Lenci Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During May. the company budgeted for 5,160 units, but Iits actual level of activity was 5.110 units. The company has provided the following data concerning the formulas used in its budgeting and its actual results for May. Data used in budgeting: Fixed variable element element per unit $40.20 per month Revenue $ 6.10 16.30 1.90 Direct labor Direct materials Manufacturing overhead Selling and administrative expenses 42,100 23,300 $65,400 e.se Total expenses $25.10 Actual results for May. Revenue $198,410 $ 29,165 $ se, 865 $ 50,905 $ 23,280 Direct labor Direct materials Manufacturing overhead Selling and administrative expenses

Lenci Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During May. the company budgeted for 5,160 units, but Iits actual level of activity was 5.110 units. The company has provided the following data concerning the formulas used in its budgeting and its actual results for May. Data used in budgeting: Fixed variable element element per unit $40.20 per month Revenue $ 6.10 16.30 1.90 Direct labor Direct materials Manufacturing overhead Selling and administrative expenses 42,100 23,300 $65,400 e.se Total expenses $25.10 Actual results for May. Revenue $198,410 $ 29,165 $ se, 865 $ 50,905 $ 23,280 Direct labor Direct materials Manufacturing overhead Selling and administrative expenses

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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Dinham Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During March, the kennel budgeted for 3,600 tenant-days, but its actual level of activity was 3,630 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for March: Data used in budgeting: 01:08:33 Revenue Wages and salaries Food and supplies Facility expenses Administrative expenses Total expenses Actual results for March: Variable Fixed element per month $ 0 element per tenant-day $34.50 $ 2,500 $ 7.50 1,500 14.00 8,000 3.00 6,500 0.60 $ 18,500 $ 25.10 Revenue Wages and salaries Food and supplies Facility expenses Administrative expenses $ 121,234 $ 28,550 $ 53,125 $ 18,250 $ 7,095 The spending variance for food and supplies in March would be closest to: Multiple Choice k
ennies Clinic uses client-visits as its measure of activity. During November, the clinic budgeted for 3,400 client-visits, but its actual level of activity was 3,390 client-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for November: Data used in budgeting: Fixed element per month Variable element per client-visit Revenue $ 0 $ 35.60 Personnel expenses $ 29,700 $ 10.60 Medical supplies 1,300 6.00 Occupancy expenses 7,800 2.10 Administrative expenses 6,100 0.20 Total expenses $ 44,900 $ 18.90 Actual results for November: Revenue $ 120,854 Personnel expenses $ 65,608 Medical supplies $ 22,436 Occupancy expenses $ 14,437 Administrative expenses $ 6,563 The activity variance for personnel expenses in November would be closest to: rev: 06_30_2020_QC_CS-208650 Multiple Choice
Arrasmith 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…
Leist Clinic uses client-visits as its measure of activity. During September, the clinic budgeted for 2,200 client-visits, but its actual level of activity was 2,170 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 $ 50.80 Personnel expenses $ 26,600 $ 15.60 Medical supplies 1,400 9.40 Occupancy expenses 7,600 2.40 Administrative expenses 5,300 0.10 Total expenses $ 40,900 $ 27.50 The occupancy expenses in the flexible budget for September would be closest to: Multiple Choice A. $13,215 B. 12,808 C. $13,583 D. $12,880
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Moncrief Corporation bases its budgets on machine-hours. The company's static planning budget for July appears below: Budgeted number of machine-hours Supplies (@ $8.60 per machine-hour) Power (@ $8.80 per machine-hour) 1,000 $ 8,600 8,800 Salaries 11,300 Equipment depreciation 9,900 Total $ 38,600 Actual results for the month were: Actual number of machine-hours 1, 200 $ 10, 290 $ 10,860 $ 11,690 $ 9,990 Supplies Power Salaries Equipment depreciation The spending variance for power costs in the flexible budget performance report for the month should be: Multiple Choice
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Tennies Clinic uses client-visits as its measure of activity. During November, the clinic budgeted for 4,200 client-visits, but its actual level of activity was 4,190 client-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for November: Data used in budgeting: Fixed element per month Variable element per client-visit Revenue - $ 37.20 Personnel expenses $ 31,300 $ 12.20 Medical supplies 2,100 7.60 Occupancy expenses 9,400 3.70 Administrative expenses 7,700 0.20 Total expenses $ 50,500 $ 23.70 Actual results for November: Revenue $ 156,078 Personnel expenses $ 82,376 Medical supplies $ 34,788 Occupancy expenses $ 24,405 Administrative expenses $ 8,291 The activity variance for personnel expenses in November would be closest to:
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Kirnon Clinic uses client-visits as its measure of activity. During July, the clinic budgeted for 2,000 client-visits, but its actual level of activity was 2,010 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 $ 43.70 Personnel expenses $ 26,100 $ 12.10 Medical supplies 1,000 6.30 Occupancy expenses 6,800 1.60 Administrative expenses 3,000 0.20 Total expenses $ 36,900 $ 20.20 The activity variance for net operating income in July would be closest to: Multiple Choice A. $235 F B. $235 U C. $2,825 F D. $2,825 U