Exercise 21-4 (Algo) Preparing flexible budget performance report LO P1Complete the following partial flexible budget performance report, and indicate whether each variance isfavorable or unfavorable. The company budgets a selling price of $80 per unit and variable costs of $36 perunit. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.)Flexible Budget Performance ReportFlexible BudgetFor Month Ended June 30(11,500 units)SalesVariable costsContribution marginFixed costsIncomeActual ResultsVariancesFavorable/Unfavorable(11,500 units)$35,000 Favorable358,000506,000277,000292,000

The objective of this question is to complete a flexible budget performance report and determine…

Answered: Exercise 21-4 (Algo) Preparing flexible…

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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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 $81 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 Variances Favorable/Unfavorable (11,800 units) (11,800 units) $ 29,200 Favorable 361,000 Favorable 554,600 280,000 295,000 Favorable Unfavorable No variance
Flexible Analysis Report Actual Flexible Sales-Volume Static Budget Results Budget Variances Budget Variance 18,500 A) B) C) 20,000 Units Sold D) $185,000 Fav E) F) G) Revenues H $92,500 Un I) $90,000 Fav J) Variable Costs K) $50,000 Fav L) M) $500,000 Fixed Costs N) O) P) Q) R) Operating Income A) B) C) D) E) F) G) H) I) J) K) L) M) N) O) P) Q) Q)
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
Check my w QS 21-1 (Algo) Flexible budget performance report LO P1 Beech Company produced and sold 112,000 units in May. For the level of production in May, budgeted amounts were sales, $1,260,000; variable costs, $846,000; and fixed costs, $260,000. The following actual results are available for May. Actual Results Sales (112,000 units) Variable costs Fixed costs $ 1,237,000 814,500 260,000 Prepare a flexible budget performance report for May. Indicate whether each variance is favorable or unfavorable. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) BEECH COMPANY Flexible Budget Performance Report For Month Ended May 31 Flexible Budget Actual Results Favorable/ Unfavorable $ 1,260,000 Sales Variable costs 846,000 Contribution margin 414,000 0 Fixed costs 260,000 260,000 Income 154,000 $ (260,000) Prev ere to search s $ Variances 1 of 10 ⠀⠀⠀ Unfavorable Favorable Favorable No variance Favorable Next >
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
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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?
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
Static and Flexible Budgets Graham Corporation used the following data to evaluate its current operating system. The company sells items for $10 each and used a budgeted selling price of $10 per unit. Units sold Variable costs Fixed costs a. Prepare the actual income statement, flexible budget, and static budget. Do not use negative signs with any of your answers below. Actual Budgeted 1,180,000 1,200,000 2,200,000 2,400,000 1,875,000 1,837,000 Units sold Revenues Variable costs Contribution margin Fixed costs Operating income $ $0 $0 Actual Results Flexible Budget Static Budget $ 0 $ For questions b., c., and d., do not use negative signs with your answers. Select either U for Unfavorable or F for Favorable using the drop down box next to each of your variance answers. b. What is the static-budget variance of revenues? C. What is the flexible budget variance for variable costs? <¶► 0 0 $ 0 0 0 0 $ ◆ 0 0 $ 0 0 0 0 $ d. What is the flexible budget variance for fixed costs? 0 0 0 0 0 0
D

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