Jake's Roof Repair has provided the following data concerning its costs:Fixed Costper Month$21,000Cost perRepair-Hour$15.00$7.50$ 0.35$ 1.70$ 0.70Wages and salariesParts and suppliesEquipment depreciationTruck operating expensesRentAdministrative expensesFor example, wages and salaries should be $21,000 plus $15.00 per repair-hour. The company expected to work 2,900 repair-hours inMay, but actually worked 2,800 repair-hours. The company expects its sales to be $51.00 per repair-hourRevenueExpenses$ 2,710$ 5,740Required:Compute the company's activity variances for May. (Indicate the effect of each variance by selecting "F" for favorable, "U" forunfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.)$ 4,620$ 3,820Wages and salariesParts and suppliesEquipment depreciationTruck operating expensesRentJake's Roof RepairActivity VariancesFor the Month Ended May 31Administrative expensesTotal expenseNet operating income

Variances are the differences between the actual values and budgeted values. If the budgeted values…

Jake's Roof Repair has provided the following data concerning its costs: Cost per Repair-Hour $15.00 $ 7.50 $ 0.35 $ 1.70 $ 0.70 Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses Rent Administrative expenses For example, wages and salaries should be $21,000 plus $15.00 per repair-hour. The company expected to work 2,900 repair-hours in May, but actually worked 2,800 repair-hours. The company expects its sales to be $51.00 per repair-hour Revenue Expenses Required: Compute the company's activity variances for May. (Indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.) Fixed Cost per Month $21,000 Wages and salaries Parts and supplies $ 2,710 $ 5,740 $ 4,620 $ 3,820 Jake's Roof Repair Activity Variances For the Month Ended May 311 Equipment depreciation Truck operating expenses Rent Administrative expenses Total expense Net operating income

Jake's Roof Repair has provided the following data concerning its costs: Cost per Repair-Hour $15.00 $ 7.50 $ 0.35 $ 1.70 $ 0.70 Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses Rent Administrative expenses For example, wages and salaries should be $21,000 plus $15.00 per repair-hour. The company expected to work 2,900 repair-hours in May, but actually worked 2,800 repair-hours. The company expects its sales to be $51.00 per repair-hour Revenue Expenses Required: Compute the company's activity variances for May. (Indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.) Fixed Cost per Month $21,000 Wages and salaries Parts and supplies $ 2,710 $ 5,740 $ 4,620 $ 3,820 Jake's Roof Repair Activity Variances For the Month Ended May 311 Equipment depreciation Truck operating expenses Rent Administrative expenses Total expense Net operating income

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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Wages and salaries Jake's Roof Repair provided the following data concerning its costs: Cost per Repair-Hour $ 15.00 Fixed Cost per Month $ 21,100 Parts and supplies $ 7.40 Equipment depreciation $ 2,750 $ 0.55 Truck operating expenses $ 5,730 $ 1.70. Rent $ 4,690 Administrative expenses $ 3,850 $ 0.70 For example, wages and salaries should be $21,100 plus $15.00 per repair-hour. The company expected to work 2,600 repair-hours in May but actually worked 2,500 repair-hours. The company expects its sales to be $47.00 per repair-hour. Required: Compute the company's activity variances for May. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Required: Compute the company's activity variances for May. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all…
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