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Question - For 20Y5, a manufacturing company created the following static budget based on production of 5,000 products:
Variable cost:
Direct labor $20,000
Direct materials 35,000
Total variable cost $55,000
Fixed cost:
Utilities $7,500
Salaries 9,000
Depreciation 3,100
Total fixed cost $19,600
Total department costs $74,600
The company expects that production may differ by an increase or decrease of 1,000 products. Prepare a flexible budget for the possible changes in production levels.
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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