What are the steps to develop a flexible budget
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What is a flexible budget?
What are the steps to developing a flexible budget?
What information is found on a flexible budget report?
What information is used to evaluate performance?
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Determine the budgeted manufacturing overhead rate for each department.
Assume that net income for the year was $150,000 (record the closing entry) and the board of directors appropriated $70,000 of retained earnings for plant expansion.
If the variable factory overhead rate was $8 per direct labor-hour, and if 30,000 standard labor-hours were allowed for the output of the year, then the total budgeted fixed factory overhead for the year must have been:
Prepare the general journal entries necessary to record these transactions.
What is a flexible budget? What are the steps to developing a flexible budget?
Using the activity-based costing approach, determine the overhead cost per unit for each product.
Prepare a Schedule of Expected Cash Collections for November and December.
a. What is the denominator level of activity? b. What were the standard hours allowed for the output last year?
The bonds were issued on December 31, 2008 at 95, with interest payable on June 30 and December 31. (Use straight-line amortization.) On April 1, 2011, Wolfe retired $240,000 of these bonds at 101 plus accrued interest.
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