Customers served (q)Revenue ($3.50q) $ 119,800 $ 800Expenses:Wages and salaries($33,200+ $1.10q)Supplies ($0.50q)Insurance ($10,400)Miscellaneousexpense ($6,400 +$0.309)Total expense34,000Net operating income $68,00014,40010,40017,700110,5009,3002,600Which of the following statement is true?2,60001,1004,100$ 4,900Manaloto uses variable costing to cost inventories, then only$34,000$ 119,00070,60017,00010,40016,600114,6004,400$ 3,5001,100O The activity variance for supplies of $500 is unfavorable.The revenue and spending variance for wages and salaries of $2,600 is unfavorable.The activity variance for revenue of $3,500 is unfavorable.O The revenue and spending variance for total expense of $4,100 is unfavorable.50003001,900$ 1,60035,000$ 112,500$71,70017,50010,40016,900116,5006,000

The variance is the difference between the actual data and standard output of the production. The activity variance is the difference between the flexible budget and master budget. The revenue and spending variance is the difference between the actual data and flexible budget. For supplies - activity variance, Flexible Budget cost = 17,000 For master budget cost = 17,500 Activity variance = 17,000 - 17,500 = $500 F For wages and salaries - revenue and spending variance, Actual cost = 68,000 Flexible Budget cost = 70,600 Revenue and spending variance = 68,000 - 70,600 = $2,600 F For Total expenses - revenue and spending variance, Actual cost = 110,500 Flexible Budget cost = 114,600 Revenue and spending variance = 110,500 - 114,600 = $4,100 F For revenue - activity variance, Flexible Budget revenue = $119,000 Master budget revenue = 35,000 * 3.5 = $122,500 Activity variance = 119,000 - 122,500 = $3,500 UHence, option c. The activity variance for revenue of $3,500 Unfavorable is correct.

Business

Accounting

Customers served (q) 34,000 Revenue ($3.50q) $ 119,800 $ 800 Expenses: Wages and salaries ($33,200+ $1.10q) Supplies ($0.50q) Insurance ($10,400) Miscellaneous expense ($6,400 + $0.309) Total expense Net operating income $ 68,000 14,400 10,400 17,700 110,500 9,300 2,600 Which of the following statement is true? 2,600 0 1,100 4,100 $ 4,900 34,000 $ 119,000 $ 70,600 17,000 10,400 16,600 114,600 4,400 $ 3,500 1,100 O The activity variance for supplies of $500 is unfavorable. O The revenue and spending variance for wages and salaries of $2,600 is unfavorable. The activity variance for revenue of $3,500 is unfavorable. The revenue and spending variance for total expense of $4,100 is unfavorable. 500 0 300 1,900 $ 1,600 35,000 $ 112,500 71,700 17,500 10,400 16,900 116,500 $ 6,000

Customers served (q) 34,000 Revenue ($3.50q) $ 119,800 $ 800 Expenses: Wages and salaries ($33,200+ $1.10q) Supplies ($0.50q) Insurance ($10,400) Miscellaneous expense ($6,400 + $0.309) Total expense Net operating income $ 68,000 14,400 10,400 17,700 110,500 9,300 2,600 Which of the following statement is true? 2,600 0 1,100 4,100 $ 4,900 34,000 $ 119,000 $ 70,600 17,000 10,400 16,600 114,600 4,400 $ 3,500 1,100 O The activity variance for supplies of $500 is unfavorable. O The revenue and spending variance for wages and salaries of $2,600 is unfavorable. The activity variance for revenue of $3,500 is unfavorable. The revenue and spending variance for total expense of $4,100 is unfavorable. 500 0 300 1,900 $ 1,600 35,000 $ 112,500 71,700 17,500 10,400 16,900 116,500 $ 6,000

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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Question

Customers served (q)
Revenue ($3.50q) $ 119,800 $ 800
Expenses:
Wages and salaries
($33,200+ $1.10q)
Supplies ($0.50q)
Insurance ($10,400)
Miscellaneous
expense ($6,400 +
$0.309)
Total expense
34,000
Net operating income $
68,000
14,400
10,400
17,700
110,500
9,300
2,600
Which of the following statement is true?
2,600
0
1,100
4,100
$ 4,900
Manaloto uses variable costing to cost inventories, then only
$
34,000
$ 119,000
70,600
17,000
10,400
16,600
114,600
4,400
$ 3,500
1,100
O The activity variance for supplies of $500 is unfavorable.
The revenue and spending variance for wages and salaries of $2,600 is unfavorable.
The activity variance for revenue of $3,500 is unfavorable.
O The revenue and spending variance for total expense of $4,100 is unfavorable.
500
0
300
1,900
$ 1,600
35,000
$ 112,500
$
71,700
17,500
10,400
16,900
116,500
6,000

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