Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The$166,050 budgeted expenses include $116,800 in variable expenses for desks and $13,250 in variable expenses for chairs, as well as$36,000 of fixed expenses. Actual fixed expenses total $37,700.Desk sales (in units)Chair sales (in units)Desk salesChair salesTotal expensesIncomeFor Quarter Ended June 30Desk salesChair salesVariable expensesContribution marginFixedBudgetFixed expensesIncome14653ActualResults Variances15261$ 183,960 $ 190,00033,245174,950Required: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.)$6,040 F28,0905,155 F166,0508,900 U$ 46,000 $ 48,295 $ 2,295 FBUSINESS SOLUTIONSFlexible Budget Performance ReportFlexible Budget Actual ResultsVarianceFavorable/Unfavorable

Flexible budget is the statement which is prepared by an entity to budget the revenues and expenses.…

Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $166,050 budgeted expenses include $116,800 in variable expenses for desks and $13,250 in variable expenses for chairs, as well as $36,000 of fixed expenses. Actual fixed expenses total $37,700. Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income Fixed Budget Actual Results Variances 152 61 $ 183,960 $ 190,000 28,090 33,245 166,050 174,950 Fixed expenses Income 146 53 $6,040 F 5,155 F 8,900 U $ 46,000 $ 48,295 $2,295 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 Flexible Budget Performance Report For Quarter Ended June 30 Flexible Budget Actual Results Desk sales Chair sales Variable expenses Contribution margin Variance Favorable/Unfavorable

Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $166,050 budgeted expenses include $116,800 in variable expenses for desks and $13,250 in variable expenses for chairs, as well as $36,000 of fixed expenses. Actual fixed expenses total $37,700. Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income Fixed Budget Actual Results Variances 152 61 $ 183,960 $ 190,000 28,090 33,245 166,050 174,950 Fixed expenses Income 146 53 $6,040 F 5,155 F 8,900 U $ 46,000 $ 48,295 $2,295 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 Flexible Budget Performance Report For Quarter Ended June 30 Flexible Budget Actual Results Desk sales Chair sales Variable expenses Contribution margin Variance Favorable/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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