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Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses $ 0.01 For example, electricity costs should be $1,100 per month plus $0.05 per car washed. The company expects to wash 8,300 cars in August and to collect an average of $6.80 per car washed. The actual operating results for August are as follows: Actual cars washed Revenue Expenses: Cleaning supplies Electricity Maintenance Lavage Rapide Income Statement For the Month Ended August 31 Wages and salaries Depreciation Rent Fixed Cost Cost per per Month Car Washed Administrative expenses Total expense Net operating income Required: $ 1,100 $ 4,700 $ 8,300 $ 1,900 $ 1,600 8,400 $ 58,540 7,140 1,485 1,070 8,380 8,300 2,100 1,583 30,058 $ 28,482 $ 0.80 $ 0.05 $ 0.10 $ 0.40

Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses $ 0.01 For example, electricity costs should be $1,100 per month plus $0.05 per car washed. The company expects to wash 8,300 cars in August and to collect an average of $6.80 per car washed. The actual operating results for August are as follows: Actual cars washed Revenue Expenses: Cleaning supplies Electricity Maintenance Lavage Rapide Income Statement For the Month Ended August 31 Wages and salaries Depreciation Rent Fixed Cost Cost per per Month Car Washed Administrative expenses Total expense Net operating income Required: $ 1,100 $ 4,700 $ 8,300 $ 1,900 $ 1,600 8,400 $ 58,540 7,140 1,485 1,070 8,380 8,300 2,100 1,583 30,058 $ 28,482 $ 0.80 $ 0.05 $ 0.10 $ 0.40

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter5: Process Costing
Section: Chapter Questions
Problem 1PA: The following product Costs are available for Haworth Company on the production of chairs: direct...
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1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production Department's flexible budget for the month. 3. Prepare the Production Department's flexible budget performance report for March, including both the spending and activity variances. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the Production Department's planning budget for the month. Packaging Solutions Corporation Production Department Planning Budget For the Month Ended March 31 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense Required 1 Required 2 Required 3 1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production Department's flexible budget for the month. 3. Prepare the Production Department's flexible budget performance report for March, including both the spending and activity variances. Complete this question by entering your ant.,vers in the tabs below. Prepare the Production Department's flexible budget for the month. Packaging Solutions Corporation Production Department Flexible Budget For the Month Ended March 31 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense <Required 1 Labor-hours Direct labor Indirect labor Usilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense Required 1 Required 2 Required 3 Prepare the Production Department's flexible budget performance report for March, including both the spending and activity variances. Actual Results Required 1 Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values. 3,800 $ 63,120 9,680 7,190 3,110 28,080 8,900 2,800 15,130 $ 138,010 Required 2 > Packaging Solutions Corporation Production Department Flexible Budget Performance Report For the Month Ended March 31 D Required 3 > < Required 2 Flexible Budget Required 3 > Planning Budget Show less A
Transcribed Image Text:1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production Department's flexible budget for the month. 3. Prepare the Production Department's flexible budget performance report for March, including both the spending and activity variances. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the Production Department's planning budget for the month. Packaging Solutions Corporation Production Department Planning Budget For the Month Ended March 31 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense Required 1 Required 2 Required 3 1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production Department's flexible budget for the month. 3. Prepare the Production Department's flexible budget performance report for March, including both the spending and activity variances. Complete this question by entering your ant.,vers in the tabs below. Prepare the Production Department's flexible budget for the month. Packaging Solutions Corporation Production Department Flexible Budget For the Month Ended March 31 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense <Required 1 Labor-hours Direct labor Indirect labor Usilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense Required 1 Required 2 Required 3 Prepare the Production Department's flexible budget performance report for March, including both the spending and activity variances. Actual Results Required 1 Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values. 3,800 $ 63,120 9,680 7,190 3,110 28,080 8,900 2,800 15,130 $ 138,010 Required 2 > Packaging Solutions Corporation Production Department Flexible Budget Performance Report For the Month Ended March 31 D Required 3 > < Required 2 Flexible Budget Required 3 > Planning Budget Show less A
Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses For example, electricity costs should be $1,100 per month plus $0.05 per car washed. The company expects to wash 8,300 cars in August and to collect an average of $6.80 per car washed. The actual operating results for August are as follows: Lavage Rapide Income Statement For Actual cars washed Revenue Expenses: the Month Ended August 31 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Fixed Cost Cost per per Month Car Washed $ 0.80 $1,100 $ 0.05 $ 0.10 $4,700 $ 0.40 $ 8,300 $ 1,900 $ 1,600 Administrative expenses. Total expense Net operating income Required: 8,400 $ 58,540 7,140 1,485 1,070 8,388 8,300 2,100 1,583 30,058 $ 28,482 $ 0.01
Transcribed Image Text:Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses For example, electricity costs should be $1,100 per month plus $0.05 per car washed. The company expects to wash 8,300 cars in August and to collect an average of $6.80 per car washed. The actual operating results for August are as follows: Lavage Rapide Income Statement For Actual cars washed Revenue Expenses: the Month Ended August 31 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Fixed Cost Cost per per Month Car Washed $ 0.80 $1,100 $ 0.05 $ 0.10 $4,700 $ 0.40 $ 8,300 $ 1,900 $ 1,600 Administrative expenses. Total expense Net operating income Required: 8,400 $ 58,540 7,140 1,485 1,070 8,388 8,300 2,100 1,583 30,058 $ 28,482 $ 0.01
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