Assessment 3 PART A

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PRINCIPLE OF HEALTHCARE FINANCE

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Analyze the variances from the flexible budget and identify issues that management should be concern about. You only need to highlight bariances that are a concern

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How do I calculate the flexible budget sheet?

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9)  Ehrlich Corporation compares monthly actual operating results to a static budget prepared at the beginning of the month. When the actual level of activity is less than budgeted, which of the following would be true?  Group of answer choices a. Variable costs would show unfavorable variances. b. Variable costs would show favorable variances. c. Fixed costs would show favorable variances. d. Fixed costs would show unfavorable variances.

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Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent For Actual cars washed Revenue Expenses: Administrative expenses $ 0.03 For example, electricity costs should be $1,200 per month plus $0.09 per car washed. The company expects to wash 8,100 cars in August and to collect an average of $6.70 per car washed. The actual operating results for August are as follows: Lavage Rapide Income Statement the Month Ended August 31 Cleaning supplies. Electricity Maintenance Wages and salaries Depreciation Rent Fixed Cost Cost per per Month Car Washed $0.40 $ 0.09 $0.15 $0.30 Administrative expenses Total expense Net operating incom $1,200 $4,700 $ 8,200 $1,900 $ 1,600 8,200 $ 56,370 3,740 1,899 1,455 7,490 8,200 2,100 1,743 26,627 $ 29,74)

Requirement 2. Prepare a​ flexible-budget-based variance analysis of the September performance.   Begin with the actual​ results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable or unfavorable.​ (For variances with a​ $0 balance, make sure to enter​ "0" in the appropriate field. If the variance is​ zero, do not select a label. Enter operating losses with a minus sign or​ parentheses.)     Actual   Results Units sold   Revenues   Variable costs   Contribution margin   Fixed costs   Operating income (loss)

Chapter 18 1. List and explain the three types of flexible budget variance. Chapter 19 2. Estimates play an important role in finance.  List and explain the four common uses of estimates. Chapter 20 3. Compare and contrast the difference between the retrospective analytics approachand the predictive analytics approach to data analytics. Chapter 21 4. Knowledge of statistical and mathematical terms is very important in finance.  Explain the difference in the field of mathematics and the discipline of statistics.  Chapter 22 5. Organizations determine whether to take on debt and how much to take on are common and necessary parts of financial planning.  Explain the sources of capital that are available to an organization to obtain funds. Chapter 23 6.  Explain why an organization should buy or lease when purchasing equipment.

K Jay Draperies makes and sells curtains. Information related to its performance in 2020 is given below: (Click the icon to view the information.) (Click the icon to view the partially completed performance report.) Calculate Jay Draperies' flexible-budget and sales-volume variances for (a) revenues, (b) variable costs, (c) fixed costs, and (d) operating income. Begin with the flexible-budget variance column, then the sales-volume variance column. Label each variance as favorable (F) or unfavorable (U). (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label.) Units sold Revenues (sales) Variable costs Contribution margin Fixed costs Operating income Data table EA Actual Flexible-Budget Results Variance 1,500 EA $ 285,000 162,750 122,250 75,000 47,250 Flexible Sales-Volume Budget Variance 1,500 ᏌᏊ 69 $ 300,000 165,000 135,000 77,000 58,000 - ☑ Reference EA EA Static Budget 1,400 280,000 154,000 126,000 77,000…

Devin Company has the following data for their budget and actual performance. Master Budget Variance Master budget Actual Sales 153,163 156,097 ? 69,245 Variable Costs 64,012 ? 13,372 11,551 Fixed Costs What is the operating income master budget variance? If it is an unfavorable variance use a negative sign immediately before your answer. Hint: Remember you'll need to calculate budgeted and actual operating income before you can determine the operating income master budget variance.

Modified from text Table 1.2 To calculate the performance report of advertising revenue at the Daily News for March 2021, below are the relevant information Actual Budget 25 Advertising pages sold 24 Average rate per page 23 47 Advertising revenue 552 1175 What is the performance or technically, type of variance for advertising revenue at the Daily News in the month of March 2021? Enter number 1 for favourable variance and enter number 2 for unfavourable variance. Answer:

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1. A planning budget is prepared before the period begins and is valid for only the planned level of activity. TRUE OR FALSE 2. An unfavorable activity variance for a cost indicates that spending was higher than it should have been for the actual level of activity for the period. TRUE OR FALSE 3. The activity variance for revenue is unfavorable if the actual revenue for the period is less than the revenue in the static planning budget. TRUE OR FALSE 4. If the actual level of activity is 4% more than planned, then the fixed costs in the static budget should be increased by 4% before comparing them to actual costs.  TRUE OR FALSE

In analyzing company operations, the controller of the Carson Corporation found a $250,000 favorable flexible budget revenue variance. The variance was calculated by comparing the actual results with the flexible budget. This variance can be wholly explained by: (CMA adapted) Multiple Choice О the total flexible budget variance. О the total static budget variance. О changes in unit selling prices. changes in the number of units sold.

Click Draperies makes and sells curtains. Information related to its performance in 2020 is given below: (Click the icon to view the data.) Calculate Click Draperies' static-budget variance for (a) revenues, (b) variable costs, (c) fixed costs, and (d) operating income. Begin by determining all of the actual amounts, then the static budget amounts, and finally the static-budget variances. Label each variance as favorable (F) or unfavorable (U). Units sold Revenues Variable costs Contribution margin Fixed costs Operating income Actual Results Data table Units made and sold Selling price Variable costs Fixed costs Print Actual 1,300 $205 per curtain 165,000 77,000 $ Done Budgeted 1,400 $215 per curtain $115 per curtain 76,000 X

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Management Accounting Question (Qualitative Short Answer) a. Why is the sales forecast the starting point in budgeting? b. What is a perpetual budget? c. Which is a better basis for evaluating actual results: budgeted performance or past performance? Why? d. The materials price variance can be computed at what two different points in time? Which point is better and why? e. What effect, if any, would you expect purchasing poor-quality materials to have on direct labor variances? f. Distinguish between ideal and practical standards. g. Costs associated with the quality of conformance can be broken down into four broad groups. What are these four groups and how do they differ? h. What is likely the most effective way to reduce a company's total quality costs? i. What are the three main uses of quality cost reports?