Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unf The company budgets a selling price of $81 per unit and variable costs of $35 per unit. (Indicate the effect of each varian 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 (11,400 units) (11,400 units) 524,400 276,000 357,000 291,000 Variances Favorable/Unfavorable $ 21,600 Favorable

Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unf The company budgets a selling price of $81 per unit and variable costs of $35 per unit. (Indicate the effect of each varian 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 (11,400 units) (11,400 units) 524,400 276,000 357,000 291,000 Variances Favorable/Unfavorable $ 21,600 Favorable

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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The master budget at Western Company last period called for sales of 226,500 units at $10.50 each. The costs were estimated to be $3.90 variable per unit and $226,500 fixed. During the period, actual production and actual sales were 231,500 units. The selling price was $10.60 per unit. Variable costs were $6.00 per unit. Actual fixed costs were $226,500. Required: Prepare a profit variance analysis. (Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.)
Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($340.00q) Expenses: Wages and salaries ($3,300 + $91.00q) Fuel ($32.00q) Airport fees ($850 + $31.00q) Aircraft depreciation ($10.00q) Office expenses ($210+ $1.00q) Total expenses Net operating income Actual Results 55 $ 16,100 8,263 1,926 2,410 550 433 13,582 $ 2,518 Flexible Planning Budget Budget 53 $ 18,020 55 $ 18,700 8,305 1,760 2,555 550 265 13,435 $ 5,265 8,123 1,696 2,493 530 263 13,105 $ 4,915 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount.
Flexible Budgets; Total Operating Income Variance; Breakdown of the Total Operating Income Variance; Spreadsheet Application The following information is available for Brownstone Products Company for the month of July: Actual Master Budget Units 3,800 4,000 Sales revenue $53,200 $60,000 Variable manufacturing costs 19,000 16,000 Fixed manufacturing costs 16,000 15,000 Variable selling and administrative expenses 7,700 8,000 Fixed selling and administrative expenses 10,000 9,000 Required What was the total operating income variance for July, rounded to the nearest whole dollar? (Note: This variance is also called the master (static) budget variance for the period.) Was this variance favorable (F) or unfavorable (U)? Set up a spreadsheet to compute the July sales volume variance and the flexible-budget variance for the month, both in terms of contribution margin…
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For the month of April, Turing Ltd reported the following variances: £ Sales price Direct materials price Direct labour rate Direct labour efficiency Fixed overhead spending Direct materials usage 3,000 (A) 600 (F) 800 (A) 1,000 (F) 900 (A) 400 (A) Sales volume 2,000 (F) The original budgeted operating profit for the month was £26,800. What was the actual operating profit for the month of April? (Enter your answer as an integer.)
Required information [The following information applies to the questions displayed below.] The fixed budget for 21,600 units of production shows sales of $583,200; variable costs of $64,800; and fixed costs of $143,000. The company's actual sales were 26,900 units at $679,300. Actual variable costs were $113,300 and actual fixed costs were $132,000. Prepare a flexible budget performance report. Indicate whether each variance is favorable or unfavorable. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Sales Variable costs Contribution margin Fixed costs Income X Answer is complete but not entirely correct. Flexible Budget Performance Report Flexible Actual Budget Results $ $ 645,600 80,700 564,900 143,000 421,900 Variances $ 679,300 $ (33,700) 113,300 (32,600) 566,000 (63,500) 132,000 11,000 $ 434,000 $ (12,100) Favorable/ Unfavorable Unfavorable Unfavorable Unfavorable Favorable Unfavorable
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Required information [The following information applies to the questions displayed below.] The fixed budget for 20,600 units of production shows sales of $597,400; variable costs of $61,800; and fixed costs of $143,000. The company's actual sales were 26,500 units at $720,500. Actual variable costs were $113,100 and actual fixed costs were $133,000. Prepare a flexible budget performance report. Indicate whether each variance is favorable or unfavorable. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Contribution margin Flexible Budget Performance Report Flexible Budget Actual Results Variances Favorable/ Unfavorable
Infromation on Pio's FOH costs for the May 2020 production activity is as follows: Budgeted Fixed FOH:150,000 Std. Fixed FOH rate per DL hr.: 3 Std. Variable FOH rate per DL hr.: 6 Std. DL hours allowed for actual production: 48,000 Actual Total FOH: 440,000 Pio has a standard absorption and a flexible budget system and uses the two variance method for FOH variances. What is the volume variance for MAy 2020? A. 6,000 U B. 6,000 F C. 8,000 U D. 8,000 F
Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results. Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no variance. Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs For Month Ended May 31 Fixed Budget 1,370 $1,150 per unit $460 per unit $ 150,500 LEWIS COMPANY Flexible Budget Performance Report Flexible Budget Actual Results (1,570 units) (1,570 units) Variances Actual Results 1,570 $ 1,828,000 $ 726,000 $ 139,000 Favorable or Unfavorable
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