Chapter 23 Homework i2SavedComplete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavorable.The company budgets a selling price of $81 per unit and variable costs of $35 per unit.Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.1.17pointsFlexible Budget Performance ReportFor Month Ended June 30Flexible BudgetActual ResultsVariancesFavorable or UnfavorableeBook(11,900 units)(11,900 units)Sales$963,900 $995,000 $31,100 FavorableHintVariable costs416,500362,000PrintContribution margin547,40054,500 FavorableFavorableReferencesFixed costs281,000296,000(15,000) Unfavorable+IncomeFavorableHelpSa

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Chapter 9 Canvas Homework - SHOW YOUR WORK FOR CREDII Multiple Cost Drivers: Salamone's Pizza is a neighborhood pizzeria that has an area for in-store dining as well as offering take-out and free home delivery services. The pizzeria's owner has determined that the shop has two major cost drivers the number of pizzas sold and the number of deliveries made. The pizzeria's cost formulas appear below. Flxed Coat per Month Cost per Piza Cost per Dellvery $ 4.00 Plzza Ingredlente Kitchen staff $ 6,050 S 880 Utilitles $ 1.00 Dellvery person Dellvery vehicile $2.80 $2.20 S 700 S 456 $ 2,010 $ 800 Equipment depreclation Rent Mlscellaneous $0.20 In November, the pizzeria budgeted for 1,770 pizzas at an average selling price of $14 per pizza and for 210 deliveries. Data conceming the pizzeria's actual results in November were as follows: Actual Resulte 1,870 190 Plzzas Dellverles $ 28,800 $ 8,470 $ 5,990 $ 920 $ 532 $ 1,000 $ 458 $ 2,010 $ 832 Revenue Plzza Ingredlents Kitchen ataff Utilities…
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6 nts eBook Hint Ask C Print eferences C aw II =C Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavorable. The company budgets a selling price of $85 per unit and variable costs of $34 per unit. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) For Month Ended June 30 Sales Variable costs Contribution margin Fixed costs Income ! 1 Q A F1 N @ 2 W --- F2 S Flexible Budget Performance Report Flexible Budget Actual Results (12,300 units) (12,300 units) # 3 X 627,300 285,000 80 F3 E D 4 a F4 366,000 C 300,000 R % 5 F Variances Favorable/Unfavorable $ J B F7 H DII FB J N DD F9 9 K F10 0 Hel
Problem 21-3A Flexible budget preparation; computation of materials, labor, and overhead variances; and overhead variance report LO P1, P2, P3, P4 Skip to question [The following information applies to the questions displayed below.] Antuan Company set the following standard costs for one unit of its product. Direct materials (6 Ibs. @ $5 per Ib.) $ 30 Direct labor (2 hrs. @ $17 per hr.) 34 Overhead (2 hrs. @ $18.50 per hr.) 37 Total standard cost $ 101 The predetermined overhead rate ($18.50 per direct labor hour) is based on an expected volume of 75% of the factory’s capacity of 20,000 units per month. Following are the company’s budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs Indirect materials $ 45,000 Indirect labor 180,000 Power 45,000 Repairs and maintenance 90,000 Total variable overhead costs $ 360,000 Fixed…
points The "spending variance" is the difference between actual costs and planning budget costs. True False 8 5 points A company has the following information: Revenues - Planning Budget $50,000 Costs - Planning Budget $45,000 Revenues - Flexible Budget $55,000 Costs - Flexible Budget $50,000 Revenues - Actual $52,000 Costs - Actual I $48,000 The revenue variance is $2,000 favorable $2,000 unfavorable $3,000 favorable $3,000 unfavorable
Question 18 options: Big Construction's actual results and the Master or Static budget information for the month of May is below. Big Construction is in the process of preparing the flexible budget and understanding the results. ActualResults Flexible Budget Static Budget Sales volume (in units) 13,000 10,000 Sales revenues $275,000 $250,000 Variable costs 200,000 175,000 Contribution Margin 75,000 75,000 Fixed costs 50,500 49,500 Operating profit $24,500 25,500 Using all information above, what is the flexible budget operating profit?
Self-Study Problem 14-1 Sales Volume and Flexible-Budget (FB) Variances/JIT Manufacturing [The following information applies to the questions displayed below.] Solid Box Fabrications manufactures boxes for workstations. The firm’s standard cost sheet prior to October of the current year and actual results for October are as follows: Budget Information Standard Price and Variable Costs per Unit Fixed Costs Actual Results October Units 9,700 Sales$50.00 $563,000 Variable costs: Direct materials 5 pounds at $2.50 per pound$12.40 51,400 lb*× $3 =$154,200 Direct labor 0.50 hour at $14.40 per hour 7.20 5,300 hr × $17.20 = 91,160 Manufacturing overhead 2.00 19,000 Selling and administrative 5.00 45,000 Total variable costs$26.60 $309,360 Contribution margin$23.40 $253,640 Fixed costs: Manufacturing (factory) overhead $50,000 $55,000 Selling and administrative 20,000 24,000 Total fixed costs $70,000 $79,000 Operating income $174,640 *Assume that pounds purchased = pounds issued to production…
Exercise 21-4 (Algo) Preparing flexible budget performance report LO P1 Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavorable. The company budgets a selling price of $85 per unit and variable costs of $34 per unit. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) For Month Ended June 30 Sales Variable costs Contribution margin Fixed costs Income Flexible Budget Performance Report Flexible Budget Actual Results (12,300 units) (12,300 units) 627,300 285,000 366,000 300,000 Variances Favorable/Unfavorable $ 44,500 Favorable
Problem #3 Given the following information, explain the salary variance. Costs in the de- partment are considered 50 percent variable. Salaries Paid Hours Volume Actual $228,800 20,800 19,000 Budget $237,120 19,760 20,000
ings Review View Help y Tell me E·E·G· T AaBbCcDd AaBbCcDd AaBbC AaBbCct AaB AaBbCCD AaBbCCDd A ••• 1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Subtle Em... BI Paragraph Styles Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where q is the number of labor-hours worked in a month: cost formulas Direct labor $16.20q Indirect labor $4,600+ $1.50q Utilities $5,200 + $0.40q Supplies Equipment depreciation $1,400 + $0.30q Factory rent $8,400 Property taxes $2,800 Factory administration $13,300 + $0.60q The Production Department planned to work 4,000 labor-hours in March; however, it actually worked 3,800 labor-hours during the month. Its actual costs incurred in March are listed below: Actual Cost Incurred in March Direct labor $ 63,120 Indirect labor $9,780 Utilities…
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