Budget Performance Report Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows: Cost Category Standard Costper 100 Two-LiterBottles Direct labor $1.12 Direct materials 5.12 Factory overhead 0.36 Total $6.6 At the beginning of July, GBC management planned to produce 450,000 bottles. The actual number of bottles produced for July was 486,000 bottles. The actual costs for July of the current year were as follows: Cost Category Actual Cost for theMonth Ended July 31 Direct labor $5,334 Direct materials 24,286 Factory overhead 1,767 Total $31,387 Enter all amounts as positive numbers. a.Prepare the July manufacturing standard cost budget (direct labor, direct materials, and factory overhead) for WBC, assuming planned production. Genie in a Bottle Company Manufacturing Cost Budget For the Month Ended March 31 Standard Cost atPlanned Volume(450,000 Bottles) Manufacturing costs: Direct labor $fill in the blank 1af50efb3050fe8_1 Direct materials fill in the blank 1af50efb3050fe8_2 Factory overhead fill in the blank 1af50efb3050fe8_3 Total $fill in the blank 1af50efb3050fe8_4 b.Prepare a budget performance report for manufacturing costs, showing the total cost variances for direct materials, direct labor, and factory overhead for July. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your answers to two decimal places. Genie in a Bottle Company Manufacturing Costs-Budget Performance Report For the Month Ended March 31 ActualCosts Standard Costat ActualVolume (486,000Bottles) CostVariance-(Favorable)Unfavorable Manufacturing costs: Direct labor $fill in the blank d61cfdfed049009_1 $fill in the blank d61cfdfed049009_2 $fill in the blank d61cfdfed049009_3 Direct materials fill in the blank d61cfdfed049009_4 fill in the blank d61cfdfed049009_5 fill in the blank d61cfdfed049009_6 Factory overhead fill in the blank d61cfdfed049009_7 fill in the blank d61cfdfed049009_8 fill in the blank d61cfdfed049009_9 Total manufacturing cost $fill in the blank d61cfdfed049009_10 $fill in the blank d61cfdfed049009_11 $fill in the blank d61cfdfed049009_12 c.The Company's actual costs were $689 than budgeted. direct labor and direct material cost variances more than offset a small factory overhead cost variance.

Budget Performance Report Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows: Cost Category...

Budget Performance Report Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows: Cost Category...

Get Answer To This Question

Related Questions & Answers

Submit New Assignment

Budget Performance Report

Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows:

At the beginning of July, GBC management planned to produce 450,000 bottles. The actual number of bottles produced for July was 486,000 bottles. The actual costs for July of the current year were as follows:

Cost Category	Actual Cost for the Month Ended July 31
Direct labor		$5,334
Direct materials		24,286
Factory overhead		1,767
	Total		$31,387

Enter all amounts as positive numbers.

a.Prepare the July manufacturing standard cost budget (direct labor, direct materials, and factory overhead) for WBC, assuming planned production.

Genie in a Bottle Company
Manufacturing Cost Budget
For the Month Ended March 31
	Standard Cost at Planned Volume (450,000 Bottles)
Manufacturing costs:
Direct labor	$fill in the blank 1af50efb3050fe8_1
Direct materials	fill in the blank 1af50efb3050fe8_2
Factory overhead	fill in the blank 1af50efb3050fe8_3
Total	$fill in the blank 1af50efb3050fe8_4

b.Prepare a budget performance report for manufacturing costs, showing the total cost variances for direct materials, direct labor, and factory overhead for July. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your answers to two decimal places.

Genie in a Bottle Company
Manufacturing Costs-Budget Performance Report
For the Month Ended March 31
	Actual Costs	Standard Cost at Actual Volume (486,000 Bottles)	Cost Variance- (Favorable) Unfavorable
Manufacturing costs:
Direct labor	$fill in the blank d61cfdfed049009_1	$fill in the blank d61cfdfed049009_2	$fill in the blank d61cfdfed049009_3
Direct materials	fill in the blank d61cfdfed049009_4	fill in the blank d61cfdfed049009_5	fill in the blank d61cfdfed049009_6
Factory overhead	fill in the blank d61cfdfed049009_7	fill in the blank d61cfdfed049009_8	fill in the blank d61cfdfed049009_9
Total manufacturing cost	$fill in the blank d61cfdfed049009_10	$fill in the blank d61cfdfed049009_11	$fill in the blank d61cfdfed049009_12

c.The Company's actual costs were $689 than budgeted. direct labor and direct material cost variances more than offset a small factory overhead cost variance.

Jun 10, 2022

SOLUTION.PDF

Cost Category

Standard Cost
per 100 Two-Liter
Bottles

Direct labor

Direct materials

Factory overhead