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Vinton Industries uses flexible budget techniques in order to effectively control costs. The data produced for the December quarter before analysis indicates the following:
Cost of Production Items
Budget
Actual
$
Raw material
90,000
110,700
Direct labour
108,000
114,750
Variable factory overhead
54,000
57,000
Fixed factory overhead
63,000
Total
$315,000
$345,450
The original budget for the December quarter was planned at a level of 180,000 units of production. The quarter's actual level of production was 195,000 units. Raw material, direct labour and variable manufacturing expense are proportional to the units produced.
Required:
(a) Complete the flexible budget performance report for December
Flexible budget performance report for December:
Actual Cost
Flexible Budget
Variance$
Variance %
Fav. (F) or Unfav. (U)
Total Cost of Production
345,450
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