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Concord Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable...

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Accounting

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Concord Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows. Indirect labor Indirect materials Utilities $1.10 0.60 0.40 Fixed overhead costs per month are Supervision $4,200, Depreciation $1,500, and Property Taxes $700. The company believes it will normally operate in a range of 6,700-9,700 direct labor hours per month. Assume that in July 2020, Concord Company incurs the following manufacturing overhead costs. Variable Costs Fixed Costs Indirect labor $9,370 Supervision $4,200 Indirect materials 5,040 Depreciation 1,500 Utilities 3,050 Property taxes 700 (a) Prepare a flexible budget performance report, assuming that the company worked 8,700 direct labor hours during the month. (List variable costs before fixed costs.)

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