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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: Fixed Variable Actual Total for Component per Month Component per Job $ 279 February $ 30,730 $ 8,150 $ 8,580 $ 3,010 $ 1,640 $ 2,890 $ 365 Revenue Technician wages Mobile lab operating expenses Office expenses Advertising expenses $ 8,300 $ 4,900 $ 2,800 $ 1,570 $ 2,890 $ 940 $ 32 $ 3 Insurance Miscellaneous expenses $ 1 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,900 plus $32 per job, and the actual mobile lab operating expenses for February were $8,580. The company expected to work 120 jobs in February, but actually worked 122 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" for no effect (i.e., zero variance). Input all amounts as positive values.) AirQual Test Corporation Flexible Budget Performance Report For the Month Ended February 28 Actual Flexible Planning Budget Results Budget Jobs 122 Revenue $ 30,730 Expenses: Technician wages 8,150 Mobile lab operating expenses 8,580 Office expenses 3,010 Advertising expenses 1,640 Insurance 2,890 Miscellaneous expenses 365 Total expense 24,635

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 Actual Total for Component per Month Component per Job $ 279 February $ 30,730 $ 8,150 $ 8,580 $ 3,010 $ 1,640 $ 2,890 $ 365 Revenue Technician wages Mobile lab operating expenses Office expenses Advertising expenses $ 8,300 $ 4,900 $ 2,800 $ 1,570 $ 2,890 $ 940 $ 32 $ 3 Insurance Miscellaneous expenses $ 1 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,900 plus $32 per job, and the actual mobile lab operating expenses for February were $8,580. The company expected to work 120 jobs in February, but actually worked 122 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" for no effect (i.e., zero variance). Input all amounts as positive values.) AirQual Test Corporation Flexible Budget Performance Report For the Month Ended February 28 Actual Flexible Planning Budget Results Budget Jobs 122 Revenue $ 30,730 Expenses: Technician wages 8,150 Mobile lab operating expenses 8,580 Office expenses 3,010 Advertising expenses 1,640 Insurance 2,890 Miscellaneous expenses 365 Total expense 24,635

FINANCIAL ACCOUNTING
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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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 Actual Component per Job $ 279 Component Total for per Month February $ 30,730 $ 8,150 $ 8,580 $ 3,010 $ 1,640 $ 2,890 $ 365 Revenue Technician wages Mobile lab operating expenses Office expenses $ 8,300 $ $ 4,900 $ 2,800 $ 1,570 $ 2,890 $ 940 $ 32 $ 3 Advertising expenses Insurance Miscellaneous expenses $ 1 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,900 plus $32 per job, and the actual mobile lab operating expenses for February were $8,580. The company expected to work 120 jobs in February, but actually worked 122 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" for no effect (i.e., zero variance). Input all amounts as positive values.) AirQual Test Corporation Flexible Budget Performance Report For the Month Ended February 28 Actual Planning Budget Flexible Results Budget Jobs 122 Revenue $ 30,730 Expenses: Technician wages 8,150 Mobile lab operating expenses 8,580 Office expenses 3,010 Advertising expenses 1,640 Insurance 2,890 Miscellaneous expenses 365 Total expense 24,635 < Prev 7 of 8 Next >
Transcribed Image Text: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 Actual Component per Job $ 279 Component Total for per Month February $ 30,730 $ 8,150 $ 8,580 $ 3,010 $ 1,640 $ 2,890 $ 365 Revenue Technician wages Mobile lab operating expenses Office expenses $ 8,300 $ $ 4,900 $ 2,800 $ 1,570 $ 2,890 $ 940 $ 32 $ 3 Advertising expenses Insurance Miscellaneous expenses $ 1 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,900 plus $32 per job, and the actual mobile lab operating expenses for February were $8,580. The company expected to work 120 jobs in February, but actually worked 122 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" for no effect (i.e., zero variance). Input all amounts as positive values.) AirQual Test Corporation Flexible Budget Performance Report For the Month Ended February 28 Actual Planning Budget Flexible Results Budget Jobs 122 Revenue $ 30,730 Expenses: Technician wages 8,150 Mobile lab operating expenses 8,580 Office expenses 3,010 Advertising expenses 1,640 Insurance 2,890 Miscellaneous expenses 365 Total expense 24,635 < Prev 7 of 8 Next >
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