Survey of Accounting (Accounting I)
Solutions
Survey of Accounting (Accounting I)
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.
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
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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