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1 Swifty Manufacturing has budgeted the following unit sales: 2022 Units April 23,000 May 41,000 June 61,000 July 46,000 Of the units budgeted, 30% are sold by the Coastal Division at an average price of $15 per unit and the remainder are sold by the Central Division at an average price of $11 per unit.Prepare separate sales budgets for each division and for the company in total for the second quarter of 2022. SWIFTYMANUFACTURINGSales Budgetchoose the accounting period                             April May June Total Total Company Expected Unit Sales enter a number of units enter a number of units enter a number of units enter a number of units Coastal Division Expected Unit Sales $enter a dollar amount  $enter a dollar amount  $enter a dollar amount  $enter a dollar amount  Unit Selling Price enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount Total Sales $enter a total amount for the first part  $enter a total amount for the first part  $enter a total amount for the first part  $enter a total amount for the first part  Central Division Expected Unit Sales $enter a dollar amount  $enter a dollar amount  $enter a dollar amount  $enter a dollar amount  Unit Selling Price enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount Total Sales $enter a total amount for the second part  $enter a total amount for the second part  $enter a total amount for the second part  $enter a total amount for the second part  Total Sales $enter a total amount for this budget  $enter a total amount for this budget  $enter a total amount for this budget  $enter a total amount for this budget  2 Novak Company is preparing its direct labor budget for 2022 from the following production budget based on a calendar year: Quarter Units 58,000 35,000 49,000 74,000 Each unit requires 2 hours of direct labor. The union contract provides for a 10% increase in wage rate to $22 per hour on October 1.Prepare a direct labor budget for 2022. NOVAK COMPANYDirect Labor Budgetchoose the accounting period                             FirstQuarter SecondQuarter ThirdQuarter FourthQuarter Total select an opening labor budget item                             enter a number of units enter a number of units enter a number of units enter a number of units select a labor budget item                             enter a number of hours enter a number of hours enter a number of hours enter a number of hours select a summarizing line for the first part                             enter a total number of hours for the first part enter a total number of hours for the first part enter a total number of hours for the first part enter a total number of hours for the first part select a labor budget item                             enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select a closing labor budget item                             $enter a total dollar amount  $enter a total dollar amount  $enter a total dollar amount  $enter a total dollar amount  $enter a total dollar amount  3 The Northeast Regional Division of Swifty Corp. has been requested to prepare a quarterly budgeted income statement for 2022. The regional manager expects that sales in the first quarter of 2022 will increase by 10% over the same quarter of the preceding year and will then increase by 5% for each succeeding quarter in 2022.The corporate head office has requested that the regional manager maintain an inventory in dollars equal to 25% of the next quarter’s sales. Quarterly purchases average 55% of quarterly sales. Budgeted ending inventory on December 31, 2021 is $177,000. Quarterly salaries are $20,800 plus 5% of sales. All salaries are classified as sales salaries. Other quarterly expenses are estimated to be as follows: Rent expense $25,500 Depreciation on office equipment $12,600 Utilities expense $4,500 Miscellaneous expenses 2% of sales The income statement for the first quarter of 2021 was as follows: Income StatementFor the Quarter Ended March 31, 2021 Sales $720,000 Cost of goods sold 395,000 Gross profit 325,000 Operating expenses Sales salaries $54,000 Rent expense 25,500 Depreciation 12,600 Utilities 4,500 Miscellaneous 13,100 Total operating expenses 109,700 Net income $215,300 Prepare a budgeted quarterly income statement in tabular form for the first quarter of 2022. SWIFTY CORP.Northeast Regional DivisionBudgeted Income Statementchoose the accounting period                             enter an income statement item $enter a dollar amount  enter an income statement item enter a dollar amount select a summarizing line for the first part                             enter a total amount for the first part select an opening section name                             enter an income statement item    $enter a dollar amount     enter an income statement item enter a dollar amount enter an income statement item enter a dollar amount enter an income statement item enter a dollar amount enter an income statement item enter a dollar amount select a closing section name                             enter a total amount for this section select a closing budgeted income statement item                             $enter a total net income or loss amount  4 Indigo, Inc. provided the following information: July August Projected sales $210,000 $274,000 Projected merchandise purchases $154,000 $178,000 • Indigo estimates that it will collect 40% of its sales in the month of sale, 35% in the month after the sale, and 22% in the second month following the sale. Three percent of all sales are estimated to be bad debts. • Indigo pays for 20% of merchandise purchases in the month purchased and 80% in the following month. • General operating expenses are budgeted to be $24,500 per month, including depreciation of $1,500. Indigo pays operating expenses in the month incurred. •   Indigo makes loan payments of $3,000 per month of which $600 is interest and the remainder is principal. Calculate Indigo’s budgeted cash disbursements for August. Budgeted Cash Disbursements $enter the budgeted cash disbursements in dollars  5 The management of Riverbed Industries estimates that credit sales for August, September, October, and November will be $575,000, $700,000, $875,000, and $490,000, respectively. Experience has shown that collections are made as follows: In month of sale 25% In first month after sale 60% In second month after sale 10% Determine the collections from customers in October and November. (Do not leave any field blank. Enter 0 for the amounts.) Collections from Customers October November August Sales $enter a dollar amount  $enter a dollar amount  September Sales enter a dollar amount enter a dollar amount October Sales enter a dollar amount enter a dollar amount November Sales enter a dollar amount enter a dollar amount Total budgeted collections $enter a total amount  $enter a total amount  6 Pronghorn Company has budgeted sales revenue as follows for the next 4 months: February $300,000 March 240,000 April 205,000 May 350,000 Past experience indicates that 80% of sales each month are on credit. The remainder are cash sales. Collection of credit sales occurs as follows: 60% in the month of sale, 35% in the month following the sale, and 3% in the second month following the sale. The other 2% is uncollectible.Prepare a schedule which shows expected cash receipts from sales for the month of May. PRONGHORNCOMPANYExpected Cash Receipts from Saleschoose the accounting period                             March sales Credit sales $enter a dollar amount  April sales Credit sales enter a dollar amount May sales Credit sales enter a dollar amount Cash sales enter a dollar amount Total cash receipts $enter a total amount  7 Novak Landscaping Company is preparing its budget for the first quarter of 2022. The next step in the budgeting process is to prepare cash receipts and cash payments schedules. To that end the following information has been collected.Clients usually pay 60% of their fee in the month that service is provided, 30% the month after, and 10% the second month after receiving service.Actual service revenue for 2021 and expected service revenues for 2022 are: November 2021, $124,000; December 2021, $103,000; January 2022, $142,000; February 2022, $158,000; March 2022, $180,000.Purchases of landscaping supplies are paid 30% in the month of purchase and 70% the following month. Actual purchases for 2021 and expected purchases for 2022 are: December 2021, $21,800; January 2022, $19,200; February 2022, $23,200; March 2022, $27,200. (a1) Prepare a schedules of expected collections from clients for each month in the first quarter of 2022 and for the quarter in total. (Do not leave any answer field blank. Enter 0 for amounts.) NOVAKLANDSCAPING COMPANYSchedule of Expected Collections From Clientschoose the accounting period                                   January February March Quarter November $enter a dollar amount  $enter a dollar amount  $enter a dollar amount  $enter a dollar amount  December enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount January enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount February enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount March enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount Total collections $enter a total amount  $enter a total amount  $enter a total amount  $enter a total amount  8 Oriole Industries had sales in 2021 of $5,603,200 and gross profit of $906,400. Management is considering two alternative budget plans to increase its gross profit in 2022.Plan A would increase the unit selling price from $8.00 to $8.40. Sales volume would decrease by 103,000 units from its 2021 level. Plan B would decrease the unit selling price by $0.50. The marketing department expects that the sales volume would increase by 107,120 units.At the end of 2021, Oriole has 32,960 units of inventory on hand. If Plan A is accepted, the 2022 ending inventory should be 28,840 units. If Plan B is accepted, the ending inventory should be equal to 49,440 units. Each unit produced will cost $1.5 in direct labor, $1.3 in direct materials, and $1.2 in variable overhead. The fixed overhead for 2022 should be $1,561,480. (a) Prepare a sales budget for 2022 under each plan. (Round Unit selling price answers to 2 decimal places, e.g. 52.70.) ORIOLE INDUSTRIESSales Budgetchoose the accounting period                                   Plan A Plan B select an opening sales budget item                                   enter a number of units enter a number of units select a sales budget item                                   $enter a dollar amount rounded to 2 decimal places  $enter a dollar amount rounded to 2 decimal places  select a closing sales budget item                                   $enter a total amount for the sales budget  $enter a total amount for the sales budget  9 Sunland Company prepares monthly cash budgets. Relevant data from operating budgets for 2022 are as follows. January February Sales $338,400 $376,000 Direct materials purchases 112,800 117,500 Direct labor 84,600 94,000 Manufacturing overhead 65,800 70,500 Selling and administrative expenses 74,260 79,900 All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Sixty percent (60%) of direct materials purchases are paid in cash in the month of purchase, and the balance due is paid in the month following the purchase. All other items above are paid in the month incurred except for selling and administrative expenses that include $940 of depreciation per month.Other data: 1. Credit sales: November 2021, $235,000; December 2021, $300,800. 2. Purchases of direct materials: December 2021, $94,000. 3. Other receipts: January—Collection of December 31, 2021, notes receivable $14,100;                       February—Proceeds from sale of securities $5,640. 4. Other disbursements: February—Payment of $5,640 cash dividend. The company’s cash balance on January 1, 2022, is expected to be $56,400. The company wants to maintain a minimum cash balance of $47,000. (a) Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February. SUNLAND COMPANYSchedule of Expected Collections from Customerschoose the accounting period                                   January February November $enter a dollar amount  $enter a dollar amount  December enter a dollar amount enter a dollar amount January enter a dollar amount enter a dollar amount February enter a dollar amount enter a dollar amount     Total collections $enter a total amount  $enter a total amount  SUNLANDCOMPANYSchedule of Expected Payments for Direct Materialschoose the accounting period                                   January February December $enter a dollar amount  $enter a dollar amount  January enter a dollar amount enter a dollar amount February enter a dollar amount enter a dollar amount     Total payments $enter a total amount  $enter a total amount  10 Sunland Industries’ balance sheet at December 31, 2021, is presented below. SUNLAND INDUSTRIESBalance SheetDecember 31, 2021 Assets Current Assets     Cash $9,000     Accounts receivable 88,200     Finished goods inventory (1,800 units) 28,800       Total current assets 126,000 Property, Plant, and Equipment     Equipment $48,000     Less: Accumulated depreciation 12,000 36,000             Total assets $162,000 Liabilities and Stockholders’ Equity Liabilities     Notes payable $30,000     Accounts payable 54,000       Total liabilities 84,000 Stockholders’ Equity     Common stock $48,000     Retained earnings 30,000       Total stockholders’ equity 78,000             Total liabilities and stockholders’ equity $162,000 Budgeted data for the year 2022 include the following. 2022 Quarter 4 Total Sales budget (10,400 units at $32) $99,840 $332,800 Direct materials used 20,400 75,000 Direct labor 15,000 61,080 Manufacturing overhead applied 12,000 58,320 Selling and administrative expenses 21,600 90,000 To meet sales requirements and to have 3,000 units of finished goods on hand at December 31, 2022, the production budget shows 10,800 required units of output. The total unit cost of production is expected to be $18. Sunland uses the first-in, first-out (FIFO) inventory costing method. Interest expense is expected to be $4,200 for the year. Income taxes are expected to be 20% of income before income taxes. In 2022, the company expects to declare and pay an $9,600 cash dividend.The company’s cash budget shows an expected cash balance of $33,424 at December 31, 2022. All sales and purchases are on account. It is expected that 60% of quarterly sales are collected in cash within the quarter and the remainder is collected in the following quarter. Direct materials purchased from suppliers are paid 50% in the quarter incurred and the remainder in the following quarter. Purchases in the fourth quarter were the same as the materials used. In 2022, the company expects to purchase additional equipment costing $10,800. $5,000 of depreciation expense on equipment is included in the budget data and split equally between manufacturing overhead and selling and administrative expenses. Sunland expects to pay $9,600 on the outstanding notes payable balance plus all interest due and payable to December 31 (included in interest expense $4,200, above). Accounts payable at December 31, 2022, includes amounts due suppliers (see above) plus other accounts payable relating to manufacturing overhead of $8,640. Unpaid income taxes at December 31 will be $6,000. (a) Prepare a budgeted statement of cost of goods sold. SUNLAND INDUSTRIESBudgeted Cost of Goods Soldchoose the accounting period                                   select an opening name for this statement                                   $enter a dollar amount  select an opening section name                                   select an item                                   $enter a dollar amount  select an item                                   enter a dollar amount select an item                                   enter a dollar amount enter a total amount for this section select a summarizing line for the first part                                   enter a total amount for the first part select an item                                   enter a dollar amount select a closing name for this statement                                   $enter a total amount for this statement  11 Sunland Company’s master budget reflects budgeted sales information for the month of June, 2022 as follows: BudgetedQuantity Budgeted UnitSales Price Product A 43,800 $7 Product B 49,900 $9 During June, the company actually sold 40,900 units of Product A at an average unit selling price of $7.10 and 53,400 units of Product B at an average unit price of $8.90.Prepare a Sales Budget Report for the month of June for Sunland Company which shows whether the company achieved its planned objectives. SUNLAND COMPANYSales Budget ReportFor the Month Ended June 30, 2022 Difference Product Line Budget Actual Favorable (F)Unfavorable (U)Not Applicable (NA) Product A $enter a dollar amount  $enter a dollar amount  $enter a dollar amount  enter the difference                             Product B enter a dollar amount enter a dollar amount enter a dollar amount enter the difference                               Total Sales $enter a total amount  $enter a total amount  $enter a total amount  enter the difference                             12 A flexible budget graph for the Assembly Department shows the following: 1. At zero direct labor hours, the total budgeted cost line intersects the vertical axis at $140,000. 2. At normal capacity of 50,000 direct labor hours, the line drawn from the total budgeted cost line intersects the vertical axis at $400,000. Develop the budgeted cost calculation for the Assembly Department and identify the fixed and variable costs. (Round variable cost value to 2 decimal places, e.g. 52.75.) Budgeted cost = $enter a dollar amount  + $enter a dollar amount per labor hour rounded to 2 decimal places  per labor hour 13 Sunland Clothing produces men’s athletic socks. The following budgeted and actual amounts are for 2022: Cost Budget at 6,900 Units Actual Amounts at 7,700 Units Direct materials $82,800 $94,260 Direct labor 103,500 114,840 Equipment depreciation 6,900 6,900 Indirect labor 10,350 11,420 Indirect materials 12,420 12,740 Rent and insurance 13,900 15,090 Prepare a flexible budget report for Sunland Clothing for the year. SUNLAND CLOTHINGManufacturing Flexible Budget ReportFor the Year Ended December 31, 2022 Differences Budget Actual Favorable (F)Unfavorable (U)Not Applicable (NA) select an opening name for this budget                             $enter a dollar amount  $enter a dollar amount  $enter the difference  select an option                             select an item                             enter a dollar amount enter a dollar amount enter the difference select an option                             select an item                             enter a dollar amount enter a dollar amount enter the difference select an option                             select an item                             enter a dollar amount enter a dollar amount enter the difference select an option                             select an item                             enter a dollar amount enter a dollar amount enter the difference select an option                             select an item                             enter a dollar amount enter a dollar amount enter the difference select an option                             select a closing name for this budget                             $enter a total amount for this budget  $enter a total amount for this budget  $enter the difference  select an option                             14 Oriole Corp.’s manufacturing overhead budget for the first quarter of 2022 contained the following data: Variable Costs Indirect materials $41,000 Indirect labor 24,500 Utilities 20,500 Maintenance 13,000 Fixed Costs Supervisor’s salary $80,500 Depreciation 16,500 Property taxes 8,500 Actual variable costs for the first quarter were: Indirect materials $37,700 Indirect labor 27,400 Utilities 22,000 Maintenance 11,100 Actual fixed costs were as expected except for property taxes which were $10,000. All costs are considered controllable by the department manager except for the supervisor’s salary.Prepare a manufacturing overhead responsibility report for the first quarter. ORIOLE CORP.Manufacturing Overhead Cost Responsibility ReportFor the Quarter Ended March 31, 2022 Difference Controllable Costs Budget Actual Favorable (F)Unfavorable (U)Not Applicable (NA) select an item                             $enter a dollar amount  $enter a dollar amount  $enter the difference  select an option                             select an item                             enter a dollar amount enter a dollar amount enter the difference select an option                             select an item                             enter a dollar amount enter a dollar amount enter the difference select an option                             select an item                             enter a dollar amount enter a dollar amount enter the difference select an option                             select an item                             enter a dollar amount enter a dollar amount enter the difference select an option                             select an item                             enter a dollar amount enter a dollar amount enter the difference select an option                             select a closing name for this report                             $enter a total amount for this report  $enter a total amount for this report  $enter the difference  select an option                             15 Oriole Kicks Co. has three divisions which are operated as profit centers. Actual operating data for the divisions listed alphabetically are as follows. Operating Data Women’s Shoes Men’sShoes Children’s Shoes Contribution margin $312,000 (3) $252,000 Controllable fixed costs 146,000 (4) (5) Controllable margin (1) $106,000 112,000 Sales 848,000 528,000 (6) Variable costs (2) 346,000 266,000 (a) Compute the missing amounts. Operating Data Women’s Shoes Men’s Shoes Children’s Shoes Contribution margin $312,000 $enter a dollar amount  (3) $252,000 Controllable fixed costs 146,000 enter a dollar amount (4) enter a dollar amount (5) Controllable margin enter a dollar amount (1) 106,000 112,000 Sales 848,000 528,000 enter a dollar amount (6) Variable costs enter a dollar amount (2) 346,000 266,000 16 Cullumber Corp. reported the following: Beginning of year operating assets $3,212,000 End of year operating assets 3,012,000 Contribution margin 1,012,000 Sales 5,012,000 Controllable fixed costs 644,784 Its required return is 10%.Compute the company’s ROI. (Round answer to 1 decimal place, e.g. 52.7%.) ROI enter the return on investment in percentages rounded to 1 decimal place % 17 Pronghorn Company manufactures tablecloths. Sales have grown rapidly over the past 2 years. As a result, the president has installed a budgetary control system for 2022. The following data were used in developing the master manufacturing overhead budget for the Ironing Department, which is based on an activity index of direct labor hours. Variable costs Rate per DirectLabor Hour Annual Fixed Costs Indirect labor $0.42 Supervision $42,600 Indirect materials 0.50 Depreciation 17,280 Factory utilities 0.33 Insurance 14,640 Factory repairs 0.23 Rent 30,600 The master overhead budget was prepared in the expectation that 481,600 direct labor hours will be worked during the year. In June, 38,400 direct labor hours were worked. At that level of activity, actual costs were as shown below.Variable—per direct labor hour: indirect labor $0.46, indirect materials $0.48, factory utilities $0.37, and factory repairs $0.28.Fixed: same as budgeted. (a) & (b) (a) Prepare a monthly manufacturing overhead flexible budget for the year ending December 31, 2022, assuming production levels range from 35,100 to 49,800 direct labor hours. Use increments of 4,900 direct labor hours. (List variable costs before fixed costs.) PRONGHORN COMPANYMonthly Manufacturing Overhead Flexible BudgetIroning DepartmentFor the Year 2022 select an opening overhead flexible budget item                                   select an item                                   enter a number of hours enter a number of hours enter a number of hours enter a number of hours select an opening name for section one                                   select an item                                   $enter a dollar amount  $enter a dollar amount  $enter a dollar amount  $enter a dollar amount  select an item                                   enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select an item                                   enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select an item                                   enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select a closing name for section one                                   enter a total amount for section one enter a total amount for section one enter a total amount for section one enter a total amount for section one select an opening name for section two                                   select an item                                   enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select an item                                   enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select an item                                   enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select an item                                   enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select a closing name for section two                                   enter a total amount for section two enter a total amount for section two enter a total amount for section two enter a total amount for section two select a closing overhead flexible budget item                                   $enter a total dollar amount  $enter a total dollar amount  $enter a total dollar amount  $enter a total dollar amount  (b) Prepare a budget report for June comparing actual results with budget data based on the flexible budget. (List variable costs before fixed costs.) PRONGHORN COMPANYIroning DepartmentManufacturing Overhead Flexible Budget Reportchoose the accounting period                                   Difference Budget Actual Costs FavorableUnfavorableNeither Favorablenor Unfavorable select an opening overhead flexible budget item                                   enter a number of hours enter a number of hours select an opening name for section one                                   select an item                                   $enter a dollar amount  $enter a dollar amount  $enter the difference  select an option                                   select an item                                   enter a dollar amount enter a dollar amount enter the difference select an option                                   select an item                                   enter a dollar amount enter a dollar amount enter the difference select an option                                   select an item                                   enter a dollar amount enter a dollar amount enter the difference select an option                                   select a closing name for section one                                   enter a total amount for section one enter a total amount for section one enter the difference select an option                                   select an opening name for section two                                   select an item                                   enter a dollar amount enter a dollar amount enter the difference select an option                                   select an item                                   enter a dollar amount enter a dollar amount enter the difference select an option                                   select an item                                   enter a dollar amount enter a dollar amount enter the difference select an option                                   select an item                                   enter a dollar amount enter a dollar amount enter the difference select an option                                   select a closing name for section two                                   enter a total amount for section two enter a total amount for section two enter the difference select an option                                   select a closing overhead flexible budget item                                   $enter a total amount  $enter a total amount  $enter the difference  select an option                                   18 Bramble Inc. operates the Patio Furniture Division as a profit center. Operating data for this division for the year ended December 31, 2022, are shown here. Budget Differencefrom Budget Sales $2,502,900 $55,000 Favorable Cost of goods sold        Variable 1,292,400 42,500 Favorable        Controllable fixed 199,200 3,800 Unfavorable Selling and administrative        Variable 226,500 6,700 Unfavorable        Controllable fixed 49,600 1,400 Unfavorable Noncontrollable fixed costs 71,300 3,800 Unfavorable In addition, Bramble incurs $178,400 of indirect fixed costs that were budgeted at $175,400. Twenty percent (20%) of these costs are allocated to the Patio Furniture Division.Prepare a responsibility report for the Patio Furniture Division for the year. (List variable costs before fixed costs.) BRAMBLE INC.Patio Furniture DivisionResponsibility Reportchoose the accounting period                             Difference Budget Actual FavorableUnfavorableNeither Favorablenor Unfavorable select an opening responsibility report item                             $enter a dollar amount  $enter a dollar amount  $enter the difference  select an option                             select an opening name for section one                             select an item                             enter a dollar amount enter a dollar amount enter the difference select an option                             select an item                             enter a dollar amount enter a dollar amount enter the difference select an option                             select a closing name for section one                             enter a total amount for section one enter a total amount for section one enter the difference select an option                             select a summarizing line for the first part                             enter a total amount for the first part enter a total amount for the first part enter the difference select an option                             select an opening name for section two                             select an item                             enter a dollar amount enter a dollar amount enter the difference select an option                             select an item                             enter a dollar amount enter a dollar amount enter the difference select an option                             select a closing name for section two                             enter a total amount for section two enter a total amount for section two enter the difference select an option                             Monty Company manufactures a variety of tools and industrial equipment. The company operates through three divisions. Each division is an investment center. Operating data for the Home Division for the year ended December 31, 2022, and relevant budget data are as follows. Actual Comparison with Budget Sales $1,401,000 $100,000  favorable Variable cost of goods sold 680,000 55,000  unfavorable Variable selling and administrative expenses 126,000 24,000  unfavorable Controllable fixed cost of goods sold 170,000 On target Controllable fixed selling and administrative expenses 81,000 On target Average operating assets for the year for the Home Division were $2,000,000, which was also the budgeted amount. (a) Prepare a responsibility report for the Home Division. (List variable costs before fixed costs. Round ROI to 2 decimal places, e.g. 1.57%.) MONTY COMPANYHome DivisionResponsibility Reportchoose the accounting period                                   Difference Budget Actual FavorableUnfavorableNeither Favorablenor Unfavorable select an opening responsibility report item                                   $enter a dollar amount    $enter a dollar amount    $enter the difference    select an option                                   select an opening name for section one                                   select an item                                   enter a dollar amount enter a dollar amount enter the difference select an option                                   select an item                                   enter a dollar amount   enter a dollar amount   enter the difference   select an option                                   select a closing name for section one                                   enter a total amount for section one   enter a total amount for section one   enter the difference   select an option                                   select a summarizing line for the first part                                   enter a total amount for the first part   enter a total amount for the first part   enter the difference   select an option                                   select an opening name for section two                                   select an item                                   enter a dollar amount enter a dollar amount enter the difference select an option                                   select an item                                   enter a dollar amount   enter a dollar amount enter the difference select an option                                   select a closing name for section two                                   enter a total amount for section two   enter a total amount for section two   enter the difference   select an option                                   select a closing responsibility report item                                   $enter a total dollar amount    $enter a total dollar amount    $enter the difference    select an option                                   ROI enter percentages  % enter percentages  % enter percentages  % select an option                                   $enter a total dollar amount  $enter a total dollar amount  $enter the difference  select an option                             20 Ayayai Company uses a responsibility reporting system. It has divisions in Denver, Seattle, and San Diego. Each division has three production departments: Cutting, Shaping, and Finishing. The responsibility for each department rests with a manager who reports to the division production manager. Each division manager reports to the vice president of production. There are also vice presidents for marketing and finance. All vice presidents report to the president.In January 2022, controllable actual and budget manufacturing overhead cost data for the departments and divisions were as shown here. Manufacturing Overhead Actual Budget Individual costs—Cutting Department—Seattle     Indirect labor $73,300 $69,500     Indirect materials 48,100 45,700     Maintenance 20,800 17,700     Utilities 20,300 17,000     Supervision 22,500 19,900 $185,000 $169,800 Total costs     Shaping Department—Seattle $158,200 $148,300     Finishing Department—Seattle 210,500 203,600     Denver division 677,700 672,700     San Diego division 721,900 715,500 Additional overhead costs were incurred as follows: Seattle division production manager—actual costs $52,600, budget $51,400; vice president of production—actual costs $65,100, budget $63,900; president—actual costs $76,900, budget $74,400. These expenses are not allocated.The vice presidents who report to the president, other than the vice president of production, had the following expenses. Vice President Actual Budget Marketing $133,700 $130,300 Finance 109,200 104,800 (a) Prepare the Manufacturing overhead—Cutting Department manager—Seattle division responsibility report. To Cutting Department Manager—Seattle Division Month: January Controllable Costs: Budget Actual FavorableUnfavorableNeither Favorablenor Unfavorable select an item                                   $enter a dollar amount  $enter a dollar amount  $enter the difference  select an option                                   select an item                                   enter a dollar amount enter a dollar amount enter the difference select an option                                   select an item                                   enter a dollar amount enter a dollar amount enter the difference select an option                                   select an item                                   enter a dollar amount enter a dollar amount enter the difference select an option                                   select an item                                   enter a dollar amount enter a dollar amount enter the difference select an option                                               Total   $enter a total dollar amount  $enter a total dollar amount  $enter a total dollar amount  select an option                                  

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