Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows: Cost Category Standard Cost per 100 Two-Liter Bottles Direct labor $1.14 Direct materials 6.38 Factory overhead 0.38 Total $7.9 At the beginning of July, GBC management planned to produce 500,000 bottles. The actual number of bottles produced for July was 540,000 bottles. The actual costs for July of the current year were as follows: Cost Category Actual Cost for the Month Ended July 31 Direct labor $6,033 Direct materials 33,625 Factory overhead 2,073 Total $41,731 Enter all amounts as positive numbers. a. Prepare the July manufacturing standard cost budget (direct labor, direct materials, and factory overhead) for WBC, assuming planned production. Genie in a Bottle CompanyManufacturing Cost BudgetFor the Month Ended July 31 Standard Cost at Planned Volume (500,000 Bottles) Manufacturing costs: Direct labor $fill in the blank 6aa662f8f025061_1 Direct materials fill in the blank 6aa662f8f025061_2 Factory overhead fill in the blank 6aa662f8f025061_3 Total $fill in the blank 6aa662f8f025061_4
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Budget Performance Report
Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows:
| Cost Category | per 100 Two-Liter Bottles |
|||||
| Direct labor | $1.14 | |||||
| Direct materials | 6.38 | |||||
| Factory overhead | 0.38 | |||||
| Total | $7.9 |
At the beginning of July, GBC management planned to produce 500,000 bottles. The actual number of bottles produced for July was 540,000 bottles. The actual costs for July of the current year were as follows:
| Cost Category | Actual Cost for the Month Ended July 31 |
|||||||||
| Direct labor | $6,033 | |||||||||
| Direct materials | 33,625 | |||||||||
| Factory overhead | 2,073 | |||||||||
| Total | $41,731 |
Enter all amounts as positive numbers.
a. Prepare the July manufacturing standard cost budget (direct labor, direct materials, and factory overhead) for WBC, assuming planned production.
| Standard Cost at Planned Volume (500,000 Bottles) |
|
| Direct labor | $fill in the blank 6aa662f8f025061_1 |
| Direct materials | fill in the blank 6aa662f8f025061_2 |
| Factory overhead | fill in the blank 6aa662f8f025061_3 |
| Total | $fill in the blank 6aa662f8f025061_4 |
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