2. Flexible Budget for Selling and Administrative Expenses for a Service CompanyMorningside Technologies Inc. uses flexible budgets that are based on the following data: Flexible Budget for Selling and Administrative Expenses for a Service CompanyMorningside Technologies Inc. uses flexible budgets that are based on the following data:9% of salesSales commissionsAdvertising expenseMiscellaneous administrative expenseOffice salaries expenseCustomer support expensesResearch and development expenseTotal salesVariable cost:Prepare a flexible selling and administrative expenses budget for April for sales volumes of $120,000, $150,000, and $180,000. Enter all amounts as positive numbers.Morningside Technologies Inc.Flexible Selling and Administrative Expenses BudgetFor the Month Ending April 30Sales commissionsAdvertising expenseMiscellaneous administrative expenseCustomer support expensesTotal variable costFixed cost:Miscellaneous administrative expense15% of salesOffice salaries expenseCustomer support expenses$1,900 per month plus 2% of sales$18,000 per month$2,700 plus 3% of sales.4,800 per month$120,000 $150,000 $180,000 Morningside Technologies Inc.Flexible Selling and Administrative Expenses BudgetFor the Month Ending April 30Total salesVariable cost:Sales commissionsAdvertising expenseMiscellaneous administrative expenseCustomer support expensesTotal variable costFixed cost:Miscellaneous administrative expenseOffice salaries expenseCustomer support expensesResearch and development expenseTotal fixed cost$120,000 $150,000 $180,000$Total selling and administrative expenses $$$00⁰⁰⁰00000

A flexible budget is prepared on the basis of the budgeted rate and on the basis of different budget…

Flexible Budget for Selling and Administrative Expenses for a Service Company Morningside Technologies Inc. uses flexible budgets that are based on the following data: 9% of sales Sales commissions Advertising expense Miscellaneous administrative expense Office salaries expense Customer support expenses Research and development expense Total sales Variable cost: Sales commissions Advertising expense Miscellaneous administrative expense Customer support expenses Total variable cost Prepare a flexible selling and administrative expenses budget for April for sales volumes of $120,000, $150,000, and $180,000. Enter all amounts as positive numbers. Morningside Technologies Inc. Flexible Selling and Administrative Expenses Budget For the Month Ending April 30 Fixed cost: Miscellaneous administrative expense Office salaries expense 15% of sales Customer support oxDODGO $1,900 per month plus 2% of sales $18,000 per month $2,700 plus 3% of sales 4,800 per month $120,000 $150,000 $180,000 18

Flexible Budget for Selling and Administrative Expenses for a Service Company Morningside Technologies Inc. uses flexible budgets that are based on the following data: 9% of sales Sales commissions Advertising expense Miscellaneous administrative expense Office salaries expense Customer support expenses Research and development expense Total sales Variable cost: Sales commissions Advertising expense Miscellaneous administrative expense Customer support expenses Total variable cost Prepare a flexible selling and administrative expenses budget for April for sales volumes of $120,000, $150,000, and $180,000. Enter all amounts as positive numbers. Morningside Technologies Inc. Flexible Selling and Administrative Expenses Budget For the Month Ending April 30 Fixed cost: Miscellaneous administrative expense Office salaries expense 15% of sales Customer support oxDODGO $1,900 per month plus 2% of sales $18,000 per month $2,700 plus 3% of sales 4,800 per month $120,000 $150,000 $180,000 18

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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A flexible budget depicted graphically O differs from a CVP graph in that sales revenue is not shown. differs from a CVP graph in the way that fixed costs are shown. O is identical to a CVP graph. O differs from a CVP graph in the way that variable costs are shown.
QUESTION 8 For a company that does not have any production resource limitations, which of the following sets out a correct sequence for budger preperation? Oa. Sales budger, Production budget, Finished goods inventory budget, then Materials usage budger Ob.Sales budget, Finished goods inventory budget, Production budget, then Materials usage budget OC Sales budget, Maserials usage budget, Production budget, then Finished goods inventory budget Od. Production budger, Sales budget. Finished goods inventory budger, then Materials usage budget QUESTION 9 Roxy Ltd uses a standard costing system. The budget for one of its products for june includes labour cost (based on 4 hours per unit) of E17,600. During June 350 units were made which was 25 units fewer than budgeted. The labour cost incurred wes £11,850 and the number of labour hours worked was 1,000. What was Raxy's labour rate variance for June (rounded to the nearest E10)? OAE120 (F) OBE120 (A) O E4,580 (F) O d.E4.580 (A)
Using the same above information, what woult it look like to complete the following? Direct labor budget. Factory overhead budget. Selling expense budget. General and administrative expense budget.
Which of the following is true? a) The direct materials purchases budget is determined from the direct labour budget. b) The only budget providing input into the revenue budget is the sales budget c) The direct materials purchases budget and the capital expenditures budget are both determined from the production budget. d) The selling and administrative expense budget is input into the forecasted cost of goods sold.
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The direct labor budget shows the direct labor-hours required to satisfy the production budget. True or False In the manufacturing overhead budget, the non-cash charges (such as depreciation) are deducted from the total budgeted manufacturing overhead to determine the expected cash disbursements for manufacturing overhead. True or False The manufacturing overhead budget lists all costs of production other than direct materials and direct labor. True or False the selling and administrative expense budget lists all costs of production other than direct materials and direct labor. True or False The budgeted variable selling, and administrative expense is calculated by multiplying the budgeted unit sales by the variable selling and administrative expense per unit. True or False Waste on the production line will result in an unfavorable materials price variance. True or False Material price variances are often isolated at the time…
Brabham Enterprises manufactures tires for the Formula I motor racing circuit. For August 2020, it budgeted to manufacture and sell 3,000 tires at a variable cost of $73 per tire and total fixed costs of $57,000. The budgeted selling price was $111 per tire. Actual results in August 2020 were 2,700 tires manufactured and sold at a selling price of $113 per tire. The actual total variable costs were $218,700, and the actual total fixed costs were $53,500. Read the requirements Requirement 1. Prepare a performance report with a flexible budget and a static budget Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable or unfavorable. (For variances with a 10 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label) Units sold Revenues Variable costs Contribution margin Fixed costs Operating income Actual Results
Activity-based budgeting is a system that recorded and analyses activities that lead to costs of the company. State FIVE (5) examples of suitable business using the activity-based budgeting
1. What is the total budgeted indirect cost at the Elmore store in January 2018? What is the total budgeted cost of each activity at the Elmore store for January 2018? What is the budgeted indirect cost of each product category for January 2018? 2. Which product category has the largest fraction of total budgeted indirect costs? 3. Given your answer in requirement 2, what advantage does Maclin's Corner gain by using an activity-based approach to budgeting over, say, allocating indirect costs to products based on cost of goods sold?
Which of the following budgets provides data for different levels of sales volume? Group of answer choices Static budget Flexible budget Sales budget Master budget
On the production budget, the number of units to be produced is computed as Select one: a. unit sales + desired end inventory + beginning inventory. b. unit sales - desired end inventory - beginning inventory. c. unit sales - desired end inventory + beginning inventory. d. unit sales + desired end inventory - beginning inventory. e. unit sales - cost of goods sold + beginning inventory. PreviousSave AnswersNext
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