Homework Help is Here – Start Your Trial Now!
Business
Accounting
Morton Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Morton allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: E (Click the icon to view the selected data.) Read the requirements. i Data Table Requirement 1. Prepare a flexible budget based on the actual number of recliners sold. (Round budget am Morton Recliners Static Budget (1,000 recliners) (980 recliners) Actual Results Flexible Budget Budget Sales (1,000 recliners x $505 each) 505,000 Amounts (980 recliners x $480 each) 470,400 per Unit Variable Manufacturing Costs: Actual Units (Recliners) Direct Materials (6,000 yds. @ $8.60 / yd.) 51,600 Sales Revenue (6,143 yds. @ S8.40 / yd.) 51,601 Variable Manufacturing Costs: Direct Labor (10,000 DLHr @ s9.20 / DLHP) 92,000 Direct Materials (9,600 DLHr @ S9.30 / DLHP) 89,280 Direct Labor Variable Overhead (6,000 yds. @ $5.20 / yd.) 31,200 Variable Overhead (6,143 yds. @ S6.60 / yd.) 40,544 Fixed Manufacturing Costs: Fixed Manufacturing Costs: 60,600 62,600 Fixed Overhead Enter any number in the edit fields and then click Check Answer. 235,400 244,025 Total Cost of Goods Sold 269,600 S 226,375 parts 6 remaining Gross Profit

Morton Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Morton allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: E (Click the icon to view the selected data.) Read the requirements. i Data Table Requirement 1. Prepare a flexible budget based on the actual number of recliners sold. (Round budget am Morton Recliners Static Budget (1,000 recliners) (980 recliners) Actual Results Flexible Budget Budget Sales (1,000 recliners x $505 each) 505,000 Amounts (980 recliners x $480 each) 470,400 per Unit Variable Manufacturing Costs: Actual Units (Recliners) Direct Materials (6,000 yds. @ $8.60 / yd.) 51,600 Sales Revenue (6,143 yds. @ S8.40 / yd.) 51,601 Variable Manufacturing Costs: Direct Labor (10,000 DLHr @ s9.20 / DLHP) 92,000 Direct Materials (9,600 DLHr @ S9.30 / DLHP) 89,280 Direct Labor Variable Overhead (6,000 yds. @ $5.20 / yd.) 31,200 Variable Overhead (6,143 yds. @ S6.60 / yd.) 40,544 Fixed Manufacturing Costs: Fixed Manufacturing Costs: 60,600 62,600 Fixed Overhead Enter any number in the edit fields and then click Check Answer. 235,400 244,025 Total Cost of Goods Sold 269,600 S 226,375 parts 6 remaining Gross Profit

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead
Section: Chapter Questions
Problem 14P: Fargo Co. manufactures products in batches of 100 units per batch. The company uses a standard cost...
See similar textbooks
icon
Related questions
Question

Chapter 23, Question 6. Please answer all the blanks in same format as question so it's easy to transfer

Budget Amounts per Unit Actual Units (Recliners) Sales Revenue Variable Manufacturing Costs: Direct Materials Direct Labor Variable Overhead Fixed Manufacturing Costs: Fixed Overhead Total Cost of Goods Sold Gross Profit
Transcribed Image Text:Budget Amounts per Unit Actual Units (Recliners) Sales Revenue Variable Manufacturing Costs: Direct Materials Direct Labor Variable Overhead Fixed Manufacturing Costs: Fixed Overhead Total Cost of Goods Sold Gross Profit
Morton Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Morton allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: E (Click the icon to view the selected data.) Read the requirements. Data Table Requirement 1. Prepare a flexible budget based on the actual number of recliners sold. (Round budget am Morton Recliners Static Budget (1,000 recliners) Actual Results Flexible Budget (980 recliners) Budget Sales (1,000 recliners x $505 each) $ 505,000 Amounts (980 recliners x $480 each) $ 470,400 per Unit Variable Manufacturing Costs: Actual Units (Recliners) Direct Materials (6,000 yds. @ $8.60 / yd.) 51,600 Sales Revenue (6,143 yds. @ $8.40 / yd.) 51,601 (10,000 DLH @ $9.20 / DLHP) (9,600 DLH @ $9.30 / DLHP) Variable Manufacturing Costs: Direct Labor 92,000 Direct Materials 89,280 Direct Labor Variable Overhead (6,000 yds. @ $5.20 / yd.) 31,200 Variable Overhead (6,143 yds. @ $6.60 / yd.) 40,544 Fixed Manufacturing Costs: Fixed Manufacturing Costs: 60,600 62,600 Fixed Overhead Enter any number in the edit fields and then click OCheck Answer. 235,400 244,025 Total Cost of Goods Sold parts remaining $ 269,600 $ 226,375 Gross Profit
Transcribed Image Text:Morton Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Morton allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: E (Click the icon to view the selected data.) Read the requirements. Data Table Requirement 1. Prepare a flexible budget based on the actual number of recliners sold. (Round budget am Morton Recliners Static Budget (1,000 recliners) Actual Results Flexible Budget (980 recliners) Budget Sales (1,000 recliners x $505 each) $ 505,000 Amounts (980 recliners x $480 each) $ 470,400 per Unit Variable Manufacturing Costs: Actual Units (Recliners) Direct Materials (6,000 yds. @ $8.60 / yd.) 51,600 Sales Revenue (6,143 yds. @ $8.40 / yd.) 51,601 (10,000 DLH @ $9.20 / DLHP) (9,600 DLH @ $9.30 / DLHP) Variable Manufacturing Costs: Direct Labor 92,000 Direct Materials 89,280 Direct Labor Variable Overhead (6,000 yds. @ $5.20 / yd.) 31,200 Variable Overhead (6,143 yds. @ $6.60 / yd.) 40,544 Fixed Manufacturing Costs: Fixed Manufacturing Costs: 60,600 62,600 Fixed Overhead Enter any number in the edit fields and then click OCheck Answer. 235,400 244,025 Total Cost of Goods Sold parts remaining $ 269,600 $ 226,375 Gross Profit
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Transfer Pricing
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser…
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS