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

See similar textbooks

Similar questions

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
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…
Integrated Excel: Preparing a Contribution Format Income Statement Using the High-Low Method Jay Corporation has provided data from a two-year period to aid in planning. The Controller has asked you to prepare a contribution format income statement. Budgeted information for Quarter 1 of 2024: Sales in units Sales price per unit After analyzing expenses, the company has determined the following cost patterns. Cost of Goods Sold (per unit) Sales Commissions (per dollar of sales). Administrative Salaries (per quarter) Rent Expense (per quarter) Depreciation Expense (per quarter) Shipping has been determined to be a mixed cost with the following total costs and units: 2022 Quarter 1 Quarter 2 Quarter 3 Quarter 4 2023 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Cost $ 67,000 $ 94,000 $ 89,800 $ 92,600 $ 72,500 $80,000 $ 84,000 $ 100,000 17,000 $ 48.00 Units 12,500 21,000 13,800 20,000 13,700 14,000 14,300 22,500 $29.00 9.50€ $ 45,000 $ 27,000 $ 36,000 Required: Use the data to answer the…
Please help me with show all calculation thanku
Sunland Company has accumulated the following budget data for the year 2022: 1. 2. 3. 4. 5. 6. Sales: 29,200 units; unit selling price $82 Cost of one unit of finished goods: direct materials, 2 kg at $5 per kilogram; direct labour, 3 hours at $13 per hour; and manufacturing overhead, $5 per direct labour hour Inventories (raw materials only): beginning, 9,900 kg; ending, 15,700 kg Raw materials cost: $5 per kilogram Selling and administrative expenses: $219,000 Income taxes: 30% of income before income taxes Prepare a schedule showing the calculation of the cost of goods sold for 2022. SUNLAND COMPANY Computation of Cost of Goods Sold For the Year Ending December 31, 2022 Cost of goods sold Manufacturing overhead Beginning inventory Direct materials Ending inventory Number of units sold Selling and administrative expenses Direct labour Cost of one unit of finished goods eTextbook and Media $ $ $
Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $169.380 budgeted expenses include $120,000 in variable expenses for desks and $19,380 in variable expenses for chairs, as well as $30,000 of fixed expenses. Actual fixed expenses total S31,500. Actual Fixed Budget Results Variances Desk sales (in units) 150 156 Chair sales (in units) Desk sales Chair sales Total expenses 57 65 $ 189,000 30,210 169, 380 $ 49,830 $ 6,000 F 5,215 F $ 195,000 35,425 178,820 $ 51,605 9,440 U $ 1,775 Income 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 Desk sales Chair sales Variable expenses Contribution margin Fixed expenses Flexible Budget Actual Results Variance FavorableiUntavorable…
For the quarter ended March 31, 2022, Pina Colada Company accumulates the following sales data for its newest guitar, The Edge: $321,300 budget; $311,100 actual. In the second quarter, budgeted sales were $387,600, and actual sales were $391,680. Prepare a static budget report for the second quarter and for the year to date. Y 22 ÷ tA $ Budget Year to Date Actual Difference $ $
Give answer as per required
Business Solutions's second-quarter 2020 fixed budget performance report for its computer furniture operations follows. The $166,440 budgeted expenses include $113,960 in variable expenses for desks and $18,480 in variable expenses for chairs, as well as $34,000 fixed expenses. The actual expenses include $35,600 fixed expenses. List fixed and variable expenses separately. Fixed Budget Actual Results Variances Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses 148 154 56 64 $192,500 $6,020 F 5,040 F 9,220 U $186,480 28,560 166,440 33,600 175,660 Income from operations $ 48,600 $ 50,440 $1,840 F Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. X Answer is complete but not entirely correct. BUSINESS SOLUTIONS Flexible Budget Performance Report For Quarter Ended June 30 Flexible Actual Results Variance Fav./Unf. Budget Desk sales $ 186,480 $ 192,500 O $ 6,020 X Unfavorable O Chair sales…
Gadubhai
Please do not give solution in image format