Given below is an excerpt from a management performance report:BudgetActual Difference$1200000 $1260000 $60000$60000Contribution marginControllable fixed costs $540000 $480000The manager's overall performancecannot be determined from information given.is 18.2% below expectations.is equal to expectations.O is 18.2% above expectations.

Controllable margin :— It is the difference between contribution margin and controllable fixed…

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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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Lincoln Corporation used the following data to evaluate their current operating system. The company sells items for $12 each and used a budgeted selling price of $12 per unit. Actual Budgeted Units sold 42,000 units 36,000 units Variable costs $168,000 $151,000 $58,000 Fixed costs $45,000 What is the static-budget variance of revenues? O A. $72,000 unfavorable OB. $6,000 unfavorable O C. $72,000 favorable O D. $4,000 favorable O Time Re esc
Current Attempt in Progress The production manager at ABC Inc. is responsible for formulating the budget for his department. He will be evaluated on his ability to control costs. After considerable thought, he arrives at his best estimate of costs, and then adds a further 10% to the projections. Chances are he has Inflated the cost projections because that is the way it has always been done. O conservative accounting practise requires that he not under report expenses. O by overestimating expenses, it will make it easier for him to come in under budget and receive a favourable evaluation. Onone of the above.
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Please creat an Excel spreadsheet with the marketing expenses and revenue data for the previous 10 quartersB.Perform regression analysis to determine the relationship between marketing expenses and revenueC.Using the regression results, creat a graph that plots the data provided along with predicted revenue and 90% confidence interval linesD.Forecast revenue for the next quarter if marketing expenses are budgeted as follows:i.$55,000ii.$65,000iii.$75,000iv.$85,000E.Is this a good representational model? Quantify your answer
Correo Company had a static budgeted operating income of $8.6 million. Actual operating income was $6.4 million. The flexible budget operating income at the actual level of output is $7,000,000. What is the staticbudget variance of operating income? Question content area bottom Part 1 A. $1.6 million Unfavorable B. $1.6 million Favorable C. $2.2 million Favorable D. $2.2 million Unfavorable Please provide only typed answer solution no handwritten solution needed allowed.. Please do it neat and clean correctly.
Carson CPAS specializes in preparing 1040EZ returns for low-income clients. The firm charged $100 per return this year and budgeted $100 per return. Additional information for the firm includes: Actual Budgeted 800 750 $37,500 12,000 Returns processed Variable costs Fixed costs Prepare Carson's static budget and the static budget performance report. Note: Do not use negative signs with any of your answers. Note: Indicate whether the variance is favorable (F) or unfavorable (U) using the drop-down menu in the last column next to the variable amount. Budgeted returns Actual returns Returns processed variance Revenue Variable costs Fixed costs Net income $36,000 12,500 $ $ Actual Results 0 For U $ 0$ Budget Results $ 0$ Variances 0 0 0 0 For U ♦ + >
As the new accountant for Cohen & Company, you have been asked to provide a succinct analysis of financial performance for the year just ended. You obtain the following information that pertains to the company's sole product: Actual Master Budget Units sold 35,000 40,000 Sales $ 385,000 $460,000 Variable costs 215,000 275,000 Fixed costs 148,125 140,000 Required: 1. What was the actual operating income for the period? 2. What was the company's master budget operating income for the period? 3. (a) What was the total master budget variance, in terms of operating income, for the period? (b) Is this variance favorable or unfavorable? (If a variance has no amount, select "None" in the corresponding dropdown cell. ) 4. The total master budget variance for a period can be decomposed into a total flexible budget variance and a sales volume variance. (a) What was the total flexible - budget variance for the period? (b) Was this variance favorable or unfavorable? (c) What was the sales volume…
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These are True/False questions. ____ 6. If the total unit cost of manufacturing Product Y is currently $36 and the total unit cost after modifying the style is estimated to be $48, the differential cost for this situation is $12. ____ 7. A process whereby the effect of fluctuations in level of activity is built into the budgeting system is referred to as flexible budgeting. ____ 8. In an investment center, the manager has the responsibility and the authority to make decisions that affect not only costs and revenues, but also the plant assets invested in the center. ____ 9. The capital expenditures budget summarizes future plans for acquisition of fixed assets. ____ 10. The process by which management plans, evaluates, and controls long-term investment decisions involving fixed assets is called capital investment analysis.
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