Reference no: EM132687089
Problem - Budget performance report - PET Bottle Company (PBC) manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows:
Cost Category - Standard Cost per 100 Two-Liter Bottles
Direct labor $1.32
Direct materials 5.34
Factory overhead 0.34
Total $7.00
At the beginning of March, PBC management planned to produce 450,000 bottles. The actual number of bottles produced for March was 500,000 bottles. The actual costs for March of the current year were as follows:
Cost Category - Actual Cost for the Month Ended March 31, 2012
Direct labor $ 5,900
Direct materials 25,300
Factory overhead 1,900
Total $33,100
Required -
a. Prepare the March manufacturing standard cost budget (direct labor, direct materials, and factory overhead) for PBC, assuming planned production.
b. Prepare a budget performance report for manufacturing costs, showing the total cost variances for direct materials, direct labor, and factory overhead for March.
c. Interpret the budget performance report.
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