Ray Company provided the following excerpts on Department's flexible budget performance report. (Round ate pe hour" answers to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Required: Complete the Production Department's Flexible Budget Performance Report. Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Labor-hours (q) Actual Results Spending Variances Flexible Budget Activity Variances Planning Budget 9,660 9,180 Direct labor 9) $ 224,370 $ 222,180 Indirect labor + $ 1.50 q) Utilities ($8,300 + 9) 1,960 F 1,630 U 22,090 1,200 U 31,250 Supplies ( + a) 5,192 4,624 4,480 $ Equipment depreciation ( ) 0❘ None 82,900 0 None $ Factory administration ) 19,060 + $ 1.70 q) Total expense $ 400,834

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Ray Company provided the following excerpts from its Production Department's flexible budget performance report. (Round "rate per
hour" answers to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and
"None" for no effect (i.e., zero variance). Input all amounts as positive values.)
Required:
Complete the Production Department's Flexible Budget Performance Report.
Labor-hours (q)
Ray Company
Production Department Flexible Budget Performance Report
For the Month Ended August 31
Actual
Results
Spending Variances
Flexible
Budget
Activity Variances
Planning
Budget
9,660
9,180
Direct labor
(
q)
$ 224,370
$ 222,180
Indirect labor
(
+
$ 1.50 q)
Utilities
( $ 8,300
+
q)
1,960 F
1,630 U
22,090
1,200 U
31,250
Supplies
(
+
q)
5,192
4,624
4,480
Equipment depreciation
(
0 None
0 None
82,900
Factory administration
(
+
$ 1.70 q)
19,060
Total expense
$ 400,834
Transcribed Image Text:Ray Company provided the following excerpts from its Production Department's flexible budget performance report. (Round "rate per hour" answers to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Required: Complete the Production Department's Flexible Budget Performance Report. Labor-hours (q) Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results Spending Variances Flexible Budget Activity Variances Planning Budget 9,660 9,180 Direct labor ( q) $ 224,370 $ 222,180 Indirect labor ( + $ 1.50 q) Utilities ( $ 8,300 + q) 1,960 F 1,630 U 22,090 1,200 U 31,250 Supplies ( + q) 5,192 4,624 4,480 Equipment depreciation ( 0 None 0 None 82,900 Factory administration ( + $ 1.70 q) 19,060 Total expense $ 400,834
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