Payable is a batch level activities Static Budget 1000000 S $2,90 $100000 Activities Number of deliveries Batch size interm of deliveries Variable cost per batch Fixed O.H cost 1. Flexible Budget variance 2. Spending variance for var. 3. Efficiency variance for var. 4. Spending fixed cost variance. 5.Production volume Actual 948000 4,466 2,80 $90000

Payable is a batch level activities Static Budget 1000000 S $2,90 $100000 Activities Number of deliveries Batch size interm of deliveries Variable cost per batch Fixed O.H cost 1. Flexible Budget variance 2. Spending variance for var. 3. Efficiency variance for var. 4. Spending fixed cost variance. 5.Production volume Actual 948000 4,466 2,80 $90000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 6EB: Given the following information from Power Enterprises direct materials budget, how much direct...

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Payable is a batch level activities Static Budget 1000000 S $2,90 $100000 Activities Number of deliveries Batch size interm of deliveries Variable cost per batch Fixed O.H cost 1. Flexible Budget variance 2. Spending variance for var. 3. Efficiency variance for var. 4. Spending fixed cost variance. 5.Production volume Actual 948000 4,466 2,80 $90000
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1. Prepare a Level 2 Variance Analysis and answer the following questions. Actual Results Static Budget 1,020 units 1,000 units Units Revenues Total Var Cost Total Contr Margin Fixed Cost a. b. asup C. d. e. f. 100 woll $110,160 $ 74,460 $100,000 $ 70,000 Iban Mato Xmaldor $ 19,600 Operating Income $ 16,100 $ 10,000 shot Describe precisely the meaning of the following variances from this Performance Report: Flexible Budget Variance for Revenues palodi sat osup a'lood pl BV smi vispicyng pors $ 20,000 Flexible Budget Variance for Tot Variable Cost Flexible Budget Variance for Fixed Cost Sales Volume Variance for Revenues Sales Volume Variance for Tot Variable Cost Sales Volume Variance for Fixed Cost B
x Thomas Co. provides the following fixed budget data for the year: Sales (20,000 units) Cost of sales: Direct materials Direct labor Variable overhead Fixed overhead Gross profit Operating expenses: Fixed Variable Income from operations The company's actual activity for the Sales (21,000 units) Cost of goods sold: Direct materials Direct labor Variable overhead Fixed overhead Gross profit Operating expenses: Fixed Variable Income from operations F3 $200,000 160.000 60,000 80,000 $ 12,000 40.000 year follows: $231.000 168,000 73.500 77.500 12.000 39.500 F6 $600,000 500,000 $100,000 52.000 $ 48,000 $651,000 550.000 $101.000 51.500 $49.500 F7 F8
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Prepare a flexible budget management report indicating the activity variance and revenue and spending variance using the given information. You may use the formula in excel file practice set.
Variance Industries, Ltd. creates problems for accounting students. At the end of the first quarter of 2021, you have been asked to prepare a variance analysis of the company's operations for the quarter recently ended. You have gathered the data below from the company's accounts and the static budget prepared in December 2020. Variable and fixed manufacturing overhead are allocated based on direct- labour dollars. Units manufactured and sold Sales revenue Variable costs Direct materials Direct labour Variable manufacturing overhead Total variable costs Contribution margin Fixed manufacturing overhead Operating income (loss) Actual results Static budget 10,000 12,000 $320,000 $50,000 125,000 29,000 204,000 116,000 73,000 43,000 $360,000 $60,000 120,000 24,000 204,000 156,000 72,000 84,000
the budgeted direct labor cost per unit of Product T is closest to: 9.10 10.50 7.00 15.75
The level 2 variance analysis table is shown here: Actual Results Flexible Variances Flexible Budget Volume Variances Sales-Static Units sold Sales Variable costs Contribution margin Fixed costs Operating income When complete the table values for E and F are O $76,000 U and $220,000 U 46,000 $2,760,000 1,564,000 $1,196,000 627,000 44,000 $2,475,000 1,540,000 $900,000 660,000 $240,000 A B. D. G $309,000 F Y and O $276,000 U and $20,000 U O $76,000 F and $220,000 F $276,000 Fand $20,000 F O O O
Calculate the value of A. Enter Favourable variances as a positive number and Unfavourable variances as a negative number. 1 2 Units 3 4 Less: Total Variable Costs 5 Direct Materials Revenues 6 Direct Labour 7 Variable Manuf. OH. 8 Total Variable Costs 9 Total Contribution Margin 10 Total Fixed Costs 11 Operating Income $ B Static 120,000 C Actual $ D Flex Budget 80,000 E Flex Budget Variance $70,000 F $20,000 U $20,000 U
Flexible Sales Actual Flexible Master Budget Activity Results Budget Budget Variance Variance Units 10,000 ? 2,700 Sales revenue ? 10,000 F ? ? Less: 87,100 90,300 ? 98,000 Contribution margin 51,300 ? ? 6,700 What is the sales revenue in the flexible budget? Hint: Use your variances to find missing numbers and back into an answer