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 Budget $344,800 $ Plant Mid-Atlantic Region West Region South Region Actual $344,800 245,800 Over BudgetUnder Budget so 248,300 2,500 $(k) $2,500 Iliad Company Budget Performance Report-Manager, South Region Plant For the Month Ended April 30, 2014 Actual Budget s(a) 92,530 148,050 s(d) Over Budget Under Budget Chip Fabrication Electronic Assembly Final Assembly s(b) 93,730 146,870 s(e) s(c) ,200 $1,180 s(D $1,180 Iliad Company Budget Performance Report-Supervisor, Chip Fabrication For the Month Ended April 30, 2014 Cost Budget Actual Over Budget Under Budget $27,850 67,610 4,330 6,520 $106,310 Factory wages $29,800 67,140 S,150 7,140 $109,230 $1,950 $470 820 620 $3,390 Power and light Maintenance $470 a. Complete the budget performance reports by determining the correct amounts for the lettered spaces (a-) as marked above. a. $ h. I. $ 1. $ b. The budget for the Chip Fabrication Department indicates that the budget overrun was caused by a combination of budget Select in wages, power and light, and maintenance that exceeded a budget Select in materials

Explanation / Answer

Iliad Company Budget Performance Report—Vice President, Production For the Month Ended June 30, 20Y4 Plant Budget Actual Over Budget Under Budget Mid-Atlantic Region $344,800 $344,800 $0 West Region $248,300 $245,800 $2,500 South Region $346,890 $349,830 $2,940 Total $939,990 $940,430 2940 2500 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 $106,310 $109,230 $2,920 Electronic Assembly 92530 93730 1200 Final Assembly 148050 146870 1180 Total $346,890 $349,830 $4,120 1180 Iliad Company Budget Performance Report—Supervisor, Chip Fabrication For the Month Ended April 30, 2014 Cost Budget Actual Over Budget Under Budget Factory wages $27,850 $29,800 $1,950 Materials $67,610 $67,140 $470 Power and light $4,330 $5,150 $820 Maintenance $6,520 $7,140 $620 $106,310 $109,230 $3,390 470 a. Complete the budget performance reports by determining the correct amounts for the lettered spaces (a-l) as marked above. a. $106310 g. $346,890 b. $109,230 h. $349,830 c. $2920 i. $2,940 d. $346,890 j. $939,990 e. $349,830 k. $940,430 f. $4,120 l. $2940 b. The budget for the Chip Fabrication Department indicates that the budget overrun was caused by a combination of budget overruns in wages, power and light, and maintenance that exceeded a budget surplus in materials.

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