Question - Lowell Company's manufacturing overhead budget for the first quarter of 2014 contained the following data.
Actual variable costs were: indirect materials $14,957, indirect labor $9,525, utilities $9,626, and maintenance $4,730. Actual fixed costs equaled budgeted costs except for property taxes and insurance, which were $8,905. The actual activity level equaled the budgeted level.
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Variable Costs
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Fixed Costs
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Indirect materials
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$11,144
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Supervisory salaries
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$36,094
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|
Indirect labor
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10,276
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Depreciation
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6,299
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Utilities
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7,459
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Property taxes and insurance
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7,638
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Maintenance
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5,703
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Maintenance
|
5,009
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All costs are considered controllable by the production department manager except for depreciation, and property taxes and insurance.
Prepare a manufacturing overhead flexible budget report for the first quarter.