Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $179,710budgeted expenses include $122.010 in variable expenses for desks and $20,700 in variable expenses for chairs, as well as $37,000of fixed expenses. Actual fixed expenses total $38,300.Desk sales (in units)Chair sales (in units)Desk salesChair salesTotal expensesIncomeFor Quarter Ended June 30Desk salesChair salesVariable expensesContribution marginFixed Budget14769Fixed expensesIncomeActualResults15377Variances$ 188,16037,950179,718$ 46,400 $ 48,975 $ 2,575 F$ 194,31043,505188,840Required:Prepare a flexible budget performance report that shows variances between budgeted results and actual results. (Indicate the effectof each varlance by selecting favorable, unfavorable, or no variance.)$ 6,150 F5,555 F9,130 UBUSINESS SOLUTIONSFlexible Budget Performance ReportFlexible Budget Actual Results VarianceFavorable/Unfavorable4

Lets understand the basics. Budget is an estimation of future profit and loss for business. It is…

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 Actual Results For Quarter Ended June 30 Desk sales Fixed Budget 147 69 $ 188,160 37,950 179,710 $ 46,400 $ 48,975 153 77 $ 194,310 43,505 188,840 Variances $ 6,150 F 5,555 F 9,130 U $ 2,575 F Required: Prepare a flexible budget performance report that shows variances between budgeted results and actual results. (Indicate the effect of each verlence by selecting favorable, unfavorable, or no variance.) 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 $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 Actual Results For Quarter Ended June 30 Desk sales Fixed Budget 147 69 $ 188,160 37,950 179,710 $ 46,400 $ 48,975 153 77 $ 194,310 43,505 188,840 Variances $ 6,150 F 5,555 F 9,130 U $ 2,575 F Required: Prepare a flexible budget performance report that shows variances between budgeted results and actual results. (Indicate the effect of each verlence by selecting favorable, unfavorable, or no variance.) BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results 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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