Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $179,130budgeted expenses include $120,120 in variable expenses for desks and $22,010 in variable expenses for chairs, as well as $37,000 offixed expenses. Actual fixed expenses total $38,600.Desk sales (in units)Chair sales (in units)Desk salesChair salesTotal expensesIncomeFixedBudgetActualResultsVariances1541607179$ 206,36042,600179,130$212,80048,585188,190$ 6,440 F5,985 F9,060 U$ 69,830$ 73,195$ 3,365 FRequired:Prepare a flexible budget performance report that shows variances between budgeted results and actual results. (Indicate the effectof each variance by selecting favorable, unfavorable, or no variance.)For Quarter Ended June 30BUSINESS SOLUTIONSFlexible Budget Performance ReportFlexible Budget Actual Results+VarianceFavorable/UnfavorableDesk salesChair salesVariable expensesContribution marginFixed expensesIncome

FLEXIBLE BUDGETA flexible budget is a budget that is prepared for different levels of activity or…

Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $179,130 budgeted expenses include $120,120 in variable expenses for desks and $22,010 in variable expenses for chairs, as well as $37,000 of fixed expenses. Actual fixed expenses total $38,600. Fixed Budget Actual Results Variances 154 160 71 79 $212,800 48,585 188,190 $ 6,440 F 5,985 F 9,060 U $ 69,830 $ 73,195 $ 3,365 F Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income $ 206,360 42,600 179,130 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 BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance Favorable/Unfavorable Desk sales Chair sales Variable expenses Contribution margin Fixed expenses Income

Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $179,130 budgeted expenses include $120,120 in variable expenses for desks and $22,010 in variable expenses for chairs, as well as $37,000 of fixed expenses. Actual fixed expenses total $38,600. Fixed Budget Actual Results Variances 154 160 71 79 $212,800 48,585 188,190 $ 6,440 F 5,985 F 9,060 U $ 69,830 $ 73,195 $ 3,365 F Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income $ 206,360 42,600 179,130 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 BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance Favorable/Unfavorable Desk sales Chair sales Variable expenses Contribution margin Fixed expenses Income

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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Help Save & Exit AA company provided the following information from its flexible budget performance report: Actual Results 52 Flexible Budget Master Budget Trips (q) 2. Expenses: Maintenance expense ($4,000 + $88.00g) $8,440 $8,400 What is the spending variance for maintenance expense? Multiple Choice $136 F $136 U $176 U Nex 11 of 23 < Prev
Lincoln Corporation used the following data to evaluate their current operating system. The company sells items for $12 each and used a budgeted selling price of $12 per unit. Actual Budgeted Units sold 42,000 units 36,000 units Variable costs $168,000 $151,000 $58,000 Fixed costs $45,000 What is the static-budget variance of revenues? O A. $72,000 unfavorable OB. $6,000 unfavorable O C. $72,000 favorable O D. $4,000 favorable O Time Re esc
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…
Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $157,830 budgeted expenses include $109,350 in variable expenses for desks and $18,480 in variable expenses for chairs, as well as $30,000 of fixed expenses. Actual fixed expenses total $31,800. 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 Fixed expenses Income Actual Results Variances 135 141 56 64 Dok 28,560 33,600 157,830 167,530 $ 176,850 $ 183,300 $ 6,450 P 5,040 P 9,700 U Required: Prepare a flexible budget performance report that shows variances between budgeted results and actual results. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. $ 47,580 $ 49,370 $ 1,790 F BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance Favorable…
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Assume that a company provided the following excerpts of Information from its flexible budget performance report Actual Results Courses (91) students (92) Expenses: Administrative expense ($125+ $25091 + $3092) What is the administrative expense activity variance? Multiple Choice O O $550 P $225 F $1.575 P 51125 M 8 260 $ 8,900 Flexible Planning Budget Budget 2 9 > ? 270 $?
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The Current Designs staff has prepared the annual manufacturing budget for the rotomolded line based on an estimated annual production of 4,640 kayaks during 2022. Each kayak will require 56 pounds of polyethylene powder and a finishing kit (rope, seat, hardware, etc.). The polyethylene powder used in these kayaks costs $1.20 per pound, and the finishing kits cost $210 each. Each kayak will use two kinds of labor-2 hours of type I labor from people who run the oven and trim the plastic, and 3 hours of work from type II workers who attach the hatches and seat and other hardware. The type I employees are paid $17 per hour, and the type II are paid $14 per hour. Manufacturing overhead is budgeted at $414,840 for 2022, broken down as follows. Variable costs Indirect materials $46,400 Manufacturing supplies 64,960 Maintenance and utilities 102,080 213,440 Fixed costs Supervision 78,000 Insurance 13,200 Depreciation 110,200 201,400 Total $414,840 During the first quarter, ended March 31,…
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