Partially completed budget performance reports for Garland Company, a manufacturer of light duty motors, follow: Garland COMPANY Budget Performance Report—Vice President, Production For the Month Ended November 30 Plant Actual Budget Over Budget Under Budget Eastern Region $926,750 $929,000 $(2,250) Central Region 664,400 668,000 (3,600) Western Region (G) (H) $(I) $(J) $(K) $(L) $(5,850) Garland COMPANY Budget Performance Report—Manager, Western Region Plant For the Month Ended November 30 Department Actual Budget Over Budget Under Budget Chip Fabrication (A) (B) (C) Electronic Assembly $193,190 $190,500 $2,690 Final Assembly 306,250 307,000 $(750) $(D) $(E) $(F) $(750) Garland COMPANY Budget Performance Report—Supervisor, Chip Fabrication For the Month Ended November 30 Cost Actual Budget Over Budget Under Budget Factory wages $60,220 $58,720 $1,500 Materials 156,940 158,000 $(1,060) Power and light 10,060 8,500 1,560 Maintenance 16,610 15,110 1,500 $243,830 $240,330 $4,560 $(1,060) Required: A. Complete the budget performance reports by determining the correct amounts for the lettered spaces. Enter all amounts as positive numbers. No decimal places are needed.
Partially completed budget performance reports for Garland Company, a manufacturer of light duty motors, follow: Garland COMPANY Budget Performance Report—Vice President, Production For the Month Ended November 30 Plant Actual Budget Over Budget Under Budget Eastern Region $926,750 $929,000 $(2,250) Central Region 664,400 668,000 (3,600) Western Region (G) (H) $(I) $(J) $(K) $(L) $(5,850) Garland COMPANY Budget Performance Report—Manager, Western Region Plant For the Month Ended November 30 Department Actual Budget Over Budget Under Budget Chip Fabrication (A) (B) (C) Electronic Assembly $193,190 $190,500 $2,690 Final Assembly 306,250 307,000 $(750) $(D) $(E) $(F) $(750) Garland COMPANY Budget Performance Report—Supervisor, Chip Fabrication For the Month Ended November 30 Cost Actual Budget Over Budget Under Budget Factory wages $60,220 $58,720 $1,500 Materials 156,940 158,000 $(1,060) Power and light 10,060 8,500 1,560 Maintenance 16,610 15,110 1,500 $243,830 $240,330 $4,560 $(1,060) Required: A. Complete the budget performance reports by determining the correct amounts for the lettered spaces. Enter all amounts as positive numbers. No decimal places are needed.
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter10: Evaluating Decentralized Operations
Section: Chapter Questions
Problem 1PB
Related questions
Concept explainers
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Question
Partially completed budget performance reports for Garland Company, a manufacturer of light duty motors, follow:
| Garland COMPANY | ||||
| Budget Performance Report—Vice President, Production | ||||
| For the Month Ended November 30 | ||||
| Plant | Actual | Budget | Over Budget | Under Budget |
| Eastern Region | $926,750 | $929,000 | $(2,250) | |
| Central Region | 664,400 | 668,000 | (3,600) | |
| Western Region | (G) | (H) | $(I) | |
| $(J) | $(K) | $(L) | $(5,850) |
| Garland COMPANY | ||||
| Budget Performance Report—Manager, Western Region Plant | ||||
| For the Month Ended November 30 | ||||
| Department | Actual | Budget | Over Budget | Under Budget |
| Chip Fabrication | (A) | (B) | (C) | |
| Electronic Assembly | $193,190 | $190,500 | $2,690 | |
| Final Assembly | 306,250 | 307,000 | $(750) | |
| $(D) | $(E) | $(F) | $(750) |
| Garland COMPANY | ||||
| Budget Performance Report—Supervisor, Chip Fabrication | ||||
| For the Month Ended November 30 | ||||
| Cost | Actual | Budget | Over Budget | Under Budget |
| Factory wages | $60,220 | $58,720 | $1,500 | |
| Materials | 156,940 | 158,000 | $(1,060) | |
| Power and light | 10,060 | 8,500 | 1,560 | |
| Maintenance | 16,610 | 15,110 | 1,500 | |
| $243,830 | $240,330 | $4,560 | $(1,060) |
| Required: | |
| A. | Complete the budget performance reports by determining the correct amounts for the lettered spaces. Enter all amounts as positive numbers. No decimal places are needed. |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
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.Recommended textbooks for you
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,