Complete the flexible budget variance analysis by filling in the blanks in the partial flexible budget performance report for 10,000 travel locks for Gable, Inc. (Click the icon to view the report.) (For variances with a $0 value, make sure to enter "0" in the appropriate cells.) Gable, Inc. Flexible Budget Performance Report (partial) For the Month Ended April 30, 2024 Actual Results Units 10,000 Sales Revenue $ 160,000 51,600 Variable Costs Contribution Margin 108,400 15,600 Fixed Costs $ 92,800 Operating Income Flexible Budget Flexible Variance Budget 10,000 $ 140,000 49,500 90,500 14,500 EA 76,000

Complete the flexible budget variance analysis by filling in the blanks in the partial flexible budget performance report for 10,000 travel locks for Gable, Inc. (Click the icon to view the report.) (For variances with a $0 value, make sure to enter "0" in the appropriate cells.) Gable, Inc. Flexible Budget Performance Report (partial) For the Month Ended April 30, 2024 Actual Results Units 10,000 Sales Revenue $ 160,000 51,600 Variable Costs Contribution Margin 108,400 15,600 Fixed Costs $ 92,800 Operating Income Flexible Budget Flexible Variance Budget 10,000 $ 140,000 49,500 90,500 14,500 EA 76,000

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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Using Flexible Budgets The following summary data are from a performance report for Hyland Company for May, during which 9,600 units were produced. The budget reflects the company's normal capacity of 10,000 units. Actual Cost Budget 9,600 10,000 units units Type $102,600 $105,000 $(2,400) Favorable 207,900 210,000 (2,100) Favorable 73,800 72,000 1,800 Unfavorable 54,300 54,000 300 Unfavorable $438,600 $441,000 $(2,400) Favorable Direct material Direct labor Variable overhead Fixed overhead Total a. Prepare a new performance report using flexible budgeting. Round all amounts to the nearest dollar. Variance Direct material $ Direct labor Variable overhead Fixed overhead Totals $ Actual Costs Variances 0 $ 0 0 0 0 $ Flexible Budget 0 $ 0 0 0 0 $ 0 0 0 0 0 Type b. Which of the two performance reports should Hyland Company management use to measure the company's operating efficiency in May? 4 ◄►
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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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