Ayayai Company budgeted selling expenses of $37.200 in January, $43,400 in February, and $49,600 in March. Actual selling expenses were $38,600 in January, $42,800 in February, and $57,040 in March. The company considers any difference that is less than 5% of the budgeted amount to be immaterial. Prepare a selling expense report that compares budgeted and actual amounts by month and for the year to date. Month January $ February $ March $ Budget $ $ Actual By Month $ Difference

Ayayai Company budgeted selling expenses of $37.200 in January, $43,400 in February, and $49,600 in March. Actual selling expenses were $38,600 in January, $42,800 in February, and $57,040 in March. The company considers any difference that is less than 5% of the budgeted amount to be immaterial. Prepare a selling expense report that compares budgeted and actual amounts by month and for the year to date. Month January $ February $ March $ Budget $ $ Actual By Month $ Difference

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Fillmore, Inc., expects sales of its housing for electric motors to be $82,000, $72,000, and $89,000 for January, February, and March, respectively. Its variable selling and administrative expenses are 11 percent of sales, and fixed selling and administrative expenses are $14,000 per month. Compute Fillmore's selling and administrative expense budget for January, February, and March. Budgeted selling and administrative expenses January February March
Arrasmith Corporation uses customers served as its measure of activity. During February, the company budgeted for 35,500 customers, but actually served 31,000 customers. The company uses the following revenue and cost formulas in its budgeting, where q is the number of customers served: Revenue: $4.00q Wages and salaries: $33,700 + $1.25q Supplies: $0.65q Insurance: $10,900 Miscellaneous expenses: $6,900 + $0.35q The company reported the following actual results for February: $129,800 $ 68,500 $ 14,900 $ 10,900 $ 20,200 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). (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.)
(The following information applies to the questions displayed below.] Shadee Corporation expects to sell 600 sun shades in May and 800 in June. Each shade sells for $180. Shadee's beginning and ending finished goods inventories for May are 75 and 50 shades, respectively. Ending finished goods inventory for June will be 60 shades. Required: 1. Determine Shadee's budgeted total sales for May and June, 2. Determine Shadee's budgeted production in units for May and June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine Shadee's budgeted total sales for May and June Budgeted Total Sales May Juna
The selling and administrative expense budget of Garney Corporation is based on the number of units sold, which are budgeted to be 4,500 units in October. The variable selling and administrative expense is $6.50 per unit. The budgeted fixed selling and administrative expense is $28,080 per month, which includes depreciation of $11,520. The remainder of the fixed selling and administrative expense represents current cash flows. Required: Prepare the selling and administrative expense budget for October. Note: Do not round your intermediate calculations. Round your final answers to the nearest whole number. Fixed selling and administrative expense Total selling and administrative expense Cash disbursements for selling and administrative expenses October S 0 0
Assume a company's sales budget for July estimates 17,000 units sold. The variable selling and administrative expense used for budgeting purposes is $4.00 per unit sold. The total budgeted cash disbursements for selling and administrative expenses in July is $139,000. The total fixed selling and administrative expenses included in the selling and administrative expense budget for July is $100,000. What is the amount of depreciation included in the selling and administrative expense budget for July? Multiple Choice O OOO $14,000 $32,000 $29,000 $47,000
Trevorrow Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During June, the company budgeted for 5,900 units, but its actual level of activity was 5,860 units. The company has provided the following data concerning the formulas used in its budgeting and its actual results for June: Data used in budgeting: Fixed element per month Variable element per unit Revenue $ 0 $ 29.30 Direct labor $ 0 $ 3.90 Direct materials 0 10.00 Manufacturing overhead 39,000 1.20 Selling and administrative expenses 24,600 0.40 Total expenses $ 63,600 $ 15.50 Actual results for June: Revenue $ 176,358 Direct labor $ 22,310 Direct materials $ 56,330 Manufacturing overhead $ 45,917 Selling and administrative expenses $ 26,989 The overall revenue and spending variance (i.e., the variance for net operating income in the revenue and spending variance column on the flexible budget…
Ellington, SRL is developing their manufacturing overhead budget for February, which is based on budgeted direct labor hours. The variable overhead rate is $16.40 per direct labor hour and 7,900 direct labor hours are budgeted for February. Fixed manufacturing overhead is budgeted at $67,000. All overhead costs are current cash flows except for $10,720 of depreciation. What should the manufacturing overhead budget indicate for cash disbursements for manufacturing overhead for the month of February?
Trago Company manufactures a single product and has a JIT policy that ending inventory must equal 10% of the next month's sales. It estimates that May's ending inventory will consist of 28,200 units. June and July sales are estimated to be 282.000 and 292.000 units, respectively. Trago assigns variable overhead at a rate of $2.00 per unit of production. Fixed overhead equals $402.000 per month. Compute the total budgeted overhead for June Multiple Choice $978,000. $968.000 $566.000. $966.000. $986,000
( ces Nina Company prepared the following fixed budget for July using 7.780 units for budgeted sales. Actual sales were 7.480 units and actual costs are shown below. For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total variable costs Contribution margin Fixed costs Depreciation Machinery Supervisor salary Insurance Depreciation-Office equipment Administrative salaries i Total fixed costa Income For Month Ended July 31 Sales Variable costs Direct matanals Direct labor indirect materials Sales commissions Total Variable Costs Contribution margin Find costs Depreciation Machinery Supervisory salary Insurance Depreciation Offenequere Administrative salaries Total Fed Costs Fixed Budget Incue Variable Amount per Total Fixed Unit Cost $ 100 |===== $ 70,860 42,040 10,420 7,680 31,900 $164,900 Fixed Budget (7,788 units) 5 778,000 Actual Results 272,300 116,700 31,120 85,540 505,700 $ 272,300 Prepare a flexible budget performance…
The following information is available for Pioneer Company: Sales price per unit is $100. . November and December sales were budgeted at 3,060 and 3,420 units, respectively. Variable costs are 11 percent of sales (6 percent commission, 2 percent advertising, 3 percent shipping). Fixed costs per month are sales salaries, $5,700; office salaries, $2,900; depreciation, $2,600; building rent, $3,000; insurance, $1,500; and utilities, $700. Required: Determine Pioneer's budgeted selling and administrative expenses for November and December. Total Budgeted Selling and Administrative Expenses November December
Ivanhoe Company, a retailer of camping supplies has budgeted activity for January using the following data: January cash sales January credit sales Collections from December credit sales Selling and administrative costs (paid in month of purchase) Depreciation expense Merchandise Inventory, January 1 Merchandise Inventory, January 31 Cost of goods sold is 30% of Cooper's selling price All purchases are paid in cash Credit sales are collected 60% in the month of sale, 30% in the following month, and 10% is deemed uncollectible What is Ivanhoe's budgeted cash disbursements for January? Total January disbursements $ $59,000 386,000 155,000 59,000 22,000 199,000 211,000
You are given the following budgeted and actual data for the Grey Company for each of the months January through June of the current year. In December of the prior year, sales were forecasted as follows: January, 95 units; February, 90 units; March, 97 units; April, 102 units; May, 109 units; June, 117 units. In January of the current year, sales for the months February through June were reforecasted as follows: February, 85 units; March, 97 units; April, 97 units; May, 99 units; June, 112 units. In February of the current year, sales for the months March through June were reforecasted as follows: March, 92 units; April, 97 units; May, 94 units; June, 112 units. In March of the current year, sales for the months April through June were reforecasted as follows: April, 97 units; May, 89 units; June, 102 units. In April of the current year, sales for the months May and June were reforecasted as follows: May, 79 units; June, 97 units. In May of the current year, sales for June were…