexual reproduction requires a male and a female from the same species. What was the human cost of WWII? You need to write a paragraph solving either land, air, or water resourcesand reduce the pollution