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Question:

Prepare a manufacturing overhead budget report for januaryPrepare a manufacturing overhead budget report for january

by | Jun 13, 2022 | Questions & Answers

Speier Company estimates that 240,000 direct labor hours will be worked during the coming year, 2014, in the Assembly Department. On this basis, the following budgeted manufacturing overhead cost data are computed for the year.

Variable Overhead Costs

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Fixed Overhead Costs

Indirect labor

$72,000

$0.30

Supervision

$75,600

$6,300

Indirect materials

48,000

$0.20

Depreciation

30,000

$2,500

Repairs

36,000

$0.15

Insurance

12,000

$1,000

Utilities

24,000

$0.10

Rent

9,600

$800

Lubricants

12,000

$0.05

Property taxes

6,000

$500

$192,000

$0.80

$133,200

 

It is estimated that direct labor hours worked each month will range from 18,000 to 24,000 hours.

Variable Overhead Costs

Fixed Overhead Costs

Indirect labor

$6,200

Supervision

$6,300

Indirect materials

3,600

Depreciation

2,500

Repairs

2,300

Insurance

1,000

Utilities

1,700

Rent

850

Lubricants

1,050

Property taxes

500

$14,850

$11,150

Instructions:

a. Prepare a monthly flexible manufacturing overhead budget for each increment of 2,000 direct labor hours over the relevant range for the year ending December 31, 2014.

b. Prepare a manufacturing overhead budget report for January.

c. Comment on management’s efficiency in controlling manufacturing overhead costs in January.

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