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Survey of Accounting (Accounting I)

8th Edition
Carl Warren
ISBN: 9781305961883

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Survey of Accounting (Accounting I)

8th Edition
Carl Warren
ISBN: 9781305961883
Textbook Problem

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

For which costs might the director be expected to request supplemental reports?

To determine

Concept introduction:

Financial budget generally made by the company's accounting and finance department. A performance report is a specific document of the company's overall budget management system. This list contains specific attributes relating to many variances of the budget with other information which are needed to the budget situation.

The costs for which a supplemental report can be asked by the director.

Explanation

The supplemental reports are used to determine the factors which affect the costs i.e. actual deviated from budgeted. These reports also help in correcting the variances occurred between the actual and budgeted costs.

In this case, the customer service salaries an...

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