Final Flashcards
(21 cards)
Material/labour price variance
Actual - flexible
Total material/labour variance
Actual - static
Material/labour quantity variance
Flexible - static
Actual schedule
Actual quantity * actual price
Flexible schedule
Actual quantity * standard price
Static schedule
Standard quantity * standard price
Flexible budget
Activity level
Variable cost
DM
DL
MOH
total variable costs
+
Fixed costs
Depreciation
Supervision
Total fixed costs
Total costs
Flexible budget w/ Actual
Budgeted Actual Difference U/F
Activity level
Variable cost
DM
DL
MOH
total variable costs
+
Fixed costs
Depreciation
Supervision
Total fixed costs
Total costs
Responsibility Report - Ch 11
Company name
Assembly department
MOH report
Month ended
Budget. Actual. Variance. U/F
Controllable costs
Indirect materials
Indirect labour
Utilities
Supervision
Total MOH
What two types of budgets are there?
1) Operational Budgets
2) Financial budgets
Operational Budgets
Sales
Production: DM DL MOH
Selling & Admin expense
Budgeted income statement
Financial Budgets
Cash Budget
Sales budget
Budgeted sales in unit * budgeted selling price per unit = budgeted revenue
Production budget
budgeted sales in units
+ desired ending finished goods inventory
———————
Total units required
- beginning finished goods inventory
———————
Required production in units
DM budget
Required production in units
* DM required per unit (in kilograms)
———————
Total DM required (in kilograms)
+ Desired ending DM inventory
———————
Total DM needed
- beginning DM inventory
———————
Required DM purchases (in kilograms)
* budgeted DM cost (per kilogram)
———————
Budget cost of DM ($)
DL Budget:
Required production in units
* DL required per unit (hours)
———————
Total DL Hours required
* Budget cost per DL hour
———————
Budgeted cost of DL ($)
MOH budget:
Total DL hours required
* budgeted variable overhead per DL hour
———————
Total budgeted variable overhead
+ beginning fixed overhead
———————
Total budgeted overhead ($)
Selling and admin budget
Budgeted sales in units
* selling price
———————
Budgeted revenues
+ variable selling expense
+fixed selling and admin expense
———————
Total selling and admin expenses
Computation of cost goods sold:
DM
DL
MOH
————
Cost of unit of finished goods
———————
———————-
* # of units sold
————————
COGS
Budgeted income statement:
Sales:
Less:COGS
——————
Gross profit
Less: selling admin expenses
——————-
Income before income tax
Less: tax
——————
Net income
Cash budget:
Beginning cash balance
—————
Add: cash receipts (itemized)
Total receipts:
—————-
Total available cash
——————
Less: cash disbursements (itemized)
Dm
DL
MOH
Selling and admin exp
Total disbursements:
———————
Excess (deficiency) of available cash over cash disbursements:
——————-
Financing
Borrowing
Repayment
Total financing:
———————
Ending cash balance:
