Homework Help is Here – Start Your Trial Now!
Business
Accounting
Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $158,720 budgeted expenses include $112,420 in variable expenses for desks and $14,300 in variable expenses for chairs, as well as $32,000 of fixed expenses. Actual fixed expenses total $33,400. 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 146 55 $ 185,420 32,450 158,720 Fixed expenses Income Actual Results 152 63 $ 191,520 38,115 167,240 $ 62,395 Variances $ 6,100 F 5,665 F 8,520 U THE FM st 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.) $ 3,245 F BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance Favorable/Unfavorable

Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $158,720 budgeted expenses include $112,420 in variable expenses for desks and $14,300 in variable expenses for chairs, as well as $32,000 of fixed expenses. Actual fixed expenses total $33,400. 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 146 55 $ 185,420 32,450 158,720 Fixed expenses Income Actual Results 152 63 $ 191,520 38,115 167,240 $ 62,395 Variances $ 6,100 F 5,665 F 8,520 U THE FM st 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.) $ 3,245 F BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance Favorable/Unfavorable

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
icon
Concept explainers
Question

Please Introduction and no plagiarism please 

Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $158,720 budgeted expenses include $112,420 in variable expenses for desks and $14,300 in variable expenses for chairs, as well as $32,000 of fixed expenses. Actual fixed expenses total $33,400. 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 146 55 $ 185,420 32,450 158,720 Fixed expenses Income Actual Results 152 63 Variances $191,520 38,115 167,240 THE FM st $ 62,395 $ 6,100 F 5,665 F 8,520 U 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.) $ 3,245 F BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance Favorable/Unfavorable
Transcribed Image Text:Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $158,720 budgeted expenses include $112,420 in variable expenses for desks and $14,300 in variable expenses for chairs, as well as $32,000 of fixed expenses. Actual fixed expenses total $33,400. 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 146 55 $ 185,420 32,450 158,720 Fixed expenses Income Actual Results 152 63 Variances $191,520 38,115 167,240 THE FM st $ 62,395 $ 6,100 F 5,665 F 8,520 U 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.) $ 3,245 F BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance Favorable/Unfavorable
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Budgeting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS