Calculate the variance for each of these categories, and indicate whether it was a deficit or surplus.
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Fran Bowen created the following budget:
Budget | |||
Food | $ 372 | Clothing | $ 134 |
Transportation | 402 | Personal expenses and recreation | 336 |
Housing | 1,033 |
She actually spent $397 for food, $437 for transportation, $994 for housing, $218 for clothing, and $282 for personal expenses and recreation. Calculate the variance for each of these categories, and indicate whether it was a deficit or surplus.
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- Assume the following informaiton for Greg's Games for the month of June: Budgeted Cost of Goods Sold =$38,000; Desired Ending Merchandise Inventory =$48,000; Beginning Merchandise Inventory = $33,000. Calculate the budgeted purchases for the company in June. A. $43,000 B. $33,000 C. $53,000 D. $38,000Arrasmith Corporation uses customers served as its measure of activity. During February, the company budgeted for 35.100 customers. but actually served 33.400 customers. The company uses the following revenue and cost formulas in its budgeting, where is the number of customers served Revenue: $3.60g Wages and salaries: $33,300+ $113g Supplies: $0.53q Insurance: $10,500 Miscellaneous expenses: $6,500 $0.31 The company reported the following actual results for February $ 121,000 $ 60,100 $ 14,500 $ 10,500 $ 18,200 Revenue Wages and salaris Supplies Insurance Miscellaneous expense Required: Prepare the company's flexible budget performance report for February. Label each variance as favorable (F) or unfavorable (U). (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (Le.. zero variance). Input all amounts as positive values.) Customer served Revenue Expenses: Wages and salaries Supplies Insurance Miscellaneous expense tal…16. Kirnon Clinic uses client-visits as its measure of activity. During July, the clinic budgeted for 3,250 client-visits, but its actual level of activity was 3,160 client-visits. The clinic has provided the following data concerning the formulas to be used in its budgeting: Fixed element per month Variable element per client-visit Revenue $ 0 $ 39.10 Personnel expenses $ 35,100 $ 10.30 Medical supplies 1,100 7.10 Occupancy expenses 8,100 1.10 Administrative expenses 5,100 0.20 Total expenses $ 49,400 $ 18.70 The activity variance for net operating income in July would be closest to: Multiple Choice $1,086 F $1,836 F $1,836 U $1,086 U
- Joana had a budget allocation of P15,000 for materials and P75,000 for direct labor. What is the ratio of the budget allocation for materials to the budget allocation for direct labor?A company provided the following information from its flexible budget performance report: Actual Flexible Master Results Budget Budget Trips (q) 52 Expenses: Maintenance expense ($4,000 + $88.00g) $8,495 ? $8,400 What is the spending variance for maintenance expense? Multiple Choice None of the answers is correct. $176 U $81 U $81 FBlossom Industries has the following actual and master budget information for its two product lines: Volume in Units Unit Contribution Margin Actual Results Sales quantity variance Gizmos Gadgets 1,110 $4 Sales quantity variance Gadgets $ Total sales quantity variance $ Gizmos $ 1,830 $7 Master Budget Compute the Sales Quantity Variances for the Gadgets, Gizmos, and in Total. (Round intermediate calculations to 4 decimal places, eg. 2.3337 and final answers to O decimal places, e.g. 2,555.) Gadgets 1,310 $3 Gizmos 1,730 $8 V
- As sales manager, Joe Batista was given the following static budget report for selling expenses in the Clothing Department of Soria Company for the month of October. Sales in units Variable expenses Sales commissions Advertising expense Travel expense Free samples given out Total variable Fixed expenses Rent (a) Sales salaries Office salaries Depreciation-autos (sales staff) Total fixed Total expenses SORIA COMPANY Clothing Department Budget Report For the Month Ended October 31, 2022 Budget 8,000 $2,400 720 3,600 1,600 8,320 1,500 1,200 800 500 4,000 $12,320 Actual $2,600 850 10,000 2,000 Favorable 4,100 1,400 8,950 1,500 1,200 800 500 4,000 Difference $12,950 Favorable Unfavorable Neither Favorable nor Unfavorable $200 Unfavorable 130 Unfavorable 500 Unfavorable 200 Favorable 630 Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable $630…Using the following information, calculate the static budget, flexible budget and sales-volume variances: Actual Total Revenue $654,000 Budget $789,000 Total Food Cost $114,000 $104,000 Total Variable Labor $60,000 $75,000 Total Fixed Costs $180,000 $180,000 Guests Served 282,000 guests 244,000 guests Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. Enter all variances as positive values. Actual Operating Income: $ Budgeted Operating Income: $ Budgeted CM per guest: $ Flexible Budget Operating Income: $ Static-budget Variance: $ Flexible Budget Variance: $ Sales-volume Variance: $The following information pertains to the month of August. As part of the budgeting process, Shelley Company developed the following static budget for August. Shelley Company is in the process of preparing the flexible budget and understanding the results. Actual Flexible Static Results Budget Budget Sales volume (in units) 50,000 60,000 $1,000,000 $ Sales revenues Variable costs $1,200,000 900,000 780.000 2$ Contribution margin 220,000 300,000 158,000 $ 62,000 180.000 $ 120,000 Fixed costs Operating profit The flexible budget will report for fixed costs. O $900,000 O $600,000 O $180,000 O $150,000 O $160,000 %24
- Trevorrow Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During June, the company budgeted for 5,900 units, but its actual level of activity was 5,860 units. The company has provided the following data concerning the formulas used in its budgeting and its actual results for June: Data used in budgeting: Fixed element per month Variable element per unit Revenue $ 0 $ 29.30 Direct labor $ 0 $ 3.90 Direct materials 0 10.00 Manufacturing overhead 39,000 1.20 Selling and administrative expenses 24,600 0.40 Total expenses $ 63,600 $ 15.50 Actual results for June: Revenue $ 176,358 Direct labor $ 22,310 Direct materials $ 56,330 Manufacturing overhead $ 45,917 Selling and administrative expenses $ 26,989 The overall revenue and spending variance (i.e., the variance for net operating income in the revenue and spending variance column on the flexible budget…Assume that a company provided the following excerpts of Information from its flexible budget performance report Actual Results Courses (91) students (92) Expenses: Administrative expense ($125+ $25091 + $3092) What is the administrative expense activity variance? Multiple Choice O O $550 P $225 F $1.575 P 51125 M 8 260 $ 8,900 Flexible Planning Budget Budget 2 9 > ? 270 $?26 per case. The following information relates to the budget for screenshots attached need help asap
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