Question

On January 1, 2017, X Company developed the following overhead cost function for the year: $212,000...

On January 1, 2017, X Company developed the following overhead cost function for the year: $212,000 + $8.77X, where X is the number of units produced. The following additional information for 2017 is available:

1. What was the 2017 master (static) budget for total overhead?

2. What was the 2017 flexible budget for total overhead?

Budgeted production 10,400 units
Actual production 9,800 units
Actual fixed costs $214,000
Actual variable costs per unit

$9.07
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
  • Requirement #1

Just put ‘budgeted production units’ in place of ‘X’ in the cost equation to calculate Budget for Total Overhead.

Equation: $ 212000 + $8.77X

Total Overhead [master Budget] = 212000 + (8.77 x 10400 units)

Total Overhead [master Budget] = 212000 + 91208

Total Overhead [master Budget]= $ 303,208

  • Requirement #2

Just put ‘actual production units’ in place of ‘X’ in the cost equation to calculate Budget for Total Overhead.

Equation: $ 212000 + $8.77X

Total Overhead [Flexible Budget] = 212000 + (8.77 x 9800 units)

Total Overhead [Flexible Budget] = 212000 + 85946

Total Overhead [Flexible Budget] = $ 297,946

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
X Company's 2019 budgeted overhead cost function was C=$9.30X + $233,700, where X is the number...
X Company's 2019 budgeted overhead cost function was C=$9.30X + $233,700, where X is the number of units produced. The following information is also available for 2019: Master     Actual      Budget     Results     Production 10,400 units 13,300 units Total variable costs $96,720   $124,244   Total fixed costs $233,700   $235,833   1. What was the total overhead static budget for 2019? A: $123,690 B: $330,420 C: $332,553 D: $357,390 E: $359,523 F: $360,077 2. What was the total overhead flexible budget variance for 2019 [a...
X Company's 2019 budgeted overhead cost function was C=$8.60X + $231,900, where X is the number...
X Company's 2019 budgeted overhead cost function was C=$8.60X + $231,900, where X is the number of units produced. The following information is also available for 2019: Master     Actual      Budget     Results     Production 10,500 units 13,400 units Total variable costs $90,300   $124,389   Total fixed costs $231,900   $234,471   1. What was the total overhead static budget for 2019? 2. What was the total overhead flexible budget variance for 2019 [a positive number means a favorable variance and a negative number means an...
X Company's 2019 budgeted overhead cost function was C=$9.90X + $200,900, where X is the number...
X Company's 2019 budgeted overhead cost function was C=$9.90X + $200,900, where X is the number of units produced. The following information is also available for 2019: Master     Actual      Budget     Results     Production 10,700 units 13,100 units Total variable costs $105,930   $151,659   Total fixed costs $200,900   $204,158   1. What was the total overhead static budget for 2019? 1. What was the total overhead static budget for 2019? A: $129,690 B: $306,830 C: $310,088 D: $330,590 E: $333,848 F: $355,817 answer: 2....
X Company's 2019 budgeted overhead cost function was C=$10.90X + $212,800, where X is the number...
X Company's 2019 budgeted overhead cost function was C=$10.90X + $212,800, where X is the number of units produced. The following information is also available for 2019: Master Actual    Budget Results Production 11,000 units 14,000 units Total variable costs $119,900 $142,101 Total fixed costs $212,800 $215,271 1. What was the total overhead static budget for 2019? A: $152,600 B: $332,700 C: $335,171 D: $357,372 E: $365,400 F: $367,871 Tries 0/99 2. What was the total overhead flexible budget variance...
X Company's 2019 budgeted overhead cost function was C=$9.30X + $195,700, where X is the number...
X Company's 2019 budgeted overhead cost function was C=$9.30X + $195,700, where X is the number of units produced. The following information is also available for 2019: Master     Actual      Budget     Results     Production 11,000 units 13,800 units Total variable costs $102,300   $164,495   Total fixed costs $195,700   $198,143   1. What was the total overhead static budget for 2019? A: $128,340 B: $298,000 C: $300,443 D: $324,040 E: $326,483 F: $362,638 Tries 0/99 2. What was the total overhead flexible budget variance for...
The following data is available regarding X Company' utility cost in 2017: Estimated production 3,300 units...
The following data is available regarding X Company' utility cost in 2017: Estimated production 3,300 units Budgeted fixed costs $12,000 Budgeted total variable costs $22,968 Actual production 2,900 units Actual total costs $23,180 What was the flexible budget variance for total utility costs in 2017 (assume that a positive number means a favorable variance and a negative number means an unfavorable variance)?
The following data is available regarding X Company' utility cost in 2017: Estimated production 3,000 units...
The following data is available regarding X Company' utility cost in 2017: Estimated production 3,000 units Budgeted fixed costs $19,000 Budgeted total variable costs $20,340 Actual production 2,900 units Actual total costs $23,363 What was the flexible budget variance for total utility costs in 2017 (assume that a positive number means a favorable variance and a negative number means an unfavorable variance)?
Bonehead Co. has the following factory overhead costs for the most recent period: Standard overhead cost...
Bonehead Co. has the following factory overhead costs for the most recent period: Standard overhead cost applied to this period’s production $ 72,000 Flexible budget for overhead based on output (i.e., units produced) 65,000 Total budgeted overhead in the master (static) budget 86,000 Actual total overhead cost incurred during the period 76,000 Under a two-variance analysis (breakdown) of the total overhead variance for the period, the total overhead flexible-budget (FB) variance, to the nearest whole dollar, is: Multiple Choice $4,000...
The following is information related to X Company, a company that uses a standard cost system:...
The following is information related to X Company, a company that uses a standard cost system: Standard cost card for 1 unit of Product A: Direct materials – Raw Material A (1 kilogram @ $ 20/kg.) $ 20 Direct materials – Raw Material B (1 kilogram @$ 10/kg.) $ 10 Direct labour (1 hour @ $15/hr.) $ 15 V ariable overhead (1 hour @ $ 5/hr.) $ 5 Fixed overhead (1 hour @ $ 10/hr.) $ 10 Total budgeted fixed...
For CVS Brand Products 2017 year end, the following budgeted and actual results are available for...
For CVS Brand Products 2017 year end, the following budgeted and actual results are available for the bagged popcorn department: Budget Actual Bags of popcorn sold 10,000 13,000 Selling price $5 $4.75 Variable costs per bag $2 $1.75 Fixed costs $8,000 $6,500 Prepare the Static, Flexible, and Actual budgets for the popcorn department for 2017. Determine the static budget variance, the flexible budget variance, the total sales volume variance, indicating (F) favorable or (U) unfavorable for each line item in...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT