**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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