**Business Solutions Second-Quarter 2022 Fixed Budget Performance Report**This document provides the fixed budget performance report for Business Solutions' computer furniture operations during the second quarter of 2022. Here's a detailed breakdown:1. **Sales and Budget Overview:** - **Desk Sales (Units):** - Budgeted: 149 - Actual: 155 - Variance: Favorable by 6 units - **Chair Sales (Units):** - Budgeted: 67 - Actual: 75 - Variance: Favorable by 8 units2. **Financial Performance:** - **Desk Sales Revenue:** - Budgeted: $201,150 - Actual: $207,700 - Variance: $6,550 Favorable - **Chair Sales Revenue:** - Budgeted: $34,170 - Actual: $39,375 - Variance: $5,205 Favorable - **Total Expenses:** - Budgeted: $177,430 - Actual: $186,840 - Variance: $9,410 Unfavorable - **Income:** - Budgeted: $57,890 - Actual: $60,235 - Variance: $2,345 Favorable**Graph/Table Analysis:**The report includes a table that compares budgeted results to actual outcomes, showing variances in units sold, revenues, expenses, and overall income. Variances are categorized as favorable ("F") or unfavorable ("U") depending on the impact on profit.**Required Action:**Prepare a flexible budget performance report to detail variances between budgeted and actual results, indicating whether variances are favorable, unfavorable, or neutral. The template provided for the performance report includes columns for flexible budget figures, actual results, variance amounts, and an assessment of whether each variance is favorable or unfavorable.

The flexible budget is prepared to compare the actual results with flexible budget. It helps to…

Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $177,430 budgeted expenses include $123,670 in variable expenses for desks and $18,760 in variable expenses for chairs, as well as $35,000 of fixed expenses. Actual fixed expenses total $36,900. Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income Fixed Budget 149 67 Actual Results 155 75 Variances. $ 201,150 $ 207,700 $ 6,550 F 34,170 39,375 5,205 F 177,430 186,840 9,410 U $ 57,890 $ 60,235 $ 2,345 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 $177,430 budgeted expenses include $123,670 in variable expenses for desks and $18,760 in variable expenses for chairs, as well as $35,000 of fixed expenses. Actual fixed expenses total $36,900. Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income Fixed Budget 149 67 Actual Results 155 75 Variances. $ 201,150 $ 207,700 $ 6,550 F 34,170 39,375 5,205 F 177,430 186,840 9,410 U $ 57,890 $ 60,235 $ 2,345 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

Problem 1Q

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Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $171,170 budgeted expenses include $114,000 in variable expenses for desks and $19,170 in variable expenses for chairs, as well as $38,000 of fixed expenses. Actual fixed expenses total $39,600. Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income Fixed Budget 152 71 For Quarter Ended June 30 Desk sales Chair sales Variable expenses Contribution margin Actual Results 158 79 Variances. $ 199,120 41,890 $ 205,400 47,795 179,780 $ 6,280 F 5,905 F 8,610 U 171,170 $ 69,840 $ 73,415 $ 3,575 F 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.) BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results ENG
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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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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…
Special Order Tobitzu TV produces wall mounts for flat panel television sets. The forecasted income statement for 2009 is as follows: TOBITZU TV Budgeted Income Statement For the Year 2009 Sales ($41 per unit) $4,100,000 Cost of good sold ($32 per unit) (3,200,000) Gross profit 900,000 Selling expenses ($2 per unit) (200,000) Net income $700,000 Additional Information (1) Of the production costs and selling expenses, $700,000 and $100,000, respectively, are fixed. (2) Tobitzu TV received a special order from a hospital supply company offering to buy 14,000 wall mounts for $29. If it accepts the order, there will be no additional fixed selling expenses, and there is currently sufficient excess capacity to fill the order. The company's sales manager argues for rejecting the order because "we are not in the business of paying $32 to make a product to sell for $29." Do you think the company should accept the special order? Compute the contribution per unit and total contribution for the…