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Problem - Static budget vs. flexible budget - The production supervisor of the Machining Department for Cramer Company agreed to the following monthly static budget for the upcoming year:
Cramer Company Machining Department Monthly Production Budget
Wages
$552,000
Utilities
48,300
Depreciation
60,000
Total
$660,300
The actual amount spent and the actual units produced in the first three months of 2012 in the Machining Department were as follows:
Amount Spent
Units Produced
January
$545,000
90,000
February
595,000
100,000
March
649,000
110,000
The Machining Department supervisor has been very pleased with this performance, since actual expenditures have been less than the monthly budget. However, the plant manager believes that the budget should not remain fixed for every month but should "flex" or adjust to the volume of work that is produced in the Machining Department. Additional budget information for the Machining Department is as follows:
Wages per hour
$16.00
Utility cost per direct labor hour
$1.40
Direct labor hours per unit
0.30
Planned monthly unit production
115,000
Required -
a. Prepare a flexible budget for the actual units produced for January, February, and March in the Machining Department. Assume depreciation is a fixed cost.
b. Compare the flexible budget with the actual expenditures for the first three months. What does this comparison suggest?
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