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Survey of Accounting (Accounting I)

8th Edition
Carl Warren
ISBN: 9781305961883

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BuyFindarrow_forward

Survey of Accounting (Accounting I)

8th Edition
Carl Warren
ISBN: 9781305961883
Textbook Problem

Flexible budget for Fabrication Department

Steelcase Inc. is one of the largest manufacturers of office furniture in the United States. In Grand Rapids, Michigan, it produces filing cabinets in two departments: Fabrication and Assembly. Assume the following information for the Assembly Department:

Prepare a flexible budget for 10,000, 25,000, and 40,000 filing cabinets for the month of August, similar to Exhibit 5. assuming that inventories are not significant.

To determine

Concept Introduction:

Static Budget and Flexible budget:

Static Budget is prepared on the basis of the expected level of output or production. The static budget shows the budgeted costs are revenue at an expected level of activity. The Flexible budget is prepared using the static budget. The Flexible budget is prepared to take the actual level of output or production as a basis.

To Prepare:

A Flexible budget for different level of units

Explanation

A Flexible budget for different level of units is prepared as follows:

    Sales Units (A)10,000 25,000 40,000
    Direct labor cost (A*30*24/60) $ 120,000 $ 300,000

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Chapter 13 Solutions

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