Ray Company provided the following excerpts from its Production Departments flexible budget performance report. Required:...
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Accounting
Ray Company provided the following excerpts from its Production Departments flexible budget performance report.
Required:
Complete the Production Departments Flexible Budget Performance Report.
Note: 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.
Ray Company
Production Department Flexible Budget Performance Report
For the Month Ended August 31
Actual Results
Spending Variances
Flexible Budget
Activity Variances
Planning Budget
Labor-hours (q)
9,490
9,010
Direct labor
(q)
$140,625
$137,605
Indirect labor
+
$1.00
(q)
3,670
F
16,920
Utilities
$6,600
+
(q)
1,460
U
384
U
13,808
Supplies
+
(q)
4,954
4,454
4,310
Equipment depreciation
$78,650
0
None
0
None
Factory administration
$18,720
+
$1.00
(q)
Total expense
$280,191
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