LITCActual number of productionsActual number of performancesActors and directors wagesStagehands wagesTicket booth personnel and ushers wagesScenery, costumes, and propsTheater hall rentPrinted programsPublicityAdministrative expenses7168$ 453,700115,70095,900132,600140,000100,30019,100107,500$ 1,164,800TotalRequired:1. Prepare a flexible budget performance report for the year that shows both spending variances and activity variances. (Indicate theeffect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input allamounts as positive values.)The Little TheatreFlexible Budget Performance ReportFor the Year Ended December 31ActualResultsPlanningBudgetFlexibleBudgetNumber of productions7Number of performances168108Actors' and directors' wages$ 453,700259,200Stagehands' wages115,70075,600Ticket booth personnel and ushers' wages95,90059,400Scenery, costumes, and props132,600110,400Theatre hall rent140,00097,200Printed programs100,30070,200Publicity19,10014,400Administrative expenses107,50086,400Total$ 1,164,800%24772,800< Prev 2 of 2Next >%24 SavedHelpThe Little Theatre is a nonprofit organization devoted to staging plays for children. The theater has a very small full-time professionaladministrative staff. Through a special arrangement with the actors' union, actors and directors rehearse without pay and are paid onlyfor actual performances.The Little Theatre had tentatively planned to put on six different productions with a total of 108 performances. For example, one of theproductions was Peter Rabbit, which had a six-week run with three performances on each weekend. The costs from the current year'splanning budget appear below.The Little TheatreCosts from the Planning BudgetFor the Year Ended December 31Budgeted number of productionsBudgeted number of performancesActors and directors wagesStagehands wagesTicket booth personnel and ushers wagesScenery, costumes, and propsTheater hall rentPrinted programsPublicityAdministrative expenses6.108$ 259,20075,60059,400110,40097,20070,20014,40086,400$ 772,800TotalSome of the costs vary with the number of productions, some with the number of performances, and some are fixed and depend onneither the number of productions nor the number of performances. The costs of scenery, costumes, props, and publicity vary with thenumber of productions. It doesn't make any difference how many times Peter Rabbit is performed, the cost of the scenery is the same.Likewise, the cost of publicizing a play with posters and radio commercials is the same whether there are 10, 20, or 30 performancesof the play. On the other hand, the wages of the actors, directors, stagehands, ticket booth personnel, and ushers vary with thenumber of performances. The greater the number of performances, the higher the wage costs will be. Similarly, the costs of renting thehall and printing the programs will vary with the number of performances. Administrative expenses are more difficult to analyze, butthe best estimate is that approximately 75% of the budgeted costs are fixed, 15% depend on the number of productions staged, andthe remaining 10% depend on the number of performances.After the beginning of the year, the board of directors of the theater authorized expanding the theater's program to seven productionsand a total of 168 performances. Not surprisingly, actual costs were considerably higher than the costs from the planning budget.(Grants from donors and ticket sales were also correspondingly higher, but are not shown here.) Data concerning the actual costs wereas follows:< Prev2 of 2Next

Budget refers to the statement prepared by the companies, government, and individuals based on the estimation of revenue and expenses to be incurred by them in a specific period. 1. Flexible budget: Formula table: Result:

Business

Accounting

164,800 Required: 1. Prepare a flexible budget performance report for the year that shows both spending variances and activity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) The Little Theatre Flexible Budget Performance Report For the Year Ended December 31 Actual Results Flexible Budget Planning Budget Number of productions Number of performances

164,800 Required: 1. Prepare a flexible budget performance report for the year that shows both spending variances and activity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) The Little Theatre Flexible Budget Performance Report For the Year Ended December 31 Actual Results Flexible Budget Planning Budget Number of productions Number of performances

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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A company provided the following information from its flexible budget performance report: Actual Flexible Master Results Budget Budget Trips (q) 52 Expenses: Maintenance expense ($4,000 + $88.00g) $8,495 ? $8,400 What is the spending variance for maintenance expense? Multiple Choice None of the answers is correct. $176 U $81 U $81 F
Performance Evaluation; Ch CABILIDE 1o (Migu, riepanny envie vuugel pervane repicuri Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs For Month Ended May 31 Sales Variable costs Contribution margin Fixed costs Income Fixed Budget 1,240 $ 500 per unit $ 200 per unit $ 131,000 LEWIS COMPANY Flexible Budget Performance Report Flexible Budget Actual Results Variances (1,440 units) (1.440 units)
Prepare a Flexible Budget Performance Report Required: Using Exhibit 9–8 as your guide, prepare a flexible budget performance report that shows the company’s revenue and spending variance and activity variances for august. Exhibit 9–8 Performance Report Combining Activity Variances with Revenue and Spending Variances
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Flexible Budgets; Total Operating Income Variance; Breakdown of the Total OperatingIncome Variance; Spreadsheet Application The following information is available forBrownstone Products Company for the month of July:Actual Master BudgetUnits 3,800 4,000 Sales revenue $53,200 $60,000 Variable manufacturing costs 19,000 16,000 Fixed manufacturing costs 16,000 15,000 Variable selling and administrative expenses 7,700 8,000 Fixed selling and administrative expenses 10,000 9,000 Required1. What was the total operating income variance for July, rounded to the nearest whole dollar? (Note: Thisvariance is also called the master (static) budget variance for the period.) Was this variance favorable (F)or unfavorable (U)?
307 budget and a static budget is true? budget is prepared for performance evaluation. b. a static budget provides costs for one level of activity. a. C. only fixed costs. techniques, the planned cost column should be based on the b. Actual amount for the same period in the preceding year. c. Budget adjusted to the actual level of activity for the period being reported. d. Budget adjusted to the planned level of activity for the períod being reported, (ста) 149.The use of standard of costs in the budgeting process signifies that an organization has most likely implemented a Flexible budget. b. Capital budget. Static budget. d. Strategic budget. a. с. (cma) 150. When a flexible budget is used, an increase in production levels within a relevance range would a. Not change fixed costs per unit. b. Change total fixed costs. Not change variable costs per unit. d. Not change total variable costs. C. (aicpa)
1 Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs Fixed Budget 1,350 Actual Results 1,550 $ 1,050 per unit $ 420 per unit $ 1,678,000 $ 652,000 $ 147,500 $ 137,000 For Month Ended May 31 Sales Variable costs Contribution margin Fixed costs Income LEWIS COMPANY Flexible Budget Performance Report Flexible Budget Actual Results (1,550 units) (1,550 units) Variances Favorable/Unfavorable
The following information is available for Brownstone Products Company for the month of July: Master Budget Units Sales revenue Variable manufacturing costs Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrative expenses Actual 3,900 $ 59,500 10,100 12,000 6,600 8,100 3,200 $ 60,000 16,000 13,200 8,000 9,300 Required: 1. What was the master budget variance for July? Was this variance favorable or unfavorable? 2. Compute the July sales volume variance and the flexible-budget variance for the month, both in terms of contribution margin and in terms of operating income. 4. Prepare pro-forma budgets for activities within its relevant range of operations. Prepare a flexible budget for each of the following two output levels: a. 3,780 units. b. 4,180 units. Complete this question by entering your answers in the tabs below. > Answer is complete but not entirely correct.