Flexible Budgets

Please see attached problem.

Item Cost Formula
Utilities… $6,000 per year, plus $0.30 per machine hour (MH)
Supplies… $10,000 per year, plus $0.80 per machine hour
Depreciation… $25,000 per year
Indirect labor… $21,000 per year, plus $0.40 per machine hour

Using these cost formulas, complete the following flexible budget:

Machine Hours Cost Formula
Overhead Costs (per MH) 8,000 10,000 12,000
Variable overhead costs:
Utilities 0.30 2,400 3,000 3,600
Supplies 0.80 6,400 8,000 9,600
Indirect labor 0.40 3,200 4,000 4,800
Total variable costs…. $1.50 $12,000 $15,000 $18,000

Fixed overhead costs:
Utilities 6,000 6,000 6,000
Supplies 10,000 10,000 10,000
Depreciation 25,000 25,000 25,000
Indirect labor 21,000 21,000 21,000
Total fixed overhead costs…. 62,000 62,000 62,000
Total overhead costs… $74,000 $77,000 $80,000

Refer to the flexible budget data above. The standard time to complete one unit of product is 1.6 machine hours. Last year the company planned to operate at the 10,000 machine hour level of activity. During the year the following actual activity took place:

Number of units produced…. 5,000 units
Actual machine hours worked… 8,500 hours

Actual overhead costs:
Variable Fixed
Utilities… $2,600 $5,900
Supplies… $6,700 $10,300
Indirect labor… $3,300 $21,700
Depreciation… $25,000

Prepare a performance report for the year using the format that appears below. Do not compute efficiency variances for variable overhead items.

Performance Report Hardball Corp.
Budgeted machine hours…. ________________
Actual machine hours… ________________
Standard machine hours… ________________

Cost Formula Actual Cost Flex budget Spending or (per MH) 8,500 MHS based on Budgeted
8,500 MHs Variance
Variable overhead costs:
____________________ $________ $________ $________ $________
____________________ _________ _________ _________ _________
____________________ _________ _________ _________ _________
Total variable costs…. $________ _________ _________ _________

Fixed overhead costs:
____________________ _________ _________ _________
____________________ _________ _________ _________
____________________ _________ _________ _________
____________________ _________ _________ _________
Total fixed costs…. _________ _________ _________
Total overhead costs… $________ $________ $________

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