1. How many pools did Surf Side originally think it would install in April?2. How many pools did Surf Side actually install in April?3. How many pools is the flexible budget based on? Why?4. What was the budgeted sales price per pool?5. What was the budgeted variable cost per pool?6. Define the flexible budget variance. What causes it?7. Define the volume variance. What causes it?8. Fill in the missing numbers in the performance report. The following is a partially completed performance report for Surf Side.E (Click the icon to view the information.)Read the requirements.1. How many pools did Surf Side originally think they would install in April?Thethat Surf Side planned to sellpools in April. Data TableAEF1Surf Side2Flexible Budget Performance Report: Sales and Operating ExpensesFor the Year Ended April 30Flexible BudgetFlexibleBudgetVolumeMasterBudget4ActualVarianceVariance5 Sales volume (number of pools installed)?4$ 100,000$ 106,000$ 84,8006 Sales revenue?7 Operating expenses:Variable expenses$ 58,000$ 61,000$ 48,800?Fixed expenses21,00025,30025,30010 Total operating expenses??

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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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Question

1. How many pools did Surf Side originally think it would install in April?

2. How many pools did Surf Side actually install in April?

3. How many pools is the flexible budget based on? Why?

4. What was the budgeted sales price per pool?

5. What was the budgeted variable cost per pool?

6. Define the flexible budget variance. What causes it?

7. Define the volume variance. What causes it?

8. Fill in the missing numbers in the performance report.

The following is a partially completed performance report for Surf Side.
E (Click the icon to view the information.)
Read the requirements.
1. How many pools did Surf Side originally think they would install in April?
The
that Surf Side planned to sell
pools in April.

Data Table
A
E
F
1
Surf Side
2
Flexible Budget Performance Report: Sales and Operating Expenses
For the Year Ended April 30
Flexible Budget
Flexible
Budget
Volume
Master
Budget
4
Actual
Variance
Variance
5 Sales volume (number of pools installed)
?
4
$ 100,000
$ 106,000
$ 84,800
6 Sales revenue
?
7 Operating expenses:
Variable expenses
$ 58,000
$ 61,000
$ 48,800
?
Fixed expenses
21,000
25,300
25,300
10 Total operating expenses
?
?

Definition Definition Measure used to estimate the difference between the budgeted and annual proportion for a specific accounting year. A favorable budget variance refers to positive variances or gains, while unfavorable or negative variances refer to a shortfall in the budget. A budget variance is indicative of the instances where the actual costs incurred are higher or lower than the estimated costs.

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