Required:Prepare a flexible budget performance report that shows the company's revenue and spending varlances and activity variances forAugust. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zerovarlance). Input all amounts as positive values.)Lavage RapideFiexible Budget Performance ReportFor the Month Ended August 31ActualResultsFlexibleBudgetPlanningBudgetCars washed8,100Revenue53,300Expenses:Cleaning supplies3,700Electricity2,030Maintenance2,240Wages and salaries7,960Depreciation8,300Rent2,400Administrative expenses1,940Total expense28,57024,730Net operating income Exercise 9-13 (Algo) Prepare a Flexible Budget Performance Report (LO9-4)Lavage Rapide is a Canadian company that owns and operates a large automatic car wash faclity near Montreal. The following tableprovides estimates concerning the company's costs:FixedCont per Cont perMonth Car Wanhed$ 0.40Cleaning wuppliesElectricity$ 1,500$0.07Maintenance$ 0.25$ 0.40Wages and nalariesDepreciationRentAdministrative expenses$ 4,400$ 8,300$ 2,200$ 1,800$0.03For example, electricity costs should be $1,500 per month plus $0.07 per car washed. The company expects to wash 8,000 cars inAugust and to collect an average of $6.40 per car washed.The actual operating results for August are as follows:Lavage RapideIncome StatementFor the Month Ended August 318,100$ 53,300Actual cars washedRevenueЕxpensesCleaning suppliesElectricityMaintenance3,7002,0302,2407,9608,3002,400Wages and salariesDepreciationRentAdministrative expensesTotal expense1,94028,570$ 24,730Net operating income

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Prepare a flexible budget performance report that shows the company's revenue and spending varlances and activity varlances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as positive values.)

Prepare a flexible budget performance report that shows the company's revenue and spending varlances and activity varlances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as positive values.)

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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Requirement 2. Prepare a flexible-budget-based variance analysis of the September performance. Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable or unfavorable. (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label. Enter operating losses with a minus sign or parentheses.) Actual Results Units sold Revenues Variable costs Contribution margin Fixed costs Operating income (loss)
- Flexible and Actual Units (pounds) are given belowCalculate revenue and spending variances for AugustGiven: Revenue 4per poundOn OwnPacking Supplies0.5per poundOyster Bed Maintenance3200flatWages & Salaries2900flat plus0.3 per poundShipping0.8per pound Utilities830flat Other450flat plus0.05per poundFlexible Budget & Actual Results for the Month Ending May 31 ActualFlexibleRev & Spend'gPounds (Q)8, 0008,000Variances(actual flexible) Revenue 35,200 Expenses: Packing Supplies4, 200 Oyster Bed Maintenance3, 100 Wages & Salaries5, 640 Shipping6, 950 Utilities 810 Other980 Total Expenses21, 680 Net Operating Income13, 520 Flexible and Actual Units (pounds) are given below Given: Calculate revenue and spending variances for August Revenue Packing Supplies Oyster Bed Maintenance 4 per pound 0.5 per pound 3200 flat Wages & Salaries 2900 flat-plus 0.3 per pound Shipping Utilities Other 0.8 per pound 830 flat 450 flat-plus 0.05 per pound Flexible Budget & Actual Results for the Month Ending May…
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The following table contains a hypothetical partial master budget performance report for European Fudge Company. (Click the icon to view the partial master budget performance report.) Fill in the missing amounts. Be sure to indicate whether variances are favorable (F) or unfavorable (U). (Enter the variances as positive numbers. Label each variance as favorable (F) or unfavorable (U). If the variance is 0, make sure to enter in a "0". A variance of zero is considered favorable.) European Fudge Company Flexible Budget Performance Report: Sales and Operating Expenses For Year Ended December 31 Sales volume (number of cases sold) Shipping expense ($4 per case sold) Actual Sales revenue ($34 per case) $ 419,500 $ Less variable expenses: Sales expense ($5 per case sold) Contribution margin 12,500 $ 60,100 49,500 309,900 Flexible Budget Variance Flexible Budget 2200 F 400 U 12,500 5,500 U $425,000 2900 F $ 62,500 50,000 312,500 Volume Variance 40800 F $ 6000 U$ 1200 U 33600 F Master Budget…
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AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas and actual results for the month of February: Variable Fixed Component per Month Component per Job $ 277 Actual Total for February $ 27,720 $ 8,350 $ 8,370 Revenue Technician wages $ 8,500 Mobile lab operating expenses $ 4,900 $ 33 Office expenses $ 2,400 $2 $ 2,470 Advertising expenses $ 1,600 $ 1,670 Insurance $ 2,850 $ 2,850 Miscellaneous expenses $ 960 $ 1 $ 375 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,900 plus $33 per job, and the actual mobile lab operating expenses for February were $8,370. The company expected to work 110 jobs in February, but actually worked 120 jobs. Required: Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activity variances for February. (Indicate the effect of each variance by selecting "F"…
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