Patterson, Inc. wishes to evaluate, in summary fashion, its financial performance for the most recent period Budgeted and actual operating results for thisperiod are presented belowPatterson, Inc. wishes to evaluate, in summary fashion, its financial performance for the most recentperi od. Budgeted and actual operating results for this period are presented below.Master Budget40,000$ 2,000,000$ 1,200,000$ 600,000Actual Results36,000$ 1,900,000S 1152,000%24Units soldSalesVariable costs660,000Fixed costs1 What was the actual operating income for the period, to the nearest dollar?2. What is the firm's master budget operating income, to the nearest dollar?3. What was the flexible-budget operating income for the period, to the nearest dollar?4. What is the total operating-income variance of the period, to the nearest dollar?5 What was the sales-volume variance, in terms of operating income, for the period, to the nearest dollar?6. What are the key elements of the traditional financial control model?7 What are the primary limitations of the traditional financial control model?

The question is based on the concept of Cost Accounting. As per the Bartleby guidelines we are…

Patterson, Inc. wishes to evaluate, in summary fashion, its financial performance for the most rec period are presented below Patterson, Inc, wishes to evaluate, in summary fashion, its financial perform ance for the most recent peri od. Budgeted and actual operating results for this period are presented below. Actual Results Master Budget 40,000 $ 2,000,000 S 1,200,000 600,000 36,000 $ 1,900,000 $ 1,152,000 660,000 Units sold Sales Variable costs %24

Patterson, Inc. wishes to evaluate, in summary fashion, its financial performance for the most rec period are presented below Patterson, Inc, wishes to evaluate, in summary fashion, its financial perform ance for the most recent peri od. Budgeted and actual operating results for this period are presented below. Actual Results Master Budget 40,000 $ 2,000,000 S 1,200,000 600,000 36,000 $ 1,900,000 $ 1,152,000 660,000 Units sold Sales Variable costs %24

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

ni.3
Sagar
Budgeted Revenues = $300,000, COGS = $180,000, SG&A=90,000. Actual Revenues = $285,000, COGS = $178,000, SG&A= $87,000. What is the COGS variance from adjusted budget (in dollars)? O $7,000 O $2,000 O-$2,000 O $1,900
Please add detail explanation for all calculation. Built-Tight is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for product costs for the quarter follow. **attached image chart -Budgeted Sales on July $64,000 / August $80,000 / September $48,000 -Budgeted Cash Payments for Direct Materials on July $16,160 / August $13,440 / September $13,760 Direct Labor on July $4,040 / August $3,360 / September $3,440 Factory Overhead on July $20,200 / August $16,800 / September $17,200 Sales are 20% cash and 80% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $45,000 in accounts receivable; $4,500 in accounts payable; and a $5,000 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid…
Flexible Budgeting At the beginning of the period, the Fabricating Department budgeted direct labor of $216,200 and equipment depreciation of $52,000 for 9,400 hours of production. The department actually completed 11.500 hours of production Determine the budget for the department, assuming that it uses thesible budgeting. D
PREKID ouogeping At the beginning of the period, the Fabricating Department budgeted direct labor of $120,400 and equipment depreciation of $45,000 for 8,600 hours of production. The department actually completed 10,800 hours of production. Determine the budget for the department, assuming that it uses flexible budgeting.
The following information is from the manufacturing budget and budgeted financial statements of Altman Corporation: Direct materials inventory, 1/1 $ 90,000 Direct materials inventory, 12/31 $ 106,000 Direct materials budgeted for use during year Accounts payable to suppliers, 1/1. $ 348,000- $ 58,000 Accounts payable to suppliers, 12/311 $ 68,000 For the year, budgeted purchases of direct materials amounted to: Multiple Choice
1.-At the beginning of the period, the Fabricating Department budgeted direct labor of $39,600 and equipment depreciation of $61,000 for 1,800 hours of production. The department actually completed 2,400 hours of production. Determine the budget for the department, assuming that it uses flexible budgeting.
View Policies Current Attempt in Progress Avalon, Inc's static budget shows $40,500 budgeted for direct materials, $54,000 budgeted for direct labor, and $13,500 budgeted for overhead. Avalon's actual direct materials were $42,000, actual direct labor was $51,000, and actual overhead was $13,800. What is the total difference between the static budget and actual, and is the difference favorable or unfavorable? O $4,800, unfavorable O $1,200, favorable O $1,200, unfavorable O $4,800, favorable Save for Later Attempts: 0 of 1 used Submit Answer
At the beginning of the period, the Fabricating Department budgeted direct labor of $123,500 and equipment depreciation of $34,000 for 6,500 hours of production. The department actually completed 8,600 hours of production. Determine the budget for the department, assuming that it uses flexible budgeting.$fill in the blank 1
Please answer in text form without image
The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year: Ending Balances Cash ? Accounts receivable $ 10,100 Supplies inventory $ 4,600 Equipment $ 44,000 Accumulated depreciation $ 17,800 Accounts payable $ 3,800 Common stock $ 5,000 Retained earnings ? The beginning balance of retained earnings was $37,000, net income is budgeted to be $21,700, and dividends are budgeted to be $4,300. Prepare the company’s budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)