Perry Company Budget Report Month ending May 31, 20xx F or F or Planning Budget

Question

Perry Company Budget Report Month ending May 31, 20xx F or F or Planning Budget Variance Flexible Budget Variance Actual Results :-- -- Reference 6 Units: 8 Sales Revenue 10 Cost of Goods Sold: 11 Direct Material 12 Direct Labor 13 Variable Overhead 14 Fixed Overhead 15 Total Cost of Goods Sold 16 17 Gross Profit Selling & Admin Expense 20 21 Net Operating Income 23 24 Check Work: 25 Material Variance 26 Labor Variance 27 Variable Overhead Variance (a) Variance Column (4) (b) Units Sold Variance per unit Should equal HW7 Question &, Requirement 2, third column on CONNECT 30

Explanation / Answer

Planning budget

(1)

Variance

(2) = (1) - (3)

F

(or)

U

Flexible budget

(3)

Variance

(4) = (3) - (5)

F

(or)

U

Actual results

(5)

10,800

$486,000

Perry Company Budget Report Month ending May 31, 20xx

Planning budget

(1)

Variance

(2) = (1) - (3)

F

(or)

U

Flexible budget

(3)

Variance

(4) = (3) - (5)

F

(or)

U

Actual results

(5)

Units

10,800

12,000 12,000 Sales revenue

$486,000

54,000 F $540,000 0 $540,000 Cost of Goods Sold: Direct material $34,992 $3,888 U $38,880 $7,320 U $46,200 Direct Labor $184,680 $20,520 U $205,200 $4,560 U $209,760 Variable overhead $62,208 $6,912 U $69,120 $720 F $68,400 Fixed overhead $85,000 0 U $85,000 $3,000 U $88,000 Total Cost Of Goods Sold $366,880 $31,320 U $398,200 $14,160 U $412,360 Gross profit $119,120 $22,680 F $141,800 $14,160 U $127,640 Selling and administation expenses $35,959 $3,551 U $39,510 $12,490 U $52,000 Net Operating Income $83,161 $19,129 F $102,290 $26,650 U $75,640

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