Survey of Accounting (Accounting I)
Solutions
Survey of Accounting (Accounting I)
Budget performance report for a cost center
Sneed Industries Company sells vehicle parts to manufacturers of heavy construction equipment. The Crane Division is organized as a cost center. The budget for the Crane Division for the month ended August 31, 20Y6, is as follows (in thousands):
During August, the costs incurred in the Crane Division were as follows:
Instructions
Prepare a budget performance report for the director of the Crane Division for the month of August.
Concept Introduction:
Performance budgeting is a technique to give more emphasis on the physical aspect (or Performance) than financial aspect. It is prepared with the main emphasis on the functions of the organization, the program to discharge these function and the activities which involve in undertaking.
To prepare:
Budget performance report
The budget performance report given below does not include revenue or net operating income become crane division (production department) is a cost centre that does not have any revenue.
| Budget performance reportFor the month ended 31staugust 20Y6 | ||||
| Particular | Budgeted | Actual | Activity variance | Summary report |
| Customer service report | $ 250,000 | $ 368,000 | $ (118,000) | Adverse |
| Insurance and property taxes | $ 50,000 | $ 49,100 | ||
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