Carson CPAS specializes in preparing 1040EZ returns for low-income clients. The firm charged $100 per return this year and budgeted $100 per return. Additional information for the firm includes: Actual Budgeted 800 750 $37,500 12,000 Returns processed Variable costs Fixed costs Prepare Carson's static budget and the static budget performance report. Note: Do not use negative signs with any of your answers. Note: Indicate whether the variance is favorable (F) or unfavorable (U) using the drop-down menu in the last column next to the variable amount. Budgeted returns Actual returns Returns processed variance Revenue Variable costs Fixed costs Net income $36,000 12,500 $ S Actual Results 0 For U ÷ S 05 Budget Results $ 05 Variances For U 0 ÷ 0 # 0 + 0 +

Carson CPAS specializes in preparing 1040EZ returns for low-income clients. The firm charged $100 per return this year and budgeted $100 per return. Additional information for the firm includes: Actual Budgeted 800 750 $37,500 12,000 Returns processed Variable costs Fixed costs Prepare Carson's static budget and the static budget performance report. Note: Do not use negative signs with any of your answers. Note: Indicate whether the variance is favorable (F) or unfavorable (U) using the drop-down menu in the last column next to the variable amount. Budgeted returns Actual returns Returns processed variance Revenue Variable costs Fixed costs Net income $36,000 12,500 $ S Actual Results 0 For U ÷ S 05 Budget Results $ 05 Variances For U 0 ÷ 0 # 0 + 0 +

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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NEKO Inc. wants to analyze its variances in its actual and budgeted operation. · There is no difference between the actual gross profit and budgeted gross profit.· The quantity of units sold is the same as the budgeted units sold.· Actual Units sold at budgeted sales price is P10,000· Actual Units sold at budgeted cost price is P8,000· Budgeted Sales is at P10,000 and the actual sales is P1,500 greater than the budgeted sales· Budgeted Cost of Goods Sold is at P8,000 and the actual Cost of Goods Sold is P1,200 greater than the budgeted Cost of Goods Sold.What is the sale price variance?
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One subunit of Field Sports Company had the following financial results last month: E (Click the icon to view the financial results.) Read the requirements. Requirement 1. Complete the performance evaluation report for the subunit. (Enter a variance for each account as a positive number and select whether the variance is favorable or unfavorable. Enter the variance percent as a percentage rounded to two decimal places, X.XX%.) - X Actual Flexible Flexible Budget Requirements Subunit X Results Budget Variance (F or U) Net Sales Revenue $ 473,000 S 453.000 1. Complete the performance evaluation report for the subunit (round to two decimal places). 265,000 254,000 Variable Expenses Based on the data presented and your knowledge of the company, what type of responsibility center is this subunit? 3. Which items should be investigated if part of management's decision criteria is to investigate all variances equal to or exceeding $4,000 and exceeding 10% (both criteria must be met)?…
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Vaughn Manufacturing uses flexible budgets. At normal capacity of 15000 units, budgeted manufacturing overhead is: $90000 for variable costs and $180000 for fixed costs. If Vaughn had actual overhead costs of $225000 for 20000 units produced, what is the difference between actual and budgeted costs? O $75000 unfavorable. O $75000 favorable. O$300000 favorable. O $225000 unfavorable.
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