Rickety prepared a 2012 budget for 90,000 units of product. Actual production in 2012 was100,000 units. Actual production in 2011 was 97,000 units. The company has now prepareda 2013 budget for 90,000 units.To be most useful, with what amounts should the actual results for 2012 be compared ina performance report?
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3 .Which of the following statements relating to a fixed budget is correct?
A Should never be prepared as it has no purpose B Is useful in evaluating a manager’s performance by comparing actual costs againstplanned costs C Shows planned results at the original budgeted activity level D Is changed only if the actual level of activity is different than originally budgeted
4 .What is the primary difference between a fixed budget and a flexible budget?
A A fixed budget contains only fixed costs, while a flexible budget also containsvariable costs B A fixed budget reflects different activity levels, while a flexible budget is preparedfor a single level of activity C A fixed budget is prepared for a single level of activity, while a flexible budget ...
5 .Beanie’s master budget shows that the planned activity level for next year is expected to be50,000 machine hours. At this level of activity, the following manufacturing overhead costsare expected: $Factory supervision 300,000Machine supplies 80,000Indirect materials 70,000Depreciation on factory building 50,000What total manufacturing overhead costs should be included in a flexible budget for alevel of activity of 60,000 machine hours?
A $504,000 B $530,000 C $540,000 D $600,000
7 .Starry prepared a fixed budget of 50,000 direct labour hours, with estimated variableoverhead costs of $250,000 and fixed overhead cost of $60,000. It then prepared a flexiblebudget at 38,000 labour hours.What is the total overhead cost in the flexible budget?
A $190,000 B $247,000 C $250,000 D $260,000
8 .Umni’s budgeted manufacturing costs for 25,000 units are:Fixed costs $25,000 per monthVariable costs $300,000Next month Umni expects to produce only 21,000 units as an additional national holiday hasbeen declared.What is the flexible budget for total manufacturing costs for next month?
A $260,000 B $252,000 C $277,000 D $325,000
9 .Wacky uses a flexible budgeting system. At normal capacity of 10,000 units budgetedmanufacturing overheads are $50,000 variable and $135,000 fixed. Last month Wacky’sactual overhead costs totalled $187,500 for 11,000 units produced.What is the difference between the actual and budgeted costs?
A $2,500 unfavorable B $2,500 favorable C $4,500 unfavorable D $6,000 favorable
10 .Which of the following statements relating to budgets are true?(1) A flexed budget is used for control purpose and a fixed budget is used for planningpurposes.(2) A flexed budget is prepared at the end of the period and a fixed budget is preparedat the beginning of the period.(3) A flexed budget is prepared for different levels of activity.
A 1 and 2 only B 1 and 3 only C 2 and 3 only D 1, 2 and 3
