Ray Company provided the following excerpts from its Production Departments flexible budget performance report. Required:...
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Ray Company provided the following excerpts from its Production Departments flexible budget performance report. Required: Complete the Production Departments Flexible Budget Performance Report. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round "rate per hour" answers to 2 decimal places.)
Production Department Flexible Budget Performance ReportFor the Month Ended August 31Actual ResultsSpending VariancesFlexible BudgetActivity VariancesPlanning BudgetLabor-hours (q)9,6609,180Direct labor(q)$224,370$222,180Indirect labor(+$1.50q)1,960F22,090Utilities($8,300+q)1,630U1,200U31,250Supplies(+q)5,1924,6244,480Equipment depreciation($82,900)0None0NoneFactory administration($19,060+$1.70q)Total expense$400,834
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