Static and Flexible Budgets Graham Corporation used the following data to evaluate its current operating system. The company sells items for $10 each and used a budgeted selling price of $10 per unit. Units sold Variable costs Fixed costs Actual Budgeted 1,180,000 1,200,000 2,200,000 2,400,000 1,875,000 1,837,000 a. Prepare the actual income statement, flexible budget, and static budget. Do not use negative signs with any of your answers below. Actual Results Flexible Budget Static Budget 0 0 0 0 $ 0 $ 0 0 0 0 0 0 0 0 0 0 0 $ 0 $ 0 Units sold Revenues Variable costs Contribution margin Fixed costs Operating income $ $0 $ For questions b., c., and d., do not use negative signs with your answers. Select either U for Unfavorable or F for Favorable using the drop down box next to each of your variance answers. b. What is the static-budget variance of revenues? $0 + c. What is the flexible budget variance for variable costs? + d. What is the flexible budget variance for fixed costs? $0

Static and Flexible Budgets Graham Corporation used the following data to evaluate its current operating system. The company sells items for $10 each and used a budgeted selling price of $10 per unit. Units sold Variable costs Fixed costs Actual Budgeted 1,180,000 1,200,000 2,200,000 2,400,000 1,875,000 1,837,000 a. Prepare the actual income statement, flexible budget, and static budget. Do not use negative signs with any of your answers below. Actual Results Flexible Budget Static Budget 0 0 0 0 $ 0 $ 0 0 0 0 0 0 0 0 0 0 0 $ 0 $ 0 Units sold Revenues Variable costs Contribution margin Fixed costs Operating income $ $0 $ For questions b., c., and d., do not use negative signs with your answers. Select either U for Unfavorable or F for Favorable using the drop down box next to each of your variance answers. b. What is the static-budget variance of revenues? $0 + c. What is the flexible budget variance for variable costs? + d. What is the flexible budget variance for fixed costs? $0

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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Production budget help
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 ♦ + >
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Current Attempt in Progress Sandhill's, Inc. has provided you with the following financial information: Budgeted Actual Sales Quantity 8,100 8,300 Sales price per unit $6.50 $6.25 Variable product cost per unit 2.50 2.75 Selling expense (fixed) 5,100 8,100 Administrative expense (fixed) 17,100 16,100 Income tax expense 3,900 4,100 Prepare a flexible budget. SANDHILL'S, INC. Flexible Budget Sales Revenue
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