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…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Flexible Budgeting At the beginning of the period, the Fabricating Department budgeted direct labor of $9,280 and equipment depreciation of $2,300 for 640 hours of production. The department actually completed 600 hours of production. Determine the budget for the department, assuming that it uses flexible budgeting. Round your labor rate to nearest cent.$
Flexible Budget Performance Reports; working Backwards Ray company provided the following experts from its production departments flexible budget performance report: Required: Complete the Production Department’s Flexible Budget Performance Report by filling in all the question marks.
Please avoid handwritten solution thanku
Please do not give solution in image format thanku
Using a flexible budgeting approach how do I prepare a performance report for the current department for September 2016, comparing actual overhead cost with budgeted overhead cost for 5700 hours. Separate overhead costs into variable and fix components and show the amounts of any variances between actual and budget in amounts.
AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas and actual results for the month of February: Variable Fixed Component per Month Component per Job $ 277 Actual Total for February $ 27,720 $ 8,350 $ 8,370 Revenue Technician wages $ 8,500 Mobile lab operating expenses $ 4,900 $ 33 Office expenses $ 2,400 $2 $ 2,470 Advertising expenses $ 1,600 $ 1,670 Insurance $ 2,850 $ 2,850 Miscellaneous expenses $ 960 $ 1 $ 375 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,900 plus $33 per job, and the actual mobile lab operating expenses for February were $8,370. The company expected to work 110 jobs in February, but actually worked 120 jobs. Required: Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activity variances for February. (Indicate the effect of each variance by selecting "F"…
! Required information [The following information applies to the questions displayed below.] Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,300 units. Sales Costs Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries. Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment Income PHOENIX COMPANY Fixed Budget For Year Ended December 31 Sales (18,300 units) Costs Income Direct materials Direct labor Sales staff commissions Depreciation-Machinery Phoenix Company reports the following actual results. Actual sales were 18,300 units. Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment $ 3,060,000 979,200 229,500 76,500 300,000 200,000 229,500 250,000 450, 300 192,000 $ 153,000 $ 3,705,750 $ 1,185,840 281,820 82,350 300,000 214,000 266, 265 267,000 458,300…
Budgeted Revenues = $300,000, COGS = $180,000, SG&A=90,000. Actual Revenues = $285,000, COGS = $178,000, SG&A= $87,000. What is the COGS variance from adjusted budget (in dollars)? O $7,000 O $2,000 O-$2,000 O $1,900
Assume that a company provided the following excerpts of Information from its flexible budget performance report Actual Results Courses (91) students (92) Expenses: Administrative expense ($125+ $25091 + $3092) What is the administrative expense activity variance? Multiple Choice O O $550 P $225 F $1.575 P 51125 M 8 260 $ 8,900 Flexible Planning Budget Budget 2 9 > ? 270 $?
Please do not give solution in image format ?
Sunshine Goods Ltd is a revenue maximizing firm that engages in the analysis of variances to provide useful information to management. The company manufactures and sells three (3) products, RG, KC and MG. During July 2019 the following budgeted and actual results were presented to you the management accountant for analysis: Budgeted Results Product Total Sales $ Volume/units Price $ Contribution margin per unit $ Total contribution margin $ RG 585,000 900 650 820 738,000 KC 500,000 500 1,000 850 425,000 MG 300,000 600 500 720 432,000 Total 2,000 1,595,000 Actual Results Product Total Sales $ Volume/units Price $ Contribution margin per unit $ Total contribution margin $ RG 500,000 500 1,000 800 400,000 KC 270,000 300 900 `900 270,000 MG 105,000 350 300 700 245,000 Total 1,150 915,000 Required: Sales margin quantity…
Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. Note: 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. Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses 4 Total expense Net operating income Actual Results $ $ 60 16,000 8,228 1,970 2,765 600 428 13,991 2,009 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget $ $ 60 21,300 8,260 1,800 2,880 600 260 13,800 7,500 $ $ Planning Budget 58 20,590 8,088 1,740 2,812 580 258 13,478 7,112