QS 21-4 Flexible budget performance report P1The fixed budget for 20,000 units of production shows sales of $400,000; variable costs of $80,000; and fixed costs of $150,000. Thecompany's actual sales were 26,000 units at $480,000. Actual variable costs were $112,000 and actual fixed costs were $145,000. Prepare aflexible budget performance report. Indicate whether each variance is favorable or unfavorable.Page 847

The objective of this question is to prepare a flexible budget performance report and indicate…

Answered: QS 21-4 Flexible budget performance…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Exercise 17-29 (Algo) Industry Volume and Market Share Variances (LO 17-3) Gerisch Consolidated sold 21,620 units of its only product last period. It had budgeted sales of 24,770 units based on an expected market share of 25 percent. The sales activity variance for the period is $466,200 U. The industry volume variance was $261,960 U. Required: a. What is the budgeted contribution margin per unit for the product? b. What is the actual industry volume? c. What was the actual market share for Gerisch? Note: Round your answer to 1 decimal place (i.e. .123 as 12.3). d. What is the market share variance? Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. a. Contribution margin b. Actual industry volume c. Actual market share d. Market share variance per unit units %
6 nts eBook Hint Ask C Print eferences C aw II =C Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavorable. The company budgets a selling price of $85 per unit and variable costs of $34 per unit. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) For Month Ended June 30 Sales Variable costs Contribution margin Fixed costs Income ! 1 Q A F1 N @ 2 W --- F2 S Flexible Budget Performance Report Flexible Budget Actual Results (12,300 units) (12,300 units) # 3 X 627,300 285,000 80 F3 E D 4 a F4 366,000 C 300,000 R % 5 F Variances Favorable/Unfavorable $ J B F7 H DII FB J N DD F9 9 K F10 0 Hel
Check my w QS 21-1 (Algo) Flexible budget performance report LO P1 Beech Company produced and sold 112,000 units in May. For the level of production in May, budgeted amounts were sales, $1,260,000; variable costs, $846,000; and fixed costs, $260,000. The following actual results are available for May. Actual Results Sales (112,000 units) Variable costs Fixed costs $ 1,237,000 814,500 260,000 Prepare a flexible budget performance report for May. Indicate whether each variance is favorable or unfavorable. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) BEECH COMPANY Flexible Budget Performance Report For Month Ended May 31 Flexible Budget Actual Results Favorable/ Unfavorable $ 1,260,000 Sales Variable costs 846,000 Contribution margin 414,000 0 Fixed costs 260,000 260,000 Income 154,000 $ (260,000) Prev ere to search s $ Variances 1 of 10 ⠀⠀⠀ Unfavorable Favorable Favorable No variance Favorable Next >
Problem 21-3A Flexible budget preparation; computation of materials, labor, and overhead variances; and overhead variance report LO P1, P2, P3, P4 Skip to question [The following information applies to the questions displayed below.] Antuan Company set the following standard costs for one unit of its product. Direct materials (6 Ibs. @ $5 per Ib.) $ 30 Direct labor (2 hrs. @ $17 per hr.) 34 Overhead (2 hrs. @ $18.50 per hr.) 37 Total standard cost $ 101 The predetermined overhead rate ($18.50 per direct labor hour) is based on an expected volume of 75% of the factory’s capacity of 20,000 units per month. Following are the company’s budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs Indirect materials $ 45,000 Indirect labor 180,000 Power 45,000 Repairs and maintenance 90,000 Total variable overhead costs $ 360,000 Fixed…
Exercise 17-26 (Algo) Sales Mix and Quantity Variances (LO 17-4) A-Zone Media sells two models of e-readers, The budgeted price per unit for the wireless model is $200 and the budgeted price per unit for the wireless and cellular model is $432. The master budget called for sales of 10,800 wireless models and 2,900 wireless and cellular models during the current year, Actual results showed sales of 8,300 wireless mnodels, with a price of $240 per unit, and 4,500 wireless and cellular models, with a price of $560 per unit. The standard variable cost per unit is $88 for a wireless model and $200 for a wireless and cellular model. Requlred: a. Compute the activity variance for these data. b. Compute the mix and quantity varlance for these data. (Enter your answers rounded to the nearest whole dollar.) Complete this question by entering your answers In the tabs below. Required A Required B Compute the activity variance for these data. (Do not round Intermediate calculations. Indicate the…
Exercise 16-28 (Static) Profit Varlance Analysis (LO 16-4) The master budget at Cherrylawn Corporation at the beginning of the year was based on sales of 275,000 units with revenues of $3,300,000 Total variable costs were budgeted at $1.925,000 and fixed costs at $950.000. During the period, actual production and actual sales were 255,000 units. The actual revenues were $3,442,500. Actual variable costs were $6.50 per unit. Actual fixed costs were $980,000. Required: Prepare a profit variance analysis. Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Sales revenue Less Variable costs Contribution margin Less Fixed costs Operating profits 15 S S Actual Cherrylawn Corporation Profit Varlance Analysis Manufacturing Variances Sales Price Variance Flexible Budget Sales Activity Variance Master Budget FM $ MISTRES $
Question 18 options: Big Construction's actual results and the Master or Static budget information for the month of May is below. Big Construction is in the process of preparing the flexible budget and understanding the results. ActualResults Flexible Budget Static Budget Sales volume (in units) 13,000 10,000 Sales revenues $275,000 $250,000 Variable costs 200,000 175,000 Contribution Margin 75,000 75,000 Fixed costs 50,500 49,500 Operating profit $24,500 25,500 Using all information above, what is the flexible budget operating profit?
Exercise 21-4 (Algo) Preparing flexible budget performance report LO P1 Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavorable. The company budgets a selling price of $85 per unit and variable costs of $34 per unit. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) For Month Ended June 30 Sales Variable costs Contribution margin Fixed costs Income Flexible Budget Performance Report Flexible Budget Actual Results (12,300 units) (12,300 units) 627,300 285,000 366,000 300,000 Variances Favorable/Unfavorable $ 44,500 Favorable
Exercise 21-7 (Algo) Standard cost per unit, total budgeted cost, and total cost variance LO P2 A manufactured product has the following information for August. Direct materials Direct labor Overhead Units manufactured Total manufacturing costs Standard Quantity and Cost 2 pounds per unit @ $4.00 per pound 0.5 hour per unit @ $28 per DLH $30 per DLH Actual Results 12,600 units $ 460,400 (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for production in August. (3) Compute the total cost variance for August. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the standard cost card showing standard cost per unit. (Round your final answers to 2 decimal places.) Inputs Direct materials Standard quantity or hours pounds x Standard price or rate Standard cost per unit Direct labor Overhead DLH × DLH ×
Problem #3 Given the following information, explain the salary variance. Costs in the de- partment are considered 50 percent variable. Salaries Paid Hours Volume Actual $228,800 20,800 19,000 Budget $237,120 19,760 20,000
Exercise 21-19 (Algo) Overhead controllable and volume variances LO P4 Blaze Corporation allocates overhead on the basis of DLH and the standard amount per allocation base is 3.75 DLH per unit. For March, the company planned production of 8,000 units (80% of its production capacity of 10,000 units) and prepared the following budget. The company actually operated at 90% capacity (9,000 units) in March and incurred actual total overhead costs of $151,410. Overhead Budget Production in units Budgeted variable overhead Budgeted fixed overhead 80% Operating Levels 8,000 $ 66,000 $ 81,000 1. Compute the standard overhead rate. Hint. Standard allocation base at 80% capacity is 30,000 DLH, computed as 8,000 units × 3.75 DLH per unit. 2. Compute the total overhead variance. 3. Compute the overhead controllable variance. 4. Compute the overhead volume variance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the standard…
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