Fill in the blank cells. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Enter all variances as positive values. Revenue Variable Costs Contribution Margin Fixed Costs Operating Income Units Produced and Sold $ $ Actual $187,000 $ $76,000 $4,200 6,100 $ Flexible Budget Variance $98,070 $0 $98,070 0 U U + + Flexible Budget $ $ $ $23,330 $ $71,800 Sales-Volume Variance $13,900 $7,930 $0 $7,930 U U U : : $ $ Static Budget $29,300 $182,000 $110.200 8,100

Fill in the blank cells. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Enter all variances as positive values. Revenue Variable Costs Contribution Margin Fixed Costs Operating Income Units Produced and Sold $ $ Actual $187,000 $ $76,000 $4,200 6,100 $ Flexible Budget Variance $98,070 $0 $98,070 0 U U + + Flexible Budget $ $ $ $23,330 $ $71,800 Sales-Volume Variance $13,900 $7,930 $0 $7,930 U U U : : $ $ Static Budget $29,300 $182,000 $110.200 8,100

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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Take me to the text Fill in the blank cells Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Enter all variances as positive values, Revenue Variable Costs Contribution Margin Fixed Costs Operating Income Units Produced and Sold Check Actual $238,000 $ $135,000 $61,900) 9,100 Flexible Budget Variance $38,110 50 $38,110 0 U Flexible Budget $28,290 $73,100 Sales-Volume Variance $8,500 $8,890 $0 $8,890 D Static Budget $27,900 $182,000 $108,900 11,000
1. Prepare a Level 2 Variance Analysis and answer the following questions. Actual Results Static Budget 1,020 units 1,000 units Units Revenues Total Var Cost Total Contr Margin Fixed Cost a. b. asup C. d. e. f. 100 woll $110,160 $ 74,460 $100,000 $ 70,000 Iban Mato Xmaldor $ 19,600 Operating Income $ 16,100 $ 10,000 shot Describe precisely the meaning of the following variances from this Performance Report: Flexible Budget Variance for Revenues palodi sat osup a'lood pl BV smi vispicyng pors $ 20,000 Flexible Budget Variance for Tot Variable Cost Flexible Budget Variance for Fixed Cost Sales Volume Variance for Revenues Sales Volume Variance for Tot Variable Cost Sales Volume Variance for Fixed Cost B
Chanandler Bong Company manufactures transponsters. The company's controller misplaced some of the company's data. Use the following information to replace the lost data. F denotes a favorable variance and U denotes an unfavorable variance. Actuals Units Sold 11,250 11,250 Variable Costs Revenues $46,000 ? Fixed Costs Flexible Budget ? ? $15,975 $9,140 Flexible Budget Variance $1,000 F $200 U $860 F What is the actual operating income?
Dasance, make sure to enter u in the appropriate neid. it ine variance is zero, do not select a saber. Hound your answers to the nearest whole odiar.) Actual Flexible-Budget Flexible Sales-Volume Results Variance Budget Variance Units sold Revenues (sales) Variable costs Contribution margin Fixed costs $ 103,000 695,250 $ 430,000 $ 345,050 F S 198,250 U 103.000 350,200 $ 231,750 265,250 246,750 18,500 $ 14,950 13,000 F 44,200 F $ 29,250 U 14,950 F 0 14,950 146,800 F 161,750 U U Operating income Calculate the total static-budget variance to verify your work is accurate. Determine the labels and then enter the amounts to calculate the static-budget variance. (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label. Abbreviation used: CM = contribution margin.) 118,450 85,000 33,450 $ Static Budget F 90,000 306,000 202,500 Total static-budget variance 103,500 85,000 18,500
Question 2.1 TeleTube Inc. manufacturers TVs. Unfortunately, some of the company's data was misplaced by an IT error. Use the following information to replace the lost data: Analysis Actual Results Flexible Variances Flexible Budget Sales- Volume Variances Static Budget Units Sold 112,500 112,500 103,125 Revenues $42,080 $1,000 F (A) $1,400 U (B) Variable Costs (C) $200 U $15,860 $2,340 F $18,200 Fixed Costs $8,280 $860 F $9,140 $9,140 Operating Income $17,740 (D) $16,080 (E) $15,140 Required What are the respective flexible-budget revenues (A)? What are the static-budget revenues (B)? What are the actual variable costs (C) What is the total flexible-budget variance (D)? What is the total sales-volume variance (E)? What is the total static-budget variance?
Fill in the blanks with the variances and whether they are favorable or unfavorable. Format your answers with the number and capitalized F/U with no space in between (ex: 200.5F). Do not enter a dollar sign. Enter 0 if there is no variance. Actual Spending Variance Flexible Activity Variance Budgeted Units 285 0 285 35 250 Revenues 6,450 6,697.5 5,875 Direct Labor 2,700 2,707.5 2,375 Direct Materials 790 769.5 675 Manufacturing Overhead 1,060 1,197 1,050 S&A Expenses 171 171 150 Income 1,729 1,852.5 1,625
Luanna Inc. manufactures game consoles. Some of the company's data was misplaced. Use the following information to replace the lost data. Plexible Sales Budget Actual Budget Plexible Volume Master Results Variance Budget Variance 1,880 $122,200 с $ 21,300 Operating income $ 45,850 Units Revenues Variable costs. Fixed costs The amount C, to nearest dollar, is: Multiple Choice O O O O $76,350 $55,050. $67,150. $100,900. $ 1,880 U A D 1,760 B $59,840 $31,000
Calculate the value of A. Enter Favourable variances as a positive number and Unfavourable variances as a negative number. 1 2 Units 3 4 Less: Total Variable Costs 5 Direct Materials Revenues 6 Direct Labour 7 Variable Manuf. OH. 8 Total Variable Costs 9 Total Contribution Margin 10 Total Fixed Costs 11 Operating Income $ B Static 120,000 C Actual $ D Flex Budget 80,000 E Flex Budget Variance $70,000 F $20,000 U $20,000 U
! Required information [The following information applies to the questions displayed below.] AirPro Corporation reports the following for this period. Actual total overhead Standard overhead applied Budgeted (flexible) variable overhead rate Budgeted fixed overhead Predicted activity level Actual activity level Volume variance $ 28,425 $ 32,860 Volume Variance $ 2.10 per unit $ 12,600 Compute the volume variance and identify it as favorable or unfavorable. 12,600 units 10,600 units
Can you help me interpret these results i)Revenue Variance, Price, and Volume Variance Revenue variance = Actual revenues – Static revenues = $2,200,000 - $1,9800,000 = $220,000 Price variance = Actual revenues – Flexible revenues =$2,2000,000 - $2,200,000 =$0 Volume variance = Flexible revenues – Static revenues =$2,200,000 - $1,980,000 = $220,000 ii) Cost Variance, Volume Variance and Management Variance Cost variance = Static cost - Actual cost =$1,350,000 -$1,625,000 = $-275,000 Volume = Static cost – Flexible costs = $1,350,000 - =$1,475,000 = $-125,000 Management variance = Flexible cost- Actual cost =$2,200,000 - 1,625,000 =$575,000 iii) Profit Variance Profit Variance= Actual Profit - Static Profit = 225,000 - 130,000 = 95,000 Revenue Variance = Actual Revenue - Static Revenue = 2, 200,000 - 1,980,000 = 220,000 Cost Variance = Static Cost - Actual Costs = 1,850,000 - 1,975,000 = (125,000) Can you help me interpret these results
The following computations are incomplete. The missing items are labeled (a) through (d). identify each missing item by name (a through c) and show the missing value (a through d). Labor rate variance = 4,800 hours x [(a) – $8.50] = $350 favorable Labor efficiency variance = (b) x [(c) – 5,000 hours] = $(d) Also, if the manager of the company left without arranging for a replacement, which variances would have been most affected?
Koppal Company manufacturers tires. Some of the company's data was misplaced. Use the following information to replace the lost data: Analysis Actual Results Flexible Variances Flexible Budget Sales Volume Variances Static Budget Units Sold 225,000 225,000 206,250 Revenues $84,160 $2,000 F (A) $2,800 U (B) Variable Costs ( C ) $400 U $31,720 $4,680 F $36,400 Fixed Costs $16,560 $1,720 F $18,280 $18,280 Operating Inc. $35,480 (D) $32,160 (E) $30,280 What are the respective flexible budget (A) and static budget (B)? What are the actual variable costs (C)? What is the total flexible-budget variance (D)?