Performance Report Master Budget Actual Data Budgeted production: 4,200 Actual p
ID: 2471352 • Letter: P
Question
Performance Report Master Budget Actual Data Budgeted production: 4,200 Actual production: 4,100 units Materials: 2 leather strips @ $7.00 Materials cost: $58,700 Labor: 1.5 hr. @ $18.00 Labor cost: $112,900
Prepare a performance report using a budget based on expected production. In the variance type column, select "F" for favorable and "U" for unfavorable. If the variance is zero, enter ("0") in the variance amount column and "N" for neither in the variance type column. Performance Report Actual Budgeted Variance Variance Type (F or U or N) Units produced Direct materials cost $ $ $ Direct labor cost Total $ $ $
Explanation / Answer
Performance report
Actual
Budgeted
Variance
Variance Type
Units produced
4100 Units
4100 Units
A
B
A-B
Direct materials cost
$ 58,700
$ 57,400
$ 1,300
U
(4100 Units*2 leather strips @ $7.00 )
Direct labor cost
$ 112,900
$ 110,700
$ 2,200
U
(4100 Units * 1.5 hr. @ $18.00 )
Total
$ 171,600
$ 168,100
$ 3,500
U
Performance report
Actual
Budgeted
Variance
Variance Type
Units produced
4100 Units
4100 Units
A
B
A-B
Direct materials cost
$ 58,700
$ 57,400
$ 1,300
U
(4100 Units*2 leather strips @ $7.00 )
Direct labor cost
$ 112,900
$ 110,700
$ 2,200
U
(4100 Units * 1.5 hr. @ $18.00 )
Total
$ 171,600
$ 168,100
$ 3,500
U