AirQual Test CorporationFlexible Budget Performance ReportFor the Month Ended February 28ActualResultsPlanningBudgetFlexibleBudgetJobs138Revenue$ 3,650Expenses:Technician wages8,350Mobile lab operating expenses8,670Office expenses2,740Advertising expenses1,670Insurance2,880Miscellaneous expenses535Total expense24,845Net operating income8,805 AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas andactual results for the month of February:rixedComponentper MonthVariableActualTotal forFebruary$ 33,650$ 8,350$ 8,670$ 2,740$ 1,670$ 2,880$ 535Componentper Job$ 280RevenueTechnician wagesMobile lab operating expensesoffice expensesAdvertiaing expensesInsurance$ 8,500$ 4,800$ 2,500$1,600$ 2,880$ 970$ 31Mincellaneous expense$ 2The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,800 plus$31 per job, and the actual mobile lab operating expenses for February were $8,670. The company expected to work 130 jobs inFebruary, but actually worked 138 jobs.Required:Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activityvariances for February. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for noeffect (i.e., zero variance). Input all amounts as positive values.)

Solution:- Given, AirQual Test Corporation provide on-site ait quality testing services. The company…

Required: Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activity variances for February. (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.)

Required: Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activity variances for February. (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.)

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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