Rick's Hairstyling Activity Variances For the Month Ended March 31 Flexible Budget 1,100 Planning Budget 1,000 Activity Variances* Client-visits Revenue ($180.00q) $198,000 $180,000 $18,000 F Expenses: Wages and salaries ($65,000 + $37.00q) Hairstyling supplies ($1.50g) Client gratuities ($4.10q) Electricity ($1,500 + $0.10q) Rent ($28,500) Liability insurance ($2,800) Employee health insurance ($21,300) .. Miscellaneous ($1,200 + $0.20q) . 105,700 102,000 3,700 U 1,650 1,500 150 U .... 4,510 1,610 410 U 4,100 1,600 10 U 28,500 2,800 28,500 .... 2,800 ... 21,300 21,300 1,420 1,400 20 U .... ... Total expense 163,200 4,290 U 167,490 $ 30,510 $ 16,800 $13,710 F Net operating income *The revenue variance is labeled favorable (unfavorable) when the revenue in the flexible budget is greater than (less than) the planning budget. The expense variances are labeled favorable (unfavorable) when the expense in the flexible budget is less than (greater than) the planning budget.

Rick's Hairstyling Activity Variances For the Month Ended March 31 Flexible Budget 1,100 Planning Budget 1,000 Activity Variances* Client-visits Revenue ($180.00q) $198,000 $180,000 $18,000 F Expenses: Wages and salaries ($65,000 + $37.00q) Hairstyling supplies ($1.50g) Client gratuities ($4.10q) Electricity ($1,500 + $0.10q) Rent ($28,500) Liability insurance ($2,800) Employee health insurance ($21,300) .. Miscellaneous ($1,200 + $0.20q) . 105,700 102,000 3,700 U 1,650 1,500 150 U .... 4,510 1,610 410 U 4,100 1,600 10 U 28,500 2,800 28,500 .... 2,800 ... 21,300 21,300 1,420 1,400 20 U .... ... Total expense 163,200 4,290 U 167,490 $ 30,510 $ 16,800 $13,710 F Net operating income *The revenue variance is labeled favorable (unfavorable) when the revenue in the flexible budget is greater than (less than) the planning budget. The expense variances are labeled favorable (unfavorable) when the expense in the flexible budget is less than (greater than) the planning budget.

Name: Activity VariancesThe company actually washed 8,800 cars in August.Req
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Activity VariancesThe company actually washed 8,800 cars in August.Required:Calculate the company’s activity variances for august. (Hint: Refer to Exhibit 9–6.)Exhibit 9–6 Flexible Budget Based on Actual Activity Rick's HairstylingActivity VariancesF

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Compute Budgeted variable manufacturing overhead costs per machine-hour
Exercise 5: Computation for Overhead Variance and Journal Entries Golden Manufacturers, Inc. applies factory overhead at P8 per direct labor hour. Actual factory overhead and actual labor hours for 19F were P470,500 and 58,000 hours, respectively. Normal capacity is 60,000 hours.
Please do not give solution in image format thanku
Please do not give solution in image format thanku
Chapter 9 Canvas Homework - SHOW YOUR WORK FOR CREDII Multiple Cost Drivers: Salamone's Pizza is a neighborhood pizzeria that has an area for in-store dining as well as offering take-out and free home delivery services. The pizzeria's owner has determined that the shop has two major cost drivers the number of pizzas sold and the number of deliveries made. The pizzeria's cost formulas appear below. Flxed Coat per Month Cost per Piza Cost per Dellvery $ 4.00 Plzza Ingredlente Kitchen staff $ 6,050 S 880 Utilitles $ 1.00 Dellvery person Dellvery vehicile $2.80 $2.20 S 700 S 456 $ 2,010 $ 800 Equipment depreclation Rent Mlscellaneous $0.20 In November, the pizzeria budgeted for 1,770 pizzas at an average selling price of $14 per pizza and for 210 deliveries. Data conceming the pizzeria's actual results in November were as follows: Actual Resulte 1,870 190 Plzzas Dellverles $ 28,800 $ 8,470 $ 5,990 $ 920 $ 532 $ 1,000 $ 458 $ 2,010 $ 832 Revenue Plzza Ingredlents Kitchen ataff Utilities…
Please do not give solution in image format thanku
Budget Variances, Materials and Labor 1 Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a standard costing system and has set the following standards for materials and labor: Leather (3 strips @ $6) Direct labor (0.75 hr. @ $16) Total prime cost $18.00 12.00 $30.00 During the first month of the year, the Boise plant produced 92,000 belts. Actual leather purchased was 287,500 strips at $5.40 per strip. There was no beginning or ending inventories of leather. Actual direct labor was 78,200 hours at $16.50 per hour. Required: 1. Compute the costs of leather and direct labor that should be incurred for the production of 92,000 leather belts. Cost of materials Cost of direct labor 2. Compute the total budget variances for materials and labor. Total Budget Variance Materials Labor 3. Conceptual Connection: Would you consider these variances material with a need for investigation? 4. Refer to Exhibit 2.2 for a description of data analytic types.…
Selected data for March for Irvington, Incorporated follows. The variable material sales activity variance is $23,040 U. Flexible budget based on actual sales of 9,958 units: Revenue Materials Labor Variable overhead Fixed costs (manufacturing and administrative) Required: a. How many units were budgeted for March in the master budget? b. Recreate the master budget for March. Complete this question by entering your answers in the tabs below. Required A Required B How many units were budgeted for March in the master budget? Budgeted sales units $ 300,440 99,840 78,000 50,960 41,120
Static Budget versus Flexible Budget The production supervisor of the Machining Department for Niland Company agreed to the following monthly static budget for the upcoming year: Niland CompanyMachining DepartmentMonthly Production Budget Wages $663,000 Utilities 38,000 Depreciation 64,000 Total $765,000 The actual amount spent and the actual units produced in the first three months in the Machining Department were as follows: Amount Spent Units Produced January $721,000 128,000 February 691,000 117,000 March 657,000 105,000 The Machining Department supervisor has been very pleased with this performance because actual expenditures for January–March have been significantly less than the monthly static budget of 765,000. However, the plant manager believes that the budget should not remain fixed for every month but should “flex” or adjust to the volume of work that is produced in the Machining Department. Additional budget information for the…
Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. 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 4 Total expense Net operating income Actual Results $ $ 60 16,000 8,228 1,970 2,765 600 428 13,991 2,009 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget $ $ 60 21,300 8,260 1,800 2,880 600 260 13,800 7,500 $ $ Planning Budget 58 20,590 8,088 1,740 2,812 580 258 13,478 7,112
Problems 7-29 Flexible budget, direct materials, and direct manufacturing labor variances. Milan Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the same amount of resources. The following information is from the static budget for 2014: Expected production and sales Expected selling price per unit Total fixed costs 6,100 units $ 700 $ 1,350,000 Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manu facturing labor : Standard Price Standard Unit Cost Direct materials Direct manufacturing labor Standard Quantity 16 pounds 3.8 hours 14 per pound $ 30 per hour $224 $114 During 2014actual number of units produced and sold was 5,100, at an average selling price of $730. Actual cost of direct materials used was 1,149,400, based on 70,000 pounds purchased at $16.42 per pound. Direct manufacturing labor-hours actually used were 17,000, at the rate of 33.70 per hour. As a result,…
PROBLEM 2 - Budgets for a David, Inc. is preparing production data have April Unit sales 400 Finished goods inventc Raw materials inventor Desired ending inventc Finished goods:30% of Raw materials:25% of r Number of pounds of ra Number of direct labor Labor rate per hour: $1 Instructions: a - Prepare the producti produced during April a b - Prepare the raw mat materials should be pur Prepar the budgeted