Required information[The following information applies to the questions displayed below.)Adger Corporation is a service company that measures its output based on the number of customers served. Thecompany provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actualresults for May as shown below:FixedElement Variable ElementActualper CustomerTotalperMonthfor May$ 182,000$ 110,300$ 27,200$ 32,600Served$ 5,600$ 1,600Revenue$ 55,000Employee salaries and wagesTravel expensesOther expenses850$ 34,000When preparing its planning budget the company estimated that it would serve 30 customers per month; however, duringMay the company actually served 35 customers.2. What amount of employee salaries and wages would be included in Adger's flexible budget for May?Amount of employee salaries and wages included in the flexible budget

Calculation of amount of employee salaries and wages included in the flexible budget is as follows:…

Answered: Required information [The following…

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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Your managerial accountant provided you with information comparing the actual results to the budgeted amounts for the period: Static Flexible Actual Quantity 3,200 DL hours 2,900 hours 2,900 hours Price $15 per hour $15 per hour $18 per hour Total Costs $48,000 $43,500 $52,200 Based on the information provided, select all of the true statements from the following options: Your managerial accountant provided you with information comparing the actual results to the budgeted amounts for the period: Static Flexible Actual Quantity 3,200 DL hours 2,900 hours 2,900 hours Price $15 per hour $15 per hour $18 per hour Total Costs $48,000 $43,500 $52,200 Based on the information provided, select all of the true statements from the following options: The price variance is $8,700, favorable The price variance is $8,700, unfavorable The total budget variance is $42,000, favorable The price variance is $3.00, favorable The…
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Nathan Davidson, financial analyst at LMN Corporation, is examining the behavior of quarterly utility costs for budgeting purposes. Davidson collects the following data on machine-hours worked and utility costs for the past 8 quarters: (Click the icon to view the data.) Read the requirements. Requirement 1. Estimate the cost function for the quarterly data using the high-low method. (Complete all answer boxes.) Data table + Quarter Machine-Hours Utility Costs Quarter 1 100,000 $ 265,000 Quarter 2 55,000 200,000 Quarter 3 90,000 250,000 Quarter 4 105,000 280,000 Quarter 5 70,000 220,000 Quarter 6 95,000 260,000 Quarter 7 85,000 275,000 Quarter 8 80,000 245,000 Print Done - ☑ Requirements 1. Estimate the cost function for the quarterly data using the high-low method. 2. Plot and comment on the estimated cost function. 3. Davidson anticipates that LMN will operate machines for 105,000 hours in quarter 9. Calculate the predicted utility costs in quarter 9 using the cost function estimated…
(J)
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Benson Company has provided the following Year 2 data. Budget Sales Variable product costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense Variances Sales Variable product costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense BENSON COMPANY Internal Income Statement for Year 2 Budget Required Prepare a budgeted and actual Income statement for Internal use. Sales Variable expenses: Product costs $504,000 186,000 46,000 3,300 16,500 23,400 1,900 700 Selling expenses Other expenses Contribution margin Fixed expenses: Product costs Selling expenses Other expenses Operating income (loss) Interest expense Net income (loss) 8,600 Unfavorable 4,200 Favorable 2,300 Unfavorable 1,700 Unfavorable 310 Favorable 490 Favorable 190 Unfavorable 90 Favorable Actual

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