Exercise 22-9 Variable Costs Fixed Costs LOWELL COMPANY Manufacturing Overhead F
ID: 2473761 • Letter: E
Question
Exercise 22-9
Variable Costs
Fixed Costs
LOWELL COMPANY
Manufacturing Overhead Flexible Budget Report
For the Quarter Ended March 31, 2014
Difference
Budget
Actual
Favorable (F)
Unfavorable (U)
Neither Favorable
nor Unfavorable (N)
LINK TO TEXT
LOWELL COMPANY
Manufacturing Overhead Responsibility Report
For the Quarter Ended March 31, 2014
Difference
Controllable Costs
Budget
Actual
Favorable (F)
Unfavorable (U)
Neither Favorable
nor Unfavorable (N)
Exercise 22-9
Lowell Company’s manufacturing overhead budget for the first quarter of 2014 contained the following data.Variable Costs
Fixed Costs
Indirect materials $11,563 Supervisory salaries $35,165 Indirect labor 10,868 Depreciation 7,341 Utilities 7,913 Property taxes and insurance 7,820 Maintenance 5,985 Maintenance 4,285Actual variable costs were indirect materials $14,970, indirect labor $9,443, utilities $9,875, and maintenance $4,570. Actual fixed costs equaled budgeted costs except for property taxes and insurance, which were $8,215. The actual activity level equaled the budgeted level.
All costs are considered controllable by the production department manager except for depreciation, and property taxes and insurance. Your answer is incorrect. Try again. Prepare a manufacturing overhead flexible budget report for the first quarter. (List variable costs before fixed costs.)
LOWELL COMPANY
Manufacturing Overhead Flexible Budget Report
For the Quarter Ended March 31, 2014
Difference
Budget
Actual
Favorable (F)
Unfavorable (U)
Neither Favorable
nor Unfavorable (N)
Indirect MaterialsMaintenanceProperty Taxes and InsuranceTotal Variable CostsUtilitiesFixed CostsIndirect LaborSupervisory SalariesDepreciationTotal CostsTotal Fixed CostsVariable Costs
Fixed Costs Total Fixed Costs Depreciation Maintenance Total Variable Costs Indirect Labor Indirect Materials Property Taxes and Insurance Supervisory Salaries Total Costs Utilities Variable Costs
$ $ $FUN
Total Fixed Costs Supervisory Salaries Maintenance Property Taxes and Insurance Indirect Materials Total Costs Indirect Labor Total Variable Costs Utilities Variable Costs Depreciation Fixed Costs
FUN
Utilities Indirect Labor Total Variable Costs Total Fixed Costs Variable Costs Fixed Costs Depreciation Maintenance Indirect Materials Total Costs Property Taxes and Insurance Supervisory Salaries
FUN
Indirect Materials Variable Costs Utilities Supervisory Salaries Depreciation Total Costs Indirect Labor Property Taxes and Insurance Maintenance Total Variable Costs Total Fixed Costs Fixed Costs
FUN
Indirect LaborProperty Taxes and InsuranceIndirect MaterialsUtilitiesSupervisory SalariesDepreciationFixed CostsVariable CostsMaintenanceTotal Variable CostsTotal CostsTotal Fixed Costs
FUN
Property Taxes and InsuranceDepreciationFixed CostsSupervisory SalariesTotal CostsTotal Fixed CostsMaintenanceIndirect MaterialsIndirect LaborTotal Variable CostsUtilitiesVariable Costs
Supervisory Salaries Property Taxes and Insurance Maintenance Total Costs Total Variable Costs Total Fixed Costs Utilities Variable Costs Depreciation Fixed Costs Indirect Labor Indirect Materials
FUN
Indirect Labor Indirect Materials Property Taxes and Insurance Maintenance Depreciation Total Fixed Costs Variable Costs Fixed Costs Supervisory Salaries Total Variable Costs Total Costs Utilities
FUN
Maintenance Depreciation Fixed Costs Indirect Labor Supervisory Salaries Total Costs Total Fixed Costs Property Taxes and Insurance Utilities Total Variable Costs Variable Costs Indirect Materials
FUN
Total Variable Costs Variable Costs Total Fixed Costs Supervisory Salaries Indirect Materials Maintenance Indirect Labor Property Taxes and Insurance Total Costs Fixed Costs Utilities Depreciation
FUN
Total Fixed CostsTotal Variable CostsUtilitiesIndirect LaborIndirect MaterialsDepreciationVariable CostsFixed CostsMaintenanceProperty Taxes and InsuranceSupervisory SalariesTotal Costs
FUN
Total Variable CostsTotal Fixed CostsSupervisory SalariesDepreciationUtilitiesVariable CostsFixed CostsIndirect MaterialsIndirect LaborMaintenanceProperty Taxes and InsuranceTotal Costs
$ $ $FUN
LINK TO TEXT
Your answer is incorrect. Try again. Prepare a responsibility report for the first quarter.LOWELL COMPANY
Manufacturing Overhead Responsibility Report
For the Quarter Ended March 31, 2014
Difference
Controllable Costs
Budget
Actual
Favorable (F)
Unfavorable (U)
Neither Favorable
nor Unfavorable (N)
Supervisory Salaries Indirect Materials Indirect Labor Property Taxes and Insurance Maintenance Utilities Depreciation
$ $ $FUN
Maintenance Property Taxes and Insurance Supervisory Salaries Depreciation Indirect Materials Utilities Indirect Labor
FUN
Utilities Property Taxes and Insurance Indirect Materials Depreciation Supervisory Salaries Indirect Labor Maintenance
FUN
Depreciation Indirect Materials Utilities Indirect Labor Maintenance Supervisory Salaries Property Taxes and Insurance
FUN
Indirect Labor Utilities Maintenance Property Taxes and Insurance Depreciation Supervisory Salaries Indirect Materials
FUN
$ $ $FUN
Explanation / Answer
LOWELL COMPANY Manufacturing Overhead Flexible Budget Report For the Quarter Ended March 31, 2014 Budget Actual Variance Variable Costs: Indirect materials 11563 14970 3407 U Indirect labour 10868 9443 -1425 F Utilities 7913 9875 1962 U Maintenance 5985 4570 -1415 F Total variable Costs 36329 38858 2529 U Fixed Costs: Supervisory salaries 35165 35165 0 N Depreciation 7341 7341 0 N Property taxes and Insurance 7820 8215 395 U maintenance 4285 4285 0 N Total Fixed Costs 54611 55006 395 U LOWELL COMPANY Manufacturing Overhead Flexible Budget Report For the Quarter Ended March 31, 2014 Controllable Costs Budget Actual Variance Indirect materials 11563 14970 3407 U Indirect labour 10868 9443 -1425 F Utilities 7913 9875 1962 U Maintenance 5985 4570 -1415 F Fixed Costs: Supervisory salaries 35165 35165 0 N maintenance 4285 4285 0 N
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