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Question - Cullumber Company expects to produce 1,320,000 units of product XX in 2022. Monthly production is expected to range from 70,600 to 104,200 units. Budgeted variable manufacturing costs per unit are as follows: direct materials $3, direct labour $7, and overhead $11. Budgeted fixed manufacturing costs per unit for depreciation are $4 and for supervision $3.
In March 2022, the company incurs the following costs in producing 87,400 units: direct materials $288,200, direct labour $602,800, and variable overhead $964,400. Actual fixed overhead equalled budgeted fixed overhead. Prepare a flexible budget report for March.
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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