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1 year ago

The budgeted income statement does not rely on information from the ______ budget.

Business

1 answer:

Marta_Voda [28]1 year ago

3 0

The budgeted income statement does not rely on information from the production budget.

<h3>What is a budgeted income statement?</h3>

The expected profit, revenue, and expenses for the upcoming year or months are listed in a budgeted income statement, which is a financial report. Its purpose is to assist businesses in future planning, better decision-making, and resource allocation.

All of the line categories seen in a typical income statement are included in the budgeted income statement, but it is an estimate of what the income statement would look like in future budget periods.

The budgeted income statement makes it easier to compare planned and actual income and expense components at the end of the month. It aids in evaluating the efficiency of the company's financial planning procedure.

To learn more about production budget refer to:

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galina1969 [7]

Answer:

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Explanation:

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3 years ago

What should the manager know about foodservice equipment safety?

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4 years ago

Darby's company reported net income after taxes of $2,000,000, on sales of $225 million. her boss asked her to calculate the ear

Dafna1 [17]

Darby's correct response is $0.045 per share.
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3 years ago

he St. Augustine Corporation originally budgeted for $360,000 of fixed overhead at 100% normal production capacity. Production w

OLga [1]

Answer:

$9000 (unfavorable).

Explanation:

Given: Budgeted fixed overhead= $360000.

Actual fixed overhead=$ 360000.

Actual production= 11,700 units.

The variable overhead rate was $3 per hour.

The standard hours for production were 5 hours per unit.

The fixed factory overhead volume variance is difference between actual production volume and budgeted production. It help in measuring the effecient use of fixed resources. It is termed as favourable if actual fixed overhead exceed the budgeted amount, however, it is unfavorable if the actual fixed overhead is less than budgeted amount.

Now, lets calculate the Actual fixed overhead cost.

Actual fixed overhead cost= $\textrm{actual fixed overhead}\times \frac{Actual\ production}{Budgeted\ production}$

∴ Actual fixed overhead cost= $\$ 360000\times \frac{11700}{12000} = \$ 351000.$

Actual fixed overhead cost= $351000.

Next calculating the fixed factory overhead volume variance.

The fixed factory overhead volume variance= $\textrm{Actual fixed overhead cost}-\textrm{budgeted fixed overhead}$

We know, Budgeted fixed overhead= $360000 and Actual fixed overhead cost= $351000

∴ The fixed factory overhead volume variance= $\$351000-\$360000= \$ 9000 (unfavorable)$

The fixed factory overhead volume variance= $9000 (unfavorable)

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