Schoening Corporation is a shipping container refurbishment company that measures its output by thenumber of containers refurbished. The company has provided the following fixed and variable costestimates that it uses for budgeting purposes and the actual results of operations for January.RevenueEmployee salaries and wagesRefurbishing materialsOther expensesFixed Elementper Month$ 50,600$41,200VariableElement per Actual Total forContainerJanuaryRefurbished$4,100$ 1.100$ 700$ 158,600$92,700$ 27,000$ 40,800When the company prepared its planning budget at the beginning of January, it assumed that 40 containerswould have been refurbished. However, 38 containers were actually refurbished during January.The activity variance for "Refurbishing materials" for January would have been closest to:$1,000 F$1,400 F$1,000 U$1,400 U

Activity variance is the difference between flexible budget amount and the planning budget amount.…

Schoening Corporation is a shipping container refurbishment company that measures its output by the number of containers refurbished. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results of operations for January. Revenue Employee salaries and wages Refurbishing materials Other expenses Fixed Element per Month ➡ $ 50,600 $1.000 U $41,200 Variable Element per Actual Total for Container January Refurbished $ 4,100 $1,100 $700 When the company prepared its planning budget at the beginning of January, it assumed that 40 containers would have been refurbished. However, 38 containers were actually refurbished during January. $ 158,600 $92,700 $ 27,000 $ 40,800 The activity variance for "Refurbishing materials" for January would have been closest to: * $1,000 F $1,400 F

Schoening Corporation is a shipping container refurbishment company that measures its output by the number of containers refurbished. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results of operations for January. Revenue Employee salaries and wages Refurbishing materials Other expenses Fixed Element per Month ➡ $ 50,600 $1.000 U $41,200 Variable Element per Actual Total for Container January Refurbished $ 4,100 $1,100 $700 When the company prepared its planning budget at the beginning of January, it assumed that 40 containers would have been refurbished. However, 38 containers were actually refurbished during January. $ 158,600 $92,700 $ 27,000 $ 40,800 The activity variance for "Refurbishing materials" for January would have been closest to: * $1,000 F $1,400 F

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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