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Houston Corporation considers materials and labor to be completely variable costs. Expected production for the year is 50,000 units. At that level of production, direct materials cost is budgeted at $198,000, and direct labor cost is budgeted at $450,000.
Question 1: flexible budget for materials and labor for possible production levels of 55,000 and 65,000 units of product.
Question 2: Assume that in the previous exercise the actual production was 60,000 units, materials cost was $247,000, and labor cost was $510,000. Compute the budget variances. Denote variances as favorable (F) or unfavorable (U).
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