Required information[The following information applies to the questions displayed below.]A company provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actualresults for April as shown below:FixedActualVariable Element perTotalfor April$ 216,500Elementper MonthCustomer ServedRevenue5,900Employee salaries and24$$ 116,200$ 19,700$ 42,50066,0001,300wagesTravel expenses580Other expenses45,000When preparing its planning budget the company estimated that it would serve 35 customers per month; however, duringApril the company actually served 40 customers.Required:1. Calculate the amount of revenue the company will include in the April flexible budget.Amount of revenue included in the flexible budget Required information[The following information applies to the questions displayed below.]A company provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actualresults for April as shown below:FixedElementActualTotalfor April$ 216,500Variable Element perper MonthCustomer ServedRevenue5,900Employee salaries and$ 116,200$ 19,700$4wages66,0001,300Travel expenses$580Other expenses45,00042,500When preparing its planning budget the company estimated that it would serve 35 customers per month; however, duringApril the company actually served 40 customers.2. Calculate the amount of employee salaries and wages the company will include in the April flexible budget.Amount of employee salaries and wages included in the flexible budget

Flexible Budget In a simple term flexible budget which indicate that it consider the values in the…

Required information [The following information applies to the questions displayed below.] A company provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results for April as shown below: Actual Total Fixed Variable Element per Customer Served Element for April $ 216,500 per Month Revenue $ 5,900 Employee salaries and $ 116, 200 $ 19,700 $ 42,500 $ 66,000 $ $ 1,300 wages Travel expenses Other expenses 580 $ 45,000 When preparing its planning budget the company estimated that it would serve 35 customers per month; however, during April the company actually served 40 customers.

Required information [The following information applies to the questions displayed below.] A company provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results for April as shown below: Actual Total Fixed Variable Element per Customer Served Element for April $ 216,500 per Month Revenue $ 5,900 Employee salaries and $ 116, 200 $ 19,700 $ 42,500 $ 66,000 $ $ 1,300 wages Travel expenses Other expenses 580 $ 45,000 When preparing its planning budget the company estimated that it would serve 35 customers per month; however, during April the company actually served 40 customers.

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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Use the following information for the Problems below. (Algo) Skip to question [The following information applies to the questions displayed below.] Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,500 units. PHOENIX COMPANY Fixed Budget For Year Ended December 31 Sales $ 3,100,000 Costs Direct materials 992,000 Direct labor 232,500 Sales staff commissions 62,000 Depreciation—Machinery 295,000 Supervisory salaries 198,000 Shipping 217,000 Sales staff salaries (fixed annual amount) 251,000 Administrative salaries 498,500 Depreciation—Office equipment 199,000 Income $ 155,000 Problem 23-2A (Algo) Preparing a flexible budget performance report LO P1 Phoenix Company reports the following actual results. Actual sales were 18,500 units. Sales (18,500 units) $ 3,746,250 Costs Direct materials $ 1,198,800 Direct labor 284,900 Sales staff commissions 64,750…
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Arrasmith Corporation uses customers served as its measure of activity. During February, the company budgeted for 36,100 customers, but actually served 27,900 customers. The company uses the following revenue and cost formulas in its budgeting, where q is the number of customers served: Revenue: $4.60q Wages and salaries: $34,300+ $1.43q Supplies: $0.83q Insurance: $11,500 Miscellaneous expenses: $7,500 + $0.41q The company reported the following actual results for February: Revenue Wages and salaries Supplies Insurance Miscellaneous expense Required: $ 141,800 $ 69,100 $ 15,500 $ 11,500 $ 23,200 Prepare the company's flexible budget performance report for February. Label each variance as favorable (F) or unfavorable (U). (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.) Arrasmith Corporation Flexible Budget Performance Report For the Month Ended February 28…
Roger Company’ sells one product, and has provided the following variable and fixed estimates for budgetingpurposes.Variable element per unit Fixed element per monthRevenue $25Operating costs $4.75 $3,150For the month of August, it planned on selling 200 units, but actual units sold were 180 units. Actual revenuefor the month was $4,410 and actual operating costs were $3,865. a. What is the amount shown for revenue under the flexible and planning budget for August? b. What is the amount shown for total operating costs under the flexible and planning budgets for August?
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