Budget Performance Reports for Cost Centers Partially completed budget performan

Question

Budget Performance Reports for Cost Centers Partially completed budget performance reports for Iliad Company, a manufacturer of air conditioners, are provided below. Iliad Company Budget Performance Report—Vice President, Production For the Month Ended April 30, 2014 Plant Budget Actual Over Budget Under Budget Mid-Atlantic Region $428,900 $428,900 $0 West Region 308,800 305,700 3,100 South Region (g) (h) (i) $(j) $(k) $(l) $3,100 Iliad Company Budget Performance Report—Manager, South Region Plant For the Month Ended April 30, 2014 Department Budget Actual Over Budget Under Budget Chip Fabrication $(a) $(b) $(c) Electronic Assembly 72,340 73,280 940 Final Assembly 117,190 116,250 $940 $(d) $(e) $(f) $940 Iliad Company Budget Performance Report—Supervisor, Chip Fabrication For the Month Ended April 30, 2014 Cost Budget Actual Over Budget Under Budget Factory wages $27,230 $29,140 $1,910 Materials 68,390 67,910 $480 Power and light 3,400 4,050 650 Maintenance 7,210 7,890 680 $106,230 $108,990 $3,240 $480 a. Complete the budget performance reports by determining the correct amounts for the lettered spaces (a-l) as marked above. a. $ g. $ b. $ h. $ c. $ i. $ d. $ j. $ e. $ k. $ f. $ l. $ b. The budget for the Chip Fabrication Department indicates that the budget overrun was caused by a combination of budget in wages, power and light, and maintenance that exceeded a budget in materials.

Explanation / Answer

Iliad Company Budget Performance Report—Vice President Production For the Month Ended April 30, 2014 Plant Budget Actual Over Budget Under Budget Mid Atlantic 428900 428900 0 West Region 308800 305700 3100 South Region 295760 298520 4180 1420 1033460 1033120 4180 4520 Iliad Company Budget Performance Report—Manager, South Region Plant For the Month Ended April 30, 2014 Chip Fabrication 106230 108990 3240 480 Electronic assembly 72340 73280 940 Final assembly 117190 116250 940 295760 298520 4180 1420 Iliad Company Budget Performance Report—Supervisor, Chip Fabrication For the Month Ended April 30, 2014 Factory Wages 27230 29140 1910 Materials 68390 67910 480 Power and Light 3400 4050 650 Maintenance 7210 7890 680 106230 108990 3240 480

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