Arrasmith Corporation uses customers served as its measure of activity. During February, the company budgeted for 36300 customers but actually served 27,900 customers. The company uses the following revenue and cost formules number of customers served budgeting where the Revenue: $4,600 Wages and salaries: $34,300+ $1.43q Supplies: $0.83q Insurance: $11,500 Miscellaneous expenses: $7,500+ $0.41q The company reported the following actual results for February $ 141,800 $ 69,100 $ 15,500 $ 11,500 $ 23,200 Revenue Wages 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) Note: 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.

Arrasmith Corporation uses customers served as its measure of activity. During February, the company budgeted for 36300 customers but actually served 27,900 customers. The company uses the following revenue and cost formules number of customers served budgeting where the Revenue: $4,600 Wages and salaries: $34,300+ $1.43q Supplies: $0.83q Insurance: $11,500 Miscellaneous expenses: $7,500+ $0.41q The company reported the following actual results for February $ 141,800 $ 69,100 $ 15,500 $ 11,500 $ 23,200 Revenue Wages 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) Note: 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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Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,200 units. Check m PHOENIX COMPANY Fixed Budget For Year Ended December 31 Sales Costs Direct materials Direct labor Sales staff commissions Depreciation-Machinery $ 3,192,000 988,000 212,800 60,800 305,000 Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries 203,000 243,200 246,000 575,600 Depreciation-Office equipment 198,000 Income $ 159,600 Required: 1&2. Prepare flexible budgets at sales volumes of 14,200 and 16,200 units. 3. The company's business conditions are improving. One possible result is a sales volume of 18,200 units. Prepare a simple budgeted income statement if 18,200 units are sold.
Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,200 units. Sales Costs Direct materials Direct labor PHOENIX COMPANY Fixed Budget For Year Ended December 31 Sales staff commissions Depreciation-Machinery. Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-office equipment Income $ 3,040,000 1,003, 200 212,800 45,600 295,000 202,000 228,000 246,000 457,400 198,000 $ 152,000 Problem 8-1A (Algo) Preparing and analyzing a flexible budget LO P1 Required: 1&2. Prepare flexible budgets at sales volumes of 14,200 and 16,200 units. 3. The company's business conditions are improving. One possible result is a sales volume of 18,200 units. Prepare a simple budgeted income statement if 18,200 units are sold. Complete this question by entering your answers in the tabs below.
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Adger Corporation is a service company that measures its output based on the number of customers served. The company provided the following fixed and variable cost estimates for budgeting purposes and the actual results for May as shown below: Fixed Element per Month Variable Element per Customer Served Actual Total for May Revenue $ 5,600 $ 182,000 Employee salaries and wages $ 55,000 $ 1,600 $ 110,300 Travel expenses $ 850 $ 27,200 Other expenses $ 34,000 $ 32,600 When preparing its planning budget, the company estimated it would serve 30 customers per month; however, during May the company actually served 35 customers. REQUIRED QUESTIONS:) 3. What amount of travel expenses would be included in Adger’s flexible budget for May? 1. What amount of revenue would be included in Adger’s flexible budget for May?
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