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Master Budgeted income statement using Variable Costing.
Downes Consolidated Industries International uses a standard cost system and records standards in the accounting records. The standard costs for one unit of one of its products are as follows.
Direct Materials, 3lbs.@$20 per lb.
$ 60.00
Direct labor, 2 hrs. @$15 per hr.
$ 30.00
Variable overhead, 4machine hrs. @$1 per hr
$ 4.00
Fixed overhead, 4 machine hrs.@$2.50 per hr
$ 10.00
Total
$104.00
Overhead is applied on the basis of machine hours. The planned level of activity(denominator level) is 320,000 machine hours. The total budgeted fixed overhead is $800,000. Other budgeted items are: Unit selling price, $170,00 per unit Variable selling & administrative expenses, $5 per unit Fixed selling & administrative expenses, $160,000. Planned level of production and sales, 80,000.
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