Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $163,970budgeted expenses include $118,150 in variable expenses for desks and $14,820 in variable expenses for chairs, as well as $31,000 offixed expenses. Actual fixed expenses total $32,900.Desk sales (in units)Chair sales (in units)Desk sales.Chair salesTotal expensesIncomeFor Quarter Ended June 30Desk salesChair salesVariable expensesContribution marginFixed Budget13957Fixed expensesIncomeActualResults$ 176,53030, 210163,97014565Variances$ 6,170 F$ 182,70035,425173,3805,215 F9,410 U$ 42,770 $ 44,745 $ 1,975 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.)BUSINESS SOLUTIONSFlexible Budget Performance ReportFlexible Budget Actual Results VarianceFavorable/Unfavorable

The variance is the difference between the standard and actual cost data. The variance can be…

Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $163,97 budgeted expenses include $118,150 in variable expenses for desks and $14,820 in variable expenses for chairs, as well as $31,000 fixed expenses. Actual fixed expenses total $32,900. Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income Fixed Budget 139 57 Actual Results 145 65 $ 182,700 $ 176,530 30,210 163,970 35,425 173,380 $ 42,770 $ 44,745 Variances $ 6,170 F 5,215 F 9,410 U $ 1,975 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.)

Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $163,97 budgeted expenses include $118,150 in variable expenses for desks and $14,820 in variable expenses for chairs, as well as $31,000 fixed expenses. Actual fixed expenses total $32,900. Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income Fixed Budget 139 57 Actual Results 145 65 $ 182,700 $ 176,530 30,210 163,970 35,425 173,380 $ 42,770 $ 44,745 Variances $ 6,170 F 5,215 F 9,410 U $ 1,975 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.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Smooth Incorporated manufactures hair brushes that sell at wholesale for $2.60 per unit. Budgeted production in both 2021 and 2022 was 4,000 units. There was no beginning inventory in 2021. The following data summarized the 2021 and 2022 operations: 2021 2022 Units sold 3,000 4,200 Units produced 4,000 4,000 Costs: Variable factory overhead per unit $ 0.55 $ 0.65 Fixed factory overhead $ 1,800 $ 1,800 Variable marketing per unit $ 0.75 $ 1.00 Fixed Selling and Administrative $ 650 $ 650 Full costing operating income for 2021 is calculated to be: (Do not round intermediate calculations. Round your final answers to whole dollar amounts.) Multiple Choice $1,450. $1,900. $1,950. $1,521. $1,569.
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Required information Skip to question [The following information applies to the questions displayed below.] Baskin Promotions, Inc. sells T-shirts decorated for a variety of concert performers. The company has developed the following budget for the coming year based on a sales forecast of 90,000 T-shirts: Sales $ 1,584,000 Cost of Goods Sold 931,500 Gross Profit 652,500 Operating Expenses ($100,000 is fixed) 458,200 Operating Income 194,300 Income Taxes (30% of operating income) 58,290 Net Income $ 136,010 Cost of goods sold and variable operating expenses vary directly with sales, and the income tax rate is 30% at all levels of operating income. If the concert season is slow due to poor weather, Baskin estimates that sales could fall to as low as 70,000 T-shirts. Assume Baskin actually achieves the 70,000 unit sales level, and that net income actually earned at this level was $93,000. A performance report would…
Sandhill Painting Service has budgeted the following time and material for 2022: BUDGETED COSTS FOR 2022 Time Charges $35,280 Painters' wages and benefits Service manager's salary and benefits Office employee's salary and benefits Cost of paint Overhead (supplies, utilities, etc.) Total budgeted costs 11,760 15,680 $62,720 Material Charges $22,540 2,940 49,000 8,330 $82,810 Sandhill budgets 4,000 hours of paint time in 2022 and will charge a profit of $12.00 per hour in addition to a 20% markup on the cost of paint. On February 15, 2022, Sandhill is asked to prepare a price estimate to paint a small building Sandhill estimates that i this job will take 12 labor hours and $490.00 in paint.
Required information Skip to question [The following information applies to the questions displayed below.] Baskin Promotions, Inc. sells T-shirts decorated for a variety of concert performers. The company has developed the following budget for the coming year based on a sales forecast of 90,000 T-shirts: Sales $ 1,584,000 Cost of Goods Sold 931,500 Gross Profit 652,500 Operating Expenses ($100,000 is fixed) 458,200 Operating Income 194,300 Income Taxes (30% of operating income) 58,290 Net Income $ 136,010 Cost of goods sold and variable operating expenses vary directly with sales, and the income tax rate is 30% at all levels of operating income. If the concert season is slow due to poor weather, Baskin estimates that sales could fall to as low as 70,000 T-shirts. In a flexible budget for sales of 70,000 T-shirts, how much would Baskin budget for operating expenses? Multiple Choice $278,600 $378,600…
Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $179,710 budgeted expenses include $122.010 in variable expenses for desks and $20,700 in variable expenses for chairs, as well as $37,000 of fixed expenses. Actual fixed expenses total $38,300. 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 147 69 Fixed expenses Income Actual Results 153 77 Variances $ 188,160 37,950 179,718 $ 46,400 $ 48,975 $ 2,575 F $ 194,310 43,505 188,840 Required: Prepare a flexible budget performance report that shows variances between budgeted results and actual results. (Indicate the effect of each varlance by selecting favorable, unfavorable, or no variance.) $ 6,150 F 5,555 F 9,130 U BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance…
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A 297.
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