Arrasmith Corporation uses customers served as its measure of activity. During February, the company budgeted for 35.900 customers, but actually served 28,600 customers. The company uses the following revenue and cost formulas in its budgeting, where q is the number of customers served: Revenue: $4,40q Wages and salaries: $34,100+ $1.37q Supplies: $0.77q Insurance: $11,300 Miscellaneous expenses: $7,300 + $0.39q The company reported the following actual results for February. $ 137,800 $ 68,900 $ 15,300 Revenue Hages and salaries Supplies Insurance Miscellaneous expense Required: Prepare the company's flexible budget performance report for February, Label each variance as favorable (F) or unfavorable (U). (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.) Customers served Revenue Expenses Wages and salarios Supplies Ineurance $ 11,300 $ 22,200 Arrasmith Corporation Flexible Budget Performance Report For the Month Ended February 28 Actual Results 28,600 Revenue and Spending Variances Flexible Budget 28,600 Activity Variances Planning Budget 35,900

Arrasmith Corporation uses customers served as its measure of activity. During February, the company budgeted for 35.900 customers, but actually served 28,600 customers. The company uses the following revenue and cost formulas in its budgeting, where q is the number of customers served: Revenue: $4,40q Wages and salaries: $34,100+ $1.37q Supplies: $0.77q Insurance: $11,300 Miscellaneous expenses: $7,300 + $0.39q The company reported the following actual results for February. $ 137,800 $ 68,900 $ 15,300 Revenue Hages and salaries Supplies Insurance Miscellaneous expense Required: Prepare the company's flexible budget performance report for February, Label each variance as favorable (F) or unfavorable (U). (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.) Customers served Revenue Expenses Wages and salarios Supplies Ineurance $ 11,300 $ 22,200 Arrasmith Corporation Flexible Budget Performance Report For the Month Ended February 28 Actual Results 28,600 Revenue and Spending Variances Flexible Budget 28,600 Activity Variances Planning Budget 35,900

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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