Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4]Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below:Vulcan FlyoversOperating DataFor the Month Ended July 31Flights (q)Revenue ($340.00q)Expenses:Wages and salaries ($3,300 + $91.00q)Fuel ($32.00q)Airport fees ($850 + $31.00q)Aircraft depreciation ($10.00q)Office expenses ($210+ $1.00q)Total expensesNet operating incomeActualResults55$ 16,1008,2631,9262,41055043313,582$ 2,518Flexible PlanningBudgetBudget53$ 18,02055$ 18,7008,3051,7602,55555026513,435$ 5,2658,1231,6962,49353026313,105$ 4,915The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at adiscount. Required:1. Prepare a flexible budget performance report for July.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.FlightsRevenueExpenses:Wages and salariesFuelAirport feesAircraft depreciationOffice expensesTotal expensesNet operating incomeActual Results$$5516,1008,2631,9262,41055043313,5822,518Vulcan FlyoversFlexible Budget Performance ReportFor the Month Ended July 31$FlexibleBudget+$5518,7008,3051,7602,55555026513,4355,265PlanningBudget$EA$5318,0208,1231,6962,49353026313,1054,915

Planned budget is static and does not vary while flexible budget is not rigid and is prepared for…

Required: 1. Prepare a flexible budget performance report for July. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expenses Net operating income Actual Results $ $ 55 16,100 8,263 1,926 550 433 13,582 2,518 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 $ $ Flexible Budget 55 18,700 8,305 1,760 2,555 550 265 13,435 5,265 Planning Budget $ $ 53 18,020 8,123 1,696 2,493 530 263 13,105 4,915

Required: 1. Prepare a flexible budget performance report for July. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expenses Net operating income Actual Results $ $ 55 16,100 8,263 1,926 550 433 13,582 2,518 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 $ $ Flexible Budget 55 18,700 8,305 1,760 2,555 550 265 13,435 5,265 Planning Budget $ $ 53 18,020 8,123 1,696 2,493 530 263 13,105 4,915

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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Marla Baldwin was a blt anxlous as she created the year-end performance reports. She remembered how management had hoped the economy would make a favorable turn, taking pressure off consumers so they'd feel more comfortable spending on the company's splurge Item-a luxurious hooded cotton robe. Alas, actual production and sales ended at 5,100 units, a whopping 1,000 units shy of the company's original budget. The following Information presents the company's actual Income statement and other key Information for Marla. Sales Varlable costs: DM Actual Income DL Varlable-MOH Contribution margin Fixed costs: Fixed-MOH Fixed SG&A Operating Income Standards are as follows. Direct materials Direct labor Variable-MOH Fixed-MOH $800,700 Selling price Fixed SGSA expense 172,125 (for 11,475 yards purchased and used) 75,276 (for 3,672 hours used) 45,900 O Search 507,399 170,978 243,100 Standard Quantity per Unit 2.30 yards 0.70 DL hours $93.321 Additional master budget Information: 2.30 yards 2.30…
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Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($350.00q) Expenses: Wages and salaries ($3,200 + $88.00q) Fuel ($32.00g) Airport fees ($830 + $34.00q) Aircraft depreciation ($10.00q) Office expenses ($230 + $1.00q) Total expenses Net operating income Actual Results 54 $ 16,300 7,916 1,894 2,546 540 452 13,348 $ 2,952 Flexible Planning Budget Budget 54 $ 18,900 7,952 1,728 2,666 540 284 13,170 $ 5,730 52 $ 18, 200 7,776 1,664 2,598 520 282 12,840 $5,360 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount.
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