Business Solutions's second-quarter 2020 fixed budget performance report for its computer furniture operations follows. The $166,660 budgeted expenses include $110,200 in variable expenses for desks and $20,460 in variable expenses for chairs, as well as $36,000 fixed expenses. The actual expenses include $37,300 fixed expenses. List fixed and variable expenses separately. Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income from operations Desk sales Chair sales Variable expenses Contribution margin Fixed Budget Actual Results Variances 145 66 Fixed expenses Income from operations $ 194,300 35,640 166,660 $ 63,280 151 74 $200,830 41,070 175,330 $ 66,570 Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. BUSINESS SOLUTIONS Flexible Budget Performance Report For Quarter Ended June 30 Flexible Budget Actual Results $6,530 F 5,430 F 8,670 U $3,290 F Variance Fav./Unf. Unfavorable Favorable Unfavorable Unfavorable Unfavorable Unfavorable

Business Solutions's second-quarter 2020 fixed budget performance report for its computer furniture operations follows. The $166,660 budgeted expenses include $110,200 in variable expenses for desks and $20,460 in variable expenses for chairs, as well as $36,000 fixed expenses. The actual expenses include $37,300 fixed expenses. List fixed and variable expenses separately. Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income from operations Desk sales Chair sales Variable expenses Contribution margin Fixed Budget Actual Results Variances 145 66 Fixed expenses Income from operations $ 194,300 35,640 166,660 $ 63,280 151 74 $200,830 41,070 175,330 $ 66,570 Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. BUSINESS SOLUTIONS Flexible Budget Performance Report For Quarter Ended June 30 Flexible Budget Actual Results $6,530 F 5,430 F 8,670 U $3,290 F Variance Fav./Unf. Unfavorable Favorable Unfavorable Unfavorable Unfavorable Unfavorable

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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