Results Budget Budget essons 145 140 $ 33,110 $ 32,200 evenue
Q: Lincoln Corporation used the following data to evaluate their current operating system. The company…
A: The static budget variance of variable Cost = Actual variable Cost - Budgeted variable Cost
Q: 6. Determine the budget variance (i.e., total revenue variance) ($). Assume that your hotel has a…
A: Sales Price Variance = ( Actual Selling Price - Budgeted Selling Price ) x Actual Volume Sales…
Q: A project was budgeted at $1,000,000. Meanwhile, the project is executed, and the following current…
A: The formula used as follows: EAC=Actual cost+Budget-Earned value
Q: Molander Corporation is a distributor of a sun umbrella used at resort hotels. Data concerning the…
A: Margin of Safety:Margin of Safety is the difference between the total sales and break even sales.…
Q: The Fantasy Gifts Company, a maker of Holiday novelties, needs your help immediately. The company's…
A: The variance is the difference between the standard and actual cost data. The variance can be…
Q: Mona Pet Supplies' marketing manager and production manager have determined the sales forecast and…
A: Budgets are the estimates or forecasts that are made for future period of time. Direct materials…
Q: TipTop Flight School offers flying lessons at a small municipal airport. The school's owner and…
A: Flexible budget performance report is the one wherein all the revenue and spending, activity…
Q: n attempting to evaluate performance and control costs using a variance report that compares the…
A: Solution: flexible budget performance report shows the Revenue and spending Variances and activity…
Q: The Fantasy Gifts Company, a maker of Holiday novelties, needs your help immediately. The company's…
A: $11,500Explanation:The total standard cost of direct materials purchased is calculated by…
Q: Albert’s camera shop has prepared the following flexible budget for September and is in the process…
A:
Q: One subunit of Soaring Sports Manufacturing Company had the following financial results last month:…
A: The question is based on the concept of Cost Accounting. As per the Bartleby guidelines we are…
Q: TipTop Flight School offers flying lessons at a small municipal airport. The school’s owner and…
A: Flexible budget performance report: In this report the actual results are compared with the data of…
Q: The cellular phone division of Stanton Company had budgeted sales of $800,000 and actual sales of…
A: Answer:- Variance meaning:- A variance is basically the difference between the budgeted and actual…
Q: Requirement 1. Complete the performance evaluabon report for this subunit Enter the variance percent…
A: Preparation of performance evaluation:Actual BudgetFlexible BudgetVariance (Flexible-Actual)%…
Q: Please do fast with proper calculation and explanation
A: This report provides a clear understanding of price and quantity variances across the three…
Q: determine the enrollment variance for a month determine the utilization variance for the month…
A: The question is based on the concept of Cost Accounting.
Q: The production cost for a waterproof phone case is $5 per unit and fixed costs are $23,515 per…
A: The standard is set beforehand, and actual performance is judged on the basis of standard set.…
Q: The fixed budget for 20,000 units of production shows sales of $400,000; variable costs of $80,000;…
A: Working:
Q: Assume the following information for one of a company’s variable expenses: The amount of the…
A: OVERHEAD SPENDING VARIANCE Expenditure or Budget or Price Variance is is the Variance is due to…
Q: Question 1: All dollar amounts will be rounded to whole dollars with "$" and commas as needed (i.e.…
A: Formula: Total Cost Variance= Standard Cost for Actual Output- Actual Cost Given: Standard Cost…
Q: a company manufactures a mobile fitness device called the Jogging Mate. The company's labor…
A: Labor Rate Variance = (Standard rate - actual rate) * Actual hours= {$6.00 - ($54636/9420)} * 9420=…
Q: Edwards Corporation used the following data to evaluate their current operating system. The company…
A: In calculation of Static Budget variance of Revenues, the Budgeted revenues are compared with Actual…
Q: Manama Company has budgeted its overhead costs for July 2020 as follows: budgeted $26,000 Actual…
A: The question is multiple choice question Required Choose the Correct Option.
Q: TipTop Flight School offers flying lessons at a small municipal airport. The school's owner and…
A: Flexible budget variance = Actual results - Flexible budget amountActivity variance = Flexible…
Q: Janco Industries has a relevant range extending to 30,200 units each month. The following…
A: The flexible budget performance report is prepared by comparing the actual revenue and costs with…
Q: TipTop Flight School offers flying lessons at a small municipal airport. The school’s owner and…
A: The variance is the difference between the actual data and standard output of the production. The…
Q: Gigil Company has asked you to reconstruct their record after a fire. You were given the following…
A: Initially, calculate the actual labor hours as follows: Total spending variance=Standard variable…
Q: QC Corp has the following budget amounts for the current year: $1,100,000 for prevention costs and…
A: given that, $1,100,000 for prevention costs $880,000 for appraisal costs external failure has a…
Q: CBH Associates is reeling from a decline in profits because of competition. For its most recent…
A: The above report helps in measuring the performance of employees and the efficiency of management by…
Q: TipTop Flight School offers flying lessons at a small municipal airport. The school’s owner and…
A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…
Q: Molander Corporation is a distributor of a sun umbrella used at resort hotels. Data concerning the…
A: Margin of safety is the difference between total sales and break-even sales. The Break-even point is…
Q: TipTop Flight School offers flying lessons at a small municipal airport. The school’s owner and…
A: A flexible budget is a type of budget that shows the performance of the company during a period as…
Q: . Determine the price variance ($). Note: The Answer field only accepts numbers. Thus, do not…
A: A variance is the difference between budget (forecast) result and actual result. Variances can…
Q: You are a project manager of a project to build machines. Your project is scheduled to last for 12…
A: Actual cost of project refers to the amount of expenses that occur while production of anything. It…
Q: lling price per unit riable expense per unit xed expense per month it sales per month. largin of…
A: Formulas as follows under:-1. Margin of Safety (in dollars) = Actual Sales - Break-Even Sales2.…
Q: None
A: A budget that alters on the basis of activity or volume levels of the entities is known as a…
Q: Several years ago, Westmont Corporation developed a comprehensive budgeting system for planning and…
A: A Flexible Budget Performance Report is a report prepared for management to compare actual revenues…
Q: TipTop Flight School offers flying lessons at a small municipal airport. The school’s owner and…
A: Flexible budget is prepared for the actual units and hence is flexible in nature while planned…
Q: Several years ago, Westmont Corporation developed a comprehensive budgeting system for planning and…
A: Variance is a part of Budgeting Process. It happens when the actual results differ from the planned…
Q: tour company uses two measures of a ormula for tour operating costs is $56,880 pe outes and serve…
A: Spending variance is calculated by deducting the actual expenses from the flexible budget of the…
Q: The production cost for a waterproof phone case is $7 per unit and fixed costs are $23,000 per…
A: Variance is the difference between the actual costs and the standard costs. If the standard cost is…
Q: Classic Loungers is in the process of preparing a production cost budget for August. Actual costs in…
A: Solution... Total variable cost = Direct material + Direct labor = $6,000 + $8,000 = $14,000…
Q: The Fantasy Gifts Company, a maker of Holiday novelties, needs your help immediately. The company's…
A: We can calculate actual cost per unit of material purchased by using material price variance…
Q: Meals Company is a startup company producing and delivering boxed meals to tailgate parties. The…
A: Budget: Budget is a systematic estimation of expenses and revenues for a given period. It includes…
(This is the middle of the two images)
After several months of using such variance reports, the owner has become frustrated. for example, she is quite confident that instructor wages were very tightly controlled in july, but the report shows an unfavorable variance. the planning budget was developed using the following formulas, where q is the number of lessons sold: cost formulas revenue $230q instructor wages $60q aircraft
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Molander Corporation is a distributor of a sun umbrella used at resort hotels. Data concerning the next month's budget appear below: Selling price per unit Variable expense per unit Fixed expense per month Unit sales per month $ 28 $ 18 1. Margin of safety (in dollars) 2. Margin of safety percentage $ 9,000 1,050 Required: 1. What is the company's margin of safety? (Do not round intermediate calculations.) 2. What is the company's margin of safety as a percentage of its sales? (Round your percentage answer to 2 decimal places (i.e. 1234 should be entered as 12.34).) %The Fantasy Gifts Company, a maker of Holiday novelties, needs your help immediately. The company's accountant resigned without leaving adequate records or explanations for what they did. In reviewing the records, you find the following information for May: Materials Purchased Materials Used 38,000 units 24,000 units You find a copy of the budget which shows that materials were budgeted at $0.60 per unit. You know that the materials price variance is recorded at the time of purchase and you find some handwritten notes among the accountants work papers. which indicate the following: Materials price variance Materials efficiency variance $ 380 F $ 1,500 F What was the total standard cost of direct materials purchased during May? Multiple Cholce $22.420 $22,800 $14.628 $23,180Jerry Jay is the CEO of Jerry's Jackets (JJ). In June, Jerry expects to produce and sell 3100 jackets, and he expects his June utilities cost to be $8,000 plus $0.60 per jacket. After the month ended, it was reported that 2990 jackets were sold in June and $10,190 was spent on utilities. What is the activity variance for utilities in June? Round to the nearest whole number. If the variance is Favorable, enter a positive value. If unfavorable, enter a negative value.
- Molander Corporation is a distributor of a sun umbrella used at resort hotels. Data concerning the next month's budget appear below: Selling price per unit Variable expense per unit Fixed expense per month Unit sales per month $ 1 Margin of safety (in dollars) 2. Margin of safety percentage 27 $ 12 $ 12,300 978 Required: 1. What is the company's margin of safety? (Do not round intermediate calculations.) 2. What is the company's margin of safety as a percentage of its sales? (Round your percentage answer to 2 decimal places (i.e. 1234 should be entered as 12.34).)Molander Corporation is a distributor of a sun umbrella used at resort hotels. Data concerning the next month's budget appear below: Selling price per unit $ 27 Variable expense per unit $ 18 Fixed expense per month $ 7,650 Unit sales per month 1,000 Required: What is the company's margin of safety in dollars? Note: Do not round intermediate calculations. What is the company's margin of safety as a percentage of its sales? Note: Round your percentage answer to 2 decimal places (i.e. .1234 should be entered as 12.34).Luanna Inc. manufactures game consoles. Some of the company's data was misplaced. Use the following information to replace the lost data. Plexible Sales Budget Actual Budget Plexible Volume Master Results Variance Budget Variance 1,880 $122,200 с $ 21,300 Operating income $ 45,850 Units Revenues Variable costs. Fixed costs The amount C, to nearest dollar, is: Multiple Choice O O O O $76,350 $55,050. $67,150. $100,900. $ 1,880 U A D 1,760 B $59,840 $31,000
- The Fantasy Gifts Company, a maker of Holiday novelties, needs your help immediately. The company's accountant resigned without leaving adequate records or explanations for what she did. In reviewing the records, you find the following information for May: Materials Purchased 29,000 units Materials Used 19,500 units You find a copy of the budget which shows that materials were budgeted at $0.50/unit. You know that the material price variance is recorded at the time of purchase and you find some handwritten notes among the accountant's work papers, which indicate the following: Material price variance $ 290 F Material efficiency variance $ 1,050 F What was the total standard cost of direct materials allowed during May? Multiple Choice $8,526. $10,800. $8,700. $10,584.Carson CPAS specializes in preparing 1040EZ returns for low-income clients. The firm charged $100 per return this year and budgeted $100 per return. Additional information for the firm includes: Actual Budgeted 800 750 $37,500 12,000 Returns processed Variable costs Fixed costs Prepare Carson's static budget and the static budget performance report. Note: Do not use negative signs with any of your answers. Note: Indicate whether the variance is favorable (F) or unfavorable (U) using the drop-down menu in the last column next to the variable amount. Budgeted returns Actual returns Returns processed variance Revenue Variable costs Fixed costs Net income $36,000 12,500 $ $ Actual Results 0 For U $ 0$ Budget Results $ 0$ Variances 0 0 0 0 For U ♦ + >The production cost for a waterproof phone case is $5 per unit and fixed costs are $27,110 per month. How much is the favorable or unfavorable variance if 5,216 units were produced for a total of $65,014? Enter a favorable variance as a positive number. Enter an unfavorable variable as a negative number with a - sign. Do not use parentheses. Round to the whole dollar, no decimal places.
- Compute the followings:a. A project has a budget of $15M and scheduled for 1 year. It is assumed that the total budget will be spentequally each month. After 1 month the project manager finds that only 7.5% of the work is finished and atotal of $1.5M spent. Find the following: Variances: CV, SV; Indices: CPI, SPI; Forecasting: EAC, ETC,Time to completion.b. In month 9, the following project information is available: Actual cost is $2000, Earned value is $2100 andPlanned cost is $2400. Compute the SV and CV for the project.c. On day 51 a project has an earned value of $600, an actual cost of $650, and a planned cost of $560.Compute the SV, CV and CPI for the project. What is your assessment of project on day 51?During the last quarter a company had a bad sales and it's budgeted results are as given below:Product A: sales =2,50,000, PV ratio=50%Product B: sales =4,00,000, PV ratio=40%Product C: sales =6,00,000, PV ratio=30%Overheads-fixed is 5,02,200Director of the company wants to identify the cause and have a detailed statement of amount of loss and recommendation of sales in each of the products as well as in total sales while maintaining same level of sales mix which will ultimately results in eliminating the loss.