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: Fixed Component per Month Revenue Variable Component per Job $280 Actual Total for February $ 39,250 Technician wages $ 8,500 $ 8,350 Mobile lab operating expenses $ 4,900 $ 31 $ 9,390 office expenses Advertising expenses $ 2,800 $1,600 $ 3 $ 3,100 $ 1,670 Insurance Miscellaneous expenses $ 2,880 $ $ 2,880 950 $ 405 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,900 p $31 per job, and the actual mobile lab operating expenses for February were $9,390. The company expected to work 150 jobs in February, but actually worked 158 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" for favorable, "U" for unfavorable, and "None" fo effect (i.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: Fixed Component per Month Revenue Variable Component per Job $280 Actual Total for February $ 39,250 Technician wages $ 8,500 $ 8,350 Mobile lab operating expenses $ 4,900 $ 31 $ 9,390 office expenses Advertising expenses $ 2,800 $1,600 $ 3 $ 3,100 $ 1,670 Insurance Miscellaneous expenses $ 2,880 $ $ 2,880 950 $ 405 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,900 p $31 per job, and the actual mobile lab operating expenses for February were $9,390. The company expected to work 150 jobs in February, but actually worked 158 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" for favorable, "U" for unfavorable, and "None" fo effect (i.e., zero variance). Input all amounts as positive values.)

Name: AirQual Test Corporation provides on-site air quality testing service
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Description: AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas andactual results for the month of February:Fixed Componentper MonthRevenueVariableComponent perJob$280Actual Totalfor Febru

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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Mack Precision Tool and Die has two production departments, Fabricating and Finishing, and two service departments, Repair and Quality Control. Direct costs for each department and the proportion of service costs used by the various departments for the month of March follow: Proportion of Services Used by Department Direct Costs Repair Quality Control Fabricating Finishing Fabricating $ 136,600 Finishing 102,200 Repair 43,800 0 0.2 0.6 0.2 Quality Control 81,800 0.8 0 0.1 0.1 Required: Use the step method to allocate the service costs, using the following: The order of allocation starts with Repair. The allocations are made in the reverse order (starting with Quality Control). Complete this question by entering your answers in the tabs below. Required A Required B Use the step method to allocate the service costs, using the following:The order of allocation starts with Repair.Note: Amounts to be deducted should be indicated by a…
AirQual Test Corporation provides on-site air quality testing services. The company provided the following cost formulas and actual results for the month of February: Fixed Component per Month Variable Component Actual Total for February per Job Revenue $ 280 $ 30,850 Technician wages $ 8,500 $ 8,350 Mobile lab operating expenses $ 4,700 $ 32 $ 8,380 Office expenses $ 2,700 $ 2 $ 2,790 Advertising expenses $ 1,620 $ 1,690 Insurance $ 2,880 Miscellaneous expenses $ 920 $ 1 $ 2,880 $ 345 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,700 plus $32 per job, and the actual mobile lab operating expenses for February were $8,380. The company expected to work 120 jobs in February but actually worked 126 jobs. Required: Prepare a flexible budget performance report for February. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).…
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: Fixed Variable Component Component per Actual Total per Month Revenue Technician wages Office expenses Job $ 276 for February $ 30,370 $ 8,600 $ 8,450 Mobile lab operating expenses $ 5,000 $ 32 $ 8,680 $ 2,200 $ 3 $ 2,410 Advertising expenses Insurance $ 1,590 $ 2,880 $ 1,660 Miscellaneous expenses $ 960 $ 2 $ 2,880 $ 505 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $5,000 plus $32 per job, and the actual mobile lab operating expenses for February were $8,680. The company expected to work 120 jobs in February, but actually worked 124 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…
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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: rixed Component per Month Variable Actual Total for February $ 33,650 $ 8,350 $ 8,670 $ 2,740 $ 1,670 $ 2,880 $ 535 Component per Job $ 280 Revenue Technician wages Mobile lab operating expenses office expenses Advertiaing expenses Insurance $ 8,500 $ 4,800 $ 2,500 $1,600 $ 2,880 $ 970 $ 31 Mincellaneous expense $ 2 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,800 plus $31 per job, and the actual mobile lab operating expenses for February were $8,670. The company expected to work 130 jobs in February, but actually worked 138 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" for…
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