TB MC Qu. 9-171 (Static) Lawes Corporation manufactures... Lawes Corporation manufactures and sells...
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Accounting
TB MC Qu. 9-171 (Static) Lawes Corporation manufactures...
Lawes Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During July, the company budgeted for 5,000 units, but its actual level of activity was 5,050 units. The company has provided the following data concerning the formulas to be used in its budgeting:
| Fixed element per month | Variable element per unit | |
|---|---|---|
| Revenue | $ 0 | $ 34.70 |
| Direct labor | $ 0 | $ 6.00 |
| Direct materials | 0 | 13.20 |
| Manufacturing overhead | 31,000 | 1.90 |
| Selling and administrative expenses | 20,300 | 0.10 |
| Total expenses | $ 51,300 | $ 21.20 |
The net operating income in the planning budget for July would be closest to: (Round your intermediate calculations to 2 decimal places.)
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