Do not give answer in image RevenueTechnician wagesAir Qual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas andactual results for the month of February:Mobile lab operating expensesoffice expensesAdvertising expensesInsuranceMiscellaneous expensesFixedComponentper Month:$ 8,500$4,600$ 2,500$ 1,560$ 2,870$ 930VariableComponentper Job$ 277Seved$ 31$2ActualTotal forFebruary$ 30,490$ 8,350$ 8,160$ 2,590$ 1.630Help Sav$ 2,870$ 475$2For example, mobile lab operating expenses should be $4,600 plusThe company uses the number of jobs as its measure of active$31 per job, and the actual mobile lab operating expenses for February were $8,160. The company expected to work 120 jobs inFebruary, but actually worked 128 jobs.Required:Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activityvariances for February (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for noeffect (.e., zero variance). Input all'amounts as positive values.)AirQual Test Corporation.

Variance arises when the actual costs differ from the standard costs. The results are favorable…

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 Revenue Technician wages Mobile lab operating expenses office expenses Advertising expenses Insurance Miscellaneous expenses Fixed Component per Month $ 8,500 $4,600 $ 2,500 $ 1,560 $ 2,870 $ 930 Variable Component per Job $ 277 $ 31 $2 Actual Total for February $ 30,490 $ 8,350 $ 8,160 $ 2,590 $ 1.630 $ 2,870 $ 475 $2 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,600 plus $31 per job, and the actual mobile lab operating expenses for February were $8,160. The company expected to work 120 jobs in February, but actually worked 128 jobs. Required: Prepare a flexible budgét 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" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all'amounts as positive values.)

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 Revenue Technician wages Mobile lab operating expenses office expenses Advertising expenses Insurance Miscellaneous expenses Fixed Component per Month $ 8,500 $4,600 $ 2,500 $ 1,560 $ 2,870 $ 930 Variable Component per Job $ 277 $ 31 $2 Actual Total for February $ 30,490 $ 8,350 $ 8,160 $ 2,590 $ 1.630 $ 2,870 $ 475 $2 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,600 plus $31 per job, and the actual mobile lab operating expenses for February were $8,160. The company expected to work 120 jobs in February, but actually worked 128 jobs. Required: Prepare a flexible budgét 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" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all'amounts as positive values.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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