I am having trouble with this chapter we moved on to the necktie chapter last week but I'm still having trouble with some of the problems this is one of them The managing director of the blood bank was very unhappy with this report, clalming that his costs were higher than expected due tothe emergency on the nelghboring Islands. He also polnted out that the additlonal costs had been fully covered by payments fromgrateful recipients on the other Islands. The government officlal who prepared the report countered that all of the figures had beensubmitted by the blood bank to the government; he was just pointing out that actual costs were a lot higher than promised In thebudget.The following cost formulas were used to construct the planning budgetCost Formulas$14.50q$11.00g$3,100$1,300$650Medical suppliesLab testsEquipment depreciationRentUtilitiesAdministration$10,300 + $2.50qRequlred:1.Complete the flexible budget performance report for September. (Indicate the effect of each varlance by selecting "F" forfavorable, "U" for unfavorable, and "None" for no effect (I.e., zero varlance). Input all amounts as posltive values.)St.Lucia Blood BankFlexible Budget Performance ReportFor the Month Ended September 30ActualResultsFlexibleBudgetPlanningBudget440Liters of blood collected5606,380Medical supplies7,7884,840Lab tests5,0253,100Equipment depreciation3,4301,300Rent1,300650Utilities73211,400Administration11,92027,670Total expense30,195 The St Lucla Blood Bank, a prlvate charity partly supported by government grants, Is located on the Carlbbean Island of St. Lucia. Theblood bank has just finished Its operations for September, which was a very busy month due to a powerful hurricane that hitnelghbortng Islands causing many Injurles. The hurricane largely bypassed St. Lucla, but residents of St. Lucla willingly donated theirblood to help people on other Islands. As a consequence, the blood bank collected and processed over 20% more blood than hadbeen originally planned for the month.A report prepared by a government officlal comparing actual costs to budgeted costs for the blood bank appears below. Continuedsupport from the government depends on the blood bank's ablity to demonstrate control over Its costs.St. Lucia Blood BankCost Control ReportFor the Month Ended September 30PlanningBudgetActualResultsVariancesLiters of blood collected5604406,3804,8403,100$ 1,408 UMedical suppliesLab tests7,7885,0253,430185 UEquipment depreciation330 U1,300732Rent1,300UtilitiesAdministration65082 U11,92011,400520 UTotal expense$ 30,195$ 27,670$ 2,525 UThe managing director of the blood bank was very unhappy with this report, claiming that his costs were higher than expected due tothe emergency on the nelghboring Islands. He also polnted out that the additional costs had been fully covered by payments fromgrateful reclplents on the other Islands. The government official who prepared the report countered that all of the figures had beensubmitted by the blood bank to the government; he was Just polnting out that actual costs were a lot higher than promised In thebudget.The following cost formulas were used to construct the planning budgetMedical suppliesLab testsEquipment depreciationRentCost Formulas$14.50g$11.00g33,100$1,300$650UtilitiesAdministrationRequired:1.Complete the flexible budget performance report for September (Indicate the effect of each varlance by selecting "F" forfavoreble, "U" for unfavorable, and "None" for no effect (I.e.. zero varlance). Input all amounts as positlve values.)

Budgeting: It is a process of planning the work to be performed. Under this process a formal plan is…

The managing director of the blood bank was very unhappy with this report, clalming that his costs were higher than expected due to the emergency on the nelghboring Islands. He also pointed out that the additional costs had been fully covered by payments from grateful reciplents on the other Islands. The government official who prepared the report countered that all of the figures had been submitted by the blood bank to the government; he was just polnting out that actual costs were a lot higher than promlsed In the budget. The following cost formulas were used to construct the planning budget: Cost Formulas Medical supplies $14.50g Lab tests $11.00g $3,100 Equipment depreciation Rent $1, 300 Utilities $650 Administration $18, 300 + $2.50q Required: 1.Complete the flexible budget performance report for September. (Indlcate the effect of each verlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero varlance). Input all amounts as positive values.)

The managing director of the blood bank was very unhappy with this report, clalming that his costs were higher than expected due to the emergency on the nelghboring Islands. He also pointed out that the additional costs had been fully covered by payments from grateful reciplents on the other Islands. The government official who prepared the report countered that all of the figures had been submitted by the blood bank to the government; he was just polnting out that actual costs were a lot higher than promlsed In the budget. The following cost formulas were used to construct the planning budget: Cost Formulas Medical supplies $14.50g Lab tests $11.00g $3,100 Equipment depreciation Rent $1, 300 Utilities $650 Administration $18, 300 + $2.50q Required: 1.Complete the flexible budget performance report for September. (Indlcate the effect of each verlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero varlance). Input all amounts as positive values.)

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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