Business Solutions's second-quarter 2020 fixed budget performance report for its computer furniture operations follows. The $166,440budgeted expenses include $113,960 in variable expenses for desks and $18,480 in variable expenses for chairs, as well as $34,000fixed expenses. The actual expenses include $35,600 fixed expenses. List fixed and variable expenses separately.Fixed BudgetActual ResultsVariancesDesk sales (in units)Chair sales (in units)Desk salesChair salesTotal expenses1481545664$192,500$6,020 F5,040 F9,220 U$186,48028,560166,44033,600175,660Income from operations$ 48,600$ 50,440$1,840 FPrepare a flexible budget performance report that shows any variances between budgeted results and actual results.X Answer is complete but not entirely correct.BUSINESS SOLUTIONSFlexible Budget Performance ReportFor Quarter Ended June 30FlexibleActualResultsVarianceFav./Unf.BudgetDesk sales$186,480$192,500 O $6,020 XUnfavorable OChair sales28,560 X33,600 O5,040 XFavorableVariable expenses(141,660) XUnfavorable O132,440 X82,600 X(9,220) 8Contribution margin84.440 X1,840 XUnfavorable OFixed expenses34,000 O34,000 XUnfavorable OIncome from operations2$48,600 8 $50,440 O s1,840 XUnfavorable O

Flexible Budget Desk sales 194,040 186,480 / 148*154 Chair sales 32,640 28,560 / 56*64…

Business Solutions's second-quarter 2020 fixed budget performance report for its computer furniture operations follows. The $166,440 budgeted expenses include $113,960 in variable expenses for desks and $18,480 in variable expenses for chairs, as well as $34,000 fixed expenses. The actual expenses include $35,600 fixed expenses. List fixed and variable expenses separately. Fixed Budget Actual Results Variances 154 Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses 148 56 64 $186,480 28,560 166,440 $ 48,600 $192,500 33,600 175,660 $ 50,440 $6,020 F 5,040 F 9,220 U Income from operations $1,840 F Prepare a flexible budget performance report that shows any variances between budgeted results and actual results.

Business Solutions's second-quarter 2020 fixed budget performance report for its computer furniture operations follows. The $166,440 budgeted expenses include $113,960 in variable expenses for desks and $18,480 in variable expenses for chairs, as well as $34,000 fixed expenses. The actual expenses include $35,600 fixed expenses. List fixed and variable expenses separately. Fixed Budget Actual Results Variances 154 Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses 148 56 64 $186,480 28,560 166,440 $ 48,600 $192,500 33,600 175,660 $ 50,440 $6,020 F 5,040 F 9,220 U Income from operations $1,840 F Prepare a flexible budget performance report that shows any variances between budgeted results and actual results.

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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