Required:Prepare a flexible budget performance report for August.Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zerovariance). Input all amounts as positive values.Cars washedRevenueExpenses:Cleaning suppliesElectricityMaintenanceWages and salariesDepreciationRentAdministrative expensesTotal expensesNet operating incomeLavage RapideFlexible Budget Performance ReportFor the Month Ended August 31ActualResults8,400$ 59,370$5,4802,1002,3157,1508,3002,4002,03229,77729,593FlexibleBudgetPlanningBudget Lavage Rapide owns and operates a large automatic car wash facility near Montreal. The following table provides estimatesconcerning the company's costs:Cleaning suppliesElectricityMaintenanceWages and salariesDepreciationAdministrative expensesRentActual cars washedRevenueExpenses:Cleaning suppliesElectricityMaintenanceFor example, electricity costs should be $1,300 per month plus $0.10 per car washed. The company expects to wash 8,300 cars inAugust and to collect an average of $6.90 per car washed.The actual operating results for August are as follows:Lavage RapideIncome StatementFor the Month Ended August 31Wages and salariesDepreciationRentFixed CostCost perper Month Car Washed$ 0.60$ 0.10$ 0.25$ 0.30Administrative expensesTotal expensesNet operating income$ 1,300$ 4,300$ 8,300$ 2,200$ 1,8008,400$ 59,3705,4802,100$ 0.042,3157,1508,3002,4002,03229,777$ 29,593Required:Prepare a flexible budget performance report for August.Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zerovariance). Input all amounts as positive values.

The flexible budget is budget is prepared to estimate difference between the actual and budgeted…

repare a flexible budget performance report for August. ote: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zer ariance). Input all amounts as positive values. Cars washed Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expenses Net operating income Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Actual Results 8,400 $ 59,370 $ 5,480 2,100 2,315 7,150 8,300 2,400 2,032 29,777 29,593 Flexible Budget Planning Budget

repare a flexible budget performance report for August. ote: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zer ariance). Input all amounts as positive values. Cars washed Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expenses Net operating income Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Actual Results 8,400 $ 59,370 $ 5,480 2,100 2,315 7,150 8,300 2,400 2,032 29,777 29,593 Flexible Budget Planning Budget

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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f. Mana The following is a partial performance report for a revenue center for the Southwest Division of Hosta Restaurants. Hosta Restaurants Sales Revenue-Southwest Division For the Month Ended June 30 Variance Product Actual Sales Budgeted Sales Variance Percentage Food $ 144,300 $ 148,000 ? Dessert 16,100 17,500 ? Bar 52,250 55,000 Catering 39,480 42,000 ? Fill in the missing amounts. Indicate whether each variance is favorable (F) or unfavorable (U).
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Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavorable. The company budgets a selling price of $80 per unit and variable costs of $36 per unit. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Flexible Budget Performance Report Flexible Budget For Month Ended June 30 (11,100 units) Sales Variable costs Contribution margin Fixed costs Income Actual Results Variances Favorable/Unfavorable (11,100 units) $ 27,000 Favorable 354,000 488,400 273,000 288,000
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Direct Labor Cost Budget Direct labor needs from the direct labor cost budget should be coordinated between the production and personnel departments so that there will be enough labor available for production. Before you make any changes to the budget, you review the information on the following Direct Labor Data Table and enter the units to be produced from the Production Budget. After scanning the Direct Labor Cost Budget (which follows the Direct Labor Data Table), you observe that LearnCo has omitted quite a few numbers from the budget. Fill in the missing amounts. You may need to use numbers from the Direct Labor Data Table, or from the sales budget, production budget, and direct materials purchases budget you prepared. When required, round your answers to the nearest dollar. Direct Labor Data Table Gluing Assembly Hours required per unit: Basic abacus 0.10 0.10 Deluxe abacus 0.10 0.20 Labor hourly rate: Gluing $13 Assembly $19 Units to be…
- 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…
Image is for required part 1 Required 2) compute total budgeted cost for June (standard cost) production Required 3) compute total actual costs for June production. Required 4) Compute total cost variance for June. Note indicate the effect of the variance by selecting favor, unfavorable, or no variance.
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Squillace Corporation uses customers served as its measure of activity. During October, the company budgeted for 38,000 customers, but actually served 35,000 customers. The company has provided the following data concerning the formulas used in its budgeting and its actual results for October. Required:Prepare the company's flexible budget performance report for October (calculate both activity variances and revenue and spending variances). Label each variance as favorable (F) or unfavorable (U). Use the templates given below.
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