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Roberds Tech is a for-profit vocational school. The school bases its budgets on two measures of activity (i.e., cost drivers), namely student and course. The school uses the following data in its budgeting: Revenue Faculty wages Course supplies Administrative expenses Actual students Actual courses Revenue Expenses: In March, the school budgeted for 1,900 students and 87 courses. The school's income statement showing the actual results for the month appears below: Fixed element per month $0 $0 $0 $ 26,450 Roberds Tech Income Statement For the Month Ended March 31 Faculty wages Course supplies Administrative expenses Total expense Net operating income Variable element per student $293 $0 $51 $26 1,800 90 $ 406,340 Variable element per course $0 $ 3,090 $39 $ 51 214,450 62,090 82,062 358,602 $ 47,738 Required: Prepare a flexible budget performance report showing both the school's activity variances and revenue and spending variances for March. Label each variance as favorable (F) or unfavorable (U).

Roberds Tech is a for-profit vocational school. The school bases its budgets on two measures of activity (i.e., cost drivers), namely student and course. The school uses the following data in its budgeting: Revenue Faculty wages Course supplies Administrative expenses Actual students Actual courses Revenue Expenses: In March, the school budgeted for 1,900 students and 87 courses. The school's income statement showing the actual results for the month appears below: Fixed element per month $0 $0 $0 $ 26,450 Roberds Tech Income Statement For the Month Ended March 31 Faculty wages Course supplies Administrative expenses Total expense Net operating income Variable element per student $293 $0 $51 $26 1,800 90 $ 406,340 Variable element per course $0 $ 3,090 $39 $ 51 214,450 62,090 82,062 358,602 $ 47,738 Required: Prepare a flexible budget performance report showing both the school's activity variances and revenue and spending variances for March. Label each variance as favorable (F) or unfavorable (U).

FINANCIAL ACCOUNTING
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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Roberds Tech is a for-profit vocational school. The school bases its budgets on two measures of activity (i.e., cost drivers), namely student and course. The school uses the following data in its budgeting: Revenue Faculty wages Course supplies Administrative expenses Actual students Actual courses Revenue Expenses: Fixed element per month $0 $0 $0 $ 26,450 In March, the school budgeted for 1,900 students and 87 courses. The school's income statement showing the actual results for the month appears below: Roberds Tech Income Statement For the Month Ended March 31 Faculty wages Course supplies Administrative expenses Total expense Net operating income Variable element per student $293 $0 $ 51 $ 26 1,800 90 $ 406,340 Variable element per course $0 $ 3,090 $39 $ 51 214,450 62,090 82,062 358, 602 $ 47,738 Required: Prepare a flexible budget performance report showing both the school's activity variances and revenue and spending variances for March. Label each variance as favorable (F) or unfavorable (U). 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.
Transcribed Image Text:Roberds Tech is a for-profit vocational school. The school bases its budgets on two measures of activity (i.e., cost drivers), namely student and course. The school uses the following data in its budgeting: Revenue Faculty wages Course supplies Administrative expenses Actual students Actual courses Revenue Expenses: Fixed element per month $0 $0 $0 $ 26,450 In March, the school budgeted for 1,900 students and 87 courses. The school's income statement showing the actual results for the month appears below: Roberds Tech Income Statement For the Month Ended March 31 Faculty wages Course supplies Administrative expenses Total expense Net operating income Variable element per student $293 $0 $ 51 $ 26 1,800 90 $ 406,340 Variable element per course $0 $ 3,090 $39 $ 51 214,450 62,090 82,062 358, 602 $ 47,738 Required: Prepare a flexible budget performance report showing both the school's activity variances and revenue and spending variances for March. Label each variance as favorable (F) or unfavorable (U). 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.
Students Courses Revenue Expenses: Faculty wages Course supplies Administrative expenses Total expense Net operating income Actual Results $ Roberds Tech Flexible Budget Performance Report For the Month Ended March 31 $ 1,800 90 406,340 214,450 62,090 82,062 358,602 47,738 Revenue and Spending Variances Flexible Budget 1,800 90 Activity Variances Planning Budget 1,900 87
Transcribed Image Text:Students Courses Revenue Expenses: Faculty wages Course supplies Administrative expenses Total expense Net operating income Actual Results $ Roberds Tech Flexible Budget Performance Report For the Month Ended March 31 $ 1,800 90 406,340 214,450 62,090 82,062 358,602 47,738 Revenue and Spending Variances Flexible Budget 1,800 90 Activity Variances Planning Budget 1,900 87
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