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Problem - Marathon Energy company has planned to produce 80,000 units of product and spend the following for the month of May 2021: Direct materials $275,000; Direct labour $445,000; variable manufacturing overhead $195,000. The company has also planned to spend $325,000 on salaries and $180,000 on depreciation for the month. In the month of May the company actually produced 95,000 units and incurred the following costs: $325,000 on Direct materials, $540,000 on Direct labour and $200,000 on variable manufacturing overhead. The fixed costs were the same as originally budgeted.
Required -
a) Prepare a flexible budget report for the month of June 2021.
b) What would the total variance be if the company used a static budget instead of a flexible budget.
c) Why would a company use a flexible budget instead of a static budget?
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