Exercise 21-4 (Algo) Preparing flexible budget performance report LO P1Complete 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 byselecting favorable, unfavorable, or no variance.)For Month Ended June 30SalesVariable costsContribution marginFixed costsIncomeFlexible Budget Performance ReportFlexible BudgetActual ResultsVariancesFavorable/Unfavorable(11,800 units)(11,800 units)$29,200 Favorable361,000Favorable554,600280,000295,000FavorableUnfavorableNo variance

The objective of the question is to complete the flexible budget performance report and indicate…

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

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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…
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
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?
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
Current Attempt in Progress Sandhill's, Inc. has provided you with the following financial information: Budgeted Actual Sales Quantity 8,100 8,300 Sales price per unit $6.50 $6.25 Variable product cost per unit 2.50 2.75 Selling expense (fixed) 5,100 8,100 Administrative expense (fixed) 17,100 16,100 Income tax expense 3,900 4,100 Prepare a flexible budget. SANDHILL'S, INC. Flexible Budget Sales Revenue
D
Budgets Question 1. A manager had the following operating budget and achieved the actual results shown. Calculate the variance and variance percentage for each line item. Then answer the questions that follow. Sales Budget Actual Variance Food $500,000 $550,000 Beverage |50,000 165,000 $650,000 Total Sales Total Controllable Expense Total Fixed Expense 450,000 495,000 135,000 135,000 Profit (Loss) $65,000 What is your assessment of this operation's expense control performance during this budget period? 2. Why are managers who are skilled at controlling expenses in such high demand in the hospitality industry? W APR
Mailings Review View Help Tell me what you want to do AB-T A. G II M Paragraph 5 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 AaBbCcDd AaBbCcDd AaBbC AaBbCct AaB AaBbCcD AaBbCcDd Ac 1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Subtle Em... E $16.20q Indirect labor $4,600+ $1.50q Utilities $5,200 + $0.40q Supplies Equipment depreciation 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…
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