Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $177,300 budgeted expenses include $119,880 in variable expenses for desks and $21,420 in variable expenses for chairs, as well as $36,000 of fixed expenses. Actual fixed expenses total $37,200. Fixed Budget Actual Results Variances Desk sales (in units) 148 154 63 71 Chair sales (in units) Desk sales Chair sales Total expenses $ 196,840 36,540 177,300 $ 203,280 42,245 186,520 $ 6,440 F 5,705 F 9,220 U Income $ 56,080 $ 59,005 $ 2,925 F Required: Prepare a flexible budget performance report that shows variances between budgeted results and actual results. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) For Quarter Ended June 30 Desk sales Chair sales Variable expenses Contribution margin Fixed expenses Income BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance Favorable/Unfavorable $ 204,820 $ 203,280 $ 1,540 Favorable 41,180 42,245 1,065 Favorable 148,880 149,320 440 Unfavorable 36,000 37,200 1,200 No variance $ 61,120 $ 2,115

Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $177,300 budgeted expenses include $119,880 in variable expenses for desks and $21,420 in variable expenses for chairs, as well as $36,000 of fixed expenses. Actual fixed expenses total $37,200. Fixed Budget Actual Results Variances Desk sales (in units) 148 154 63 71 Chair sales (in units) Desk sales Chair sales Total expenses $ 196,840 36,540 177,300 $ 203,280 42,245 186,520 $ 6,440 F 5,705 F 9,220 U Income $ 56,080 $ 59,005 $ 2,925 F Required: Prepare a flexible budget performance report that shows variances between budgeted results and actual results. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) For Quarter Ended June 30 Desk sales Chair sales Variable expenses Contribution margin Fixed expenses Income BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance Favorable/Unfavorable $ 204,820 $ 203,280 $ 1,540 Favorable 41,180 42,245 1,065 Favorable 148,880 149,320 440 Unfavorable 36,000 37,200 1,200 No variance $ 61,120 $ 2,115

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter8: Budgeting For Planning And Control

Section: Chapter Questions

Problem 10CE: Coral Seas Jewelry Company makes and sells costume jewelry. For the coming year, Coral Seas expects...

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Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $170.470 budgeted expenses include $120,080 in variable expenses for desks and $15.390 in variable expenses for chairs, as well as $35,000 of fixed expenses. Actual fixed expenses total $36,500 Desk sales (in units) Chair sales (in units) Desk sales. Chair sales Total expenses Income For Quarter Ended June 30 Desk sales Chair sales Variable expenses Contribution margin Fixed Budget 152 57 Fixed expenses Income $ 194,560 31,920 170,470 Actual Results 158 65 $ 200,660 37,375 179,160 $ 56,010 $ 58,875 Variances Required: Prepare a flexible budget performance report that shows variances between budgeted results and actual results, (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) $ 6,100 F 5,455 F 8,690 U $ 2,065 BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance +…
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Business Solutions's second-quarter 2020 fixed budget performance report for its computer furniture operations follows. The $159,370 budgeted expenses include $106,650 in variable expenses for desks and $18,720 in variable expenses for chairs, as well as $34,000 fixed expenses. The actual expenses include $35,400 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 135 72 $170, 100 42,480 159,370 $ 53,210 Fixed expenses income from operations 141 80 $176,250 48,400 168,050 $ 56,600 Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. $6,150 F 5,920 F 8,680 U $3,390 F BUSINESS SOLUTIONS Flexible Budget Performance Report For Quarter Ended June 30 Flexible Budget Actual Results Variance Fav/Unt. Unfavorable Favorable…
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Sheffield Company combines its operating expenses for budget purposes in a selling and administrative expenses budget. For the first six months of 2022, the following data are available: 1. 2 3. 4 Sales: 19,800 units in quarter 1: 21.300 units in quarter 2 D Variable costs per dollar of sales: sales commissions 5%; delivery expense 2%; and advertising 4% Fixed costs per quarter: sales salaries $10,700; office salaries $8,300: depreciation $4,300; insurance $1,300: utilities $800; and repairs expense $600 Unit selling price: $19 Prepare a selling and administrative expenses budget by quarters for the first six months of 2022 SHEFFIELD COMPANY Selling and Administrative Expenses Budget For the Six Months Ending June 30, 2022 2 Total