Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,400 pounds of oysters in August. The company's flexible budget for August appears below. Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (4) Revenue ($4.20q) Expenses: Packing supplies ($0.304) 7,400 $ 31,080 2,220

Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,400 pounds of oysters in August. The company's flexible budget for August appears below. Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (4) Revenue ($4.20q) Expenses: Packing supplies ($0.304) 7,400 $ 31,080 2,220

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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es w Exercise 9-1 (Algo) Prepare a Flexible Budget [LO9-1] Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company's planning budget for May appears below: Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) Revenue ($390.00q) Expenses: Wages and salaries ($11,200 + $126.00q) Supplies ($4.00q) Equipment rental ($2,300 + $22.00q) Insurance ($4,200) Miscellaneous ($500+ $1.46q) Total expense Net operating income During May, the company's actual activity was 340 diving-hours. 350 $ 136,500 Puget Sound Divers Flexible Budget For the Month Ended May 31
Capity Tea Products has an exclusive contract with British Distributors. Calamine and Capity are two brands of teas that are imported and sold to retail outlets. The following information is provided for the month of March: Actual Budget Calamine Сapty Calamine Capity Sales in pounds Price per pound Variable cost per pound 3,850 lbs. $2.80 3,960 lbs. $2.80 4,400 lbs. $2.00 3,800 lbs. $3.00 1.00 2.00 1.00 1.50 Contribution margin $1.80 $0.80 $1.00 $1.50 Budgeted and actual fixed corporate - sustaining costs are $1,850 and $2,300, respectively. For the contribution margin, what is the total flexible - budget variance? orrect A. $2 unfavorable B. $2 favorable O C. $310 favorable O D. $308 favorable
3 Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 8,000 pounds of oysters in August. The company's flexible budget for August appears below: For Actual pounds (g) Revenue ($4.20g) Quilcene Oysteria Flexible Budget the Month Ended August 31 Expenses: Packing supplies ($0.30g) Oyster bed maintenance ($3,000) Wages and salaries ($2,500+ $0.25g) Shipping ($0.60g) Utilities ($1,240) Other ($450 + $0.01g) Total expense Net operating income 8,000 $ 33,600 2,400 3,000 4,500 4,800 1,240 530 16,470 $ 17,130
Prepare the company's flexible budget for August.
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Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,300 pounds of oysters in August. The company's flexible budget for August appears below: Actual pounds (q) Revenue ($4.15q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,400) Wages and salaries ($2,400 + $0.40g) Shipping ($0.55q) Utilities ($1,240) Quilcene Oysteria Flexible Budget For the Month Ended August 31 Other ($470 + $0.01g) Total expenses Net operating income The actual results for August were as follows: Actual pounds Revenue Expenses: Quilcene Oysteria Income Statement For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income 7,300 $ 30,295 2,555 3,400 5,320 4,015 1,240 543 17,073 $ 13,222 7,300 $ 27,000 2,725 3,260 5,730 3,745 1,050 1,163 17,673 $ 9,327
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Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,300 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,300 Revenue ($4.20q) $ 30, 660 Expenses: Packing supplies ($0.40q) 2,920 Oyster bed maintenance ($3,100) 3, 100 Wages and salaries ($2,600 + $0.30q) 4,790 Shipping ($0.65q) 4,745 Utilities ( $1,200) 1,200 Other ($420 + $0.01q) 493 Total expense 17,248 Net operating income $ 13,412 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,300 Revenue $ 27,400 Expenses: Packing supplies 3,090 Oyster bed maintenance 2,960 Wages and salaries 5,200 Shipping 4,475 Utilities 1,010 Other 1,113 Total expense 17,848 Net operating income $ 9,552 Required: Calculate the company' s revenue and spending variances for August. (Indicate the effect of each variance by…
Required information Miami Solar manufactures solar panels for industrial use. The company budgets production af 5,400 units (solar panels) in July and 4,400 units in August. Each unit requires 4 hours of direct labor at a rate of $17 per hour. Prepare a direct labor budget for July MIAMI SOLAR Direct Labor Budget July Units to produce 5,400 Direct labor hours needed Cost of direct labor
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Prepare a flexible budget for May. (Round your answers to the nearest whole number.)
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