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Jake's Roof Repair has provided the following data concerning its costs: Wages and salaries Parts and supplies Fixed Cost Cost per per Month Repair-Hour $ 20,900 $ 15.00 $ 7.80 $ 2,710 $ 0.45 Truck operating expenses Rent $ 5,740 $ 1.60 $ 4,640 $ 3,900 $ 0.70 Equipment depreciation Administrative expenses For example, wages and salaries should be $20,900 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 $53.00 per repair-hour

Jake's Roof Repair has provided the following data concerning its costs: Wages and salaries Parts and supplies Fixed Cost Cost per per Month Repair-Hour $ 20,900 $ 15.00 $ 7.80 $ 2,710 $ 0.45 Truck operating expenses Rent $ 5,740 $ 1.60 $ 4,640 $ 3,900 $ 0.70 Equipment depreciation Administrative expenses For example, wages and salaries should be $20,900 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 $53.00 per repair-hour

FINANCIAL ACCOUNTING
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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Jake's Roof Repair has provided the following data concerning its costs: Fixed Cost Cost per per Month Repair-Hour Wages and salaries Parts and supplies Equipment depreciation $ 20,900 $ 15.00 $ 7.80 $ 2,710 $ 0.45 Truck operating expenses Rent $ 5,740 $ 1.60 $ 4,640 $ 3,900 $ 0.70 Administrative expenses For example, wages and salaries should be $20,900 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 $53.00 per repair-hour. 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 (i.e., zero variance). Input all amounts as positive values.) Jake's Roof Repair Activity Variances For the Month Ended May 31 Revenue U Expenses: Wages and salaries F Parts and supplies IF Equipment depreciation IF Truck operating expenses IF Rent F Administrative expenses IF Total expense IF Net operating income U
Transcribed Image Text:Jake's Roof Repair has provided the following data concerning its costs: Fixed Cost Cost per per Month Repair-Hour Wages and salaries Parts and supplies Equipment depreciation $ 20,900 $ 15.00 $ 7.80 $ 2,710 $ 0.45 Truck operating expenses Rent $ 5,740 $ 1.60 $ 4,640 $ 3,900 $ 0.70 Administrative expenses For example, wages and salaries should be $20,900 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 $53.00 per repair-hour. 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 (i.e., zero variance). Input all amounts as positive values.) Jake's Roof Repair Activity Variances For the Month Ended May 31 Revenue U Expenses: Wages and salaries F Parts and supplies IF Equipment depreciation IF Truck operating expenses IF Rent F Administrative expenses IF Total expense IF Net operating income U
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