Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 5,500 units. The following variances were observed:Actual ResultsVariancesUnitsSalesVariable ExpensesFixed ExpensesNet Income (loss)$169,00077,800UnitsSalesVariable ExpensesFixed ExpensesNet Income (Loss)$26,000 Favorable11,800 Unfavorable300 Unfavorable88,300$2,900 $13,900 UnfavorableDetermine the static budget and use the information to prepare a flexible budget and analysis for the 6,500 units actually sold. If no effect, select "No Effect" and leave the amount boxes blank. For those boxeswhich you must enter negative numbers use a minus sign. (Example: -300).Static budget Flexible budget Actual ResultsVariancesNo Effect✓FavorableUnfavorable ✔Unfavorable ✓✓

A static budget is a schedule of forecasted revenues and expenses based on the forecasted level of…

Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 5,500 units. The following variances were observed: Actual Results Variances Units Sales Variable Expenses Fixed Expenses Net Income (loss) Units Sales Variable Expenses Fixed Expenses Net Income (Loss) Determine the static budget and use the information to prepare a flexible budget and analysis for the 6,500 units actually sold. If no effect, select "No Effect" and leave the amount boxes blank. For tho which you must enter negative numbers use a minus sign. (Example: -300). Static budget Flexible budget Actual Results $ $169,000 77,800 88,300 $2,900 $ $26,000 Favorable 11,800 Unfavorable 300 Unfavorable $13,900 Unfavorable $ $ Variances No Effect Favorable Unfavorable Unfavorable ✓

Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 5,500 units. The following variances were observed: Actual Results Variances Units Sales Variable Expenses Fixed Expenses Net Income (loss) Units Sales Variable Expenses Fixed Expenses Net Income (Loss) Determine the static budget and use the information to prepare a flexible budget and analysis for the 6,500 units actually sold. If no effect, select "No Effect" and leave the amount boxes blank. For tho which you must enter negative numbers use a minus sign. (Example: -300). Static budget Flexible budget Actual Results $ $169,000 77,800 88,300 $2,900 $ $26,000 Favorable 11,800 Unfavorable 300 Unfavorable $13,900 Unfavorable $ $ Variances No Effect Favorable Unfavorable Unfavorable ✓

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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Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 5,500 units. The following variances were observed: Units Sales Variable Expenses Fixed Expenses Net Income (loss) Units Sales Determine the static budget and use the information to prepare a flexible budget and analysis for the 6,500 units actually sold. If no effect, select "No Effect" and leave the amount boxes blank. For those boxes in which you must nter negative numbers use a minus sign. (Example: -300). > Static budget Flexible budget Variable Expenses Fixed Expenses Actual Results Net Income (Loss) $175,500 $27,000 Favorable 77,800 11,800 Unfavorable 93,800 300 Unfavorable $3,900 $14,900 Unfavorable LA 5,500 ✔ $ 148,500✔ 66,000 X Variances 93,500 X -11,000 ✓ 6,500 $ 175,500 ✓ $ 11,800 X 93,500 X 4,000 Actual Results $ 175,500✔ LA 93,800 X 93,800 X 3,900 ✔ $ tA LA 0 Variances ✓ No Effect 200✔ Favorable 300 X Unfavora 100 X Unfavora
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Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. (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. Round "rate per hour" answers to 2 decimal places.) Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration Total expense $ 6,500 78,400 $ 18,700 (q) + + + + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results $ 1.50 (9) (q) (q) GA 1.90 (q) 9,480 $ 134,730 SA 4,940 288,088 Spending Variances 1,780 F 1,450 U 0 None Flexible Budget $ 132,720 21,640 4,444 Activity Variances 336 U 0 None Planning Budget 9,000 12,800 4,300
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Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. (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. Round "rate per hour" answers to 2 decimal places.) Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration. Total expense $ 7,100 $ 79,900 $ 18,820 (q) + + + + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results $ 1.50 (q) (9) (9) $ 1.50 (q) 9,540 $164,250 5,024 $ 322,066 Spending Variances 1,840 F 1,510 U 0 None Flexible Budget $ 162,180 21,790 4,504 Activity Variances 624 U 0 None Planning Budget 9,060 18,878 4,360
Mia Wiz sells computers. During May, it sold 300 computers at a $800 per unit price. The fixed budget for May predicted sales of 350 computers at an per unit price of $780. AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price 1&2. Compute the sales price variance and the sales volume variance for May. Identify it as favorable or unfavorable. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Actual Sales $ Flexible Budget 0 0 $ 0 Budgeted Sales
Ray Company provided the following excerpts from its Production Department’s flexible budget performance report. (Round "rate per hour" answers to 2 decimal places. 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.) Required: Complete the Production Department’s Flexible Budget Performance Report.
Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. 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. Round "rate per hour answers to 2 decimal places. Labor hours (a) Direct labor Indirect labor Uslities Supplies Equipment depreciation Factory administration Total expense $ 7,800 $ 81,650 $ 18,960 (4) * . Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results Spending Variances S 1.30 (4) (9) (4) $ 1.20 (4) $ $ 9,610 199,145 5,122 361,120 2,662 F 1,580 U 0 None Flexible Budget $ 197,005 20,043 4.574 Activity Variances 960 U 0 None Planning Budget 9,130 26,060 4.430
Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 5,500 units. The following variances were observed: Units Sales Variable Expenses Fixed Expenses Net Income (loss) Units Sales Actual Results Determine the static budget and use the information to prepare a flexible budget and analysis for the 6,500 units actually sold. If no effect, select "No Effect" and leave the amount boxes blank. For those boxes in which you must enter negative numbers use a minus sign. (Example: -300). Static budget Flexible budget Actual Results Variances Variable Expenses Fixed Expenses Net Income (Loss) Variances $ $169,000 $26,000 Favorable 77,800 11,800 Unfavorable 88,300 300 Unfavorable $2,900 $13,900 Unfavorable No Effect Favorable Unfavorable Unfavorable ✓ ✓ ✓ ✓
Clementine Company makes skateboards. They prepare master and flexible budgets and then perform variance analysis after the budget plan period elapses. Their data is as follows: Selling price per unit Budget $98 Variable cost per unit Quantity sold 1,044 $50 Actual $97 $46 1,036 What is the Clementine's flexible budget variance for VARIABLE COSTS? If the variance is unfavorable put a minus sign in front of your answer. Enter your answer without commas or decimals.
Clementine Company makes skateboards. They prepare master and flexible budgets and then perform variance analysis after the budget plan period elapses. Their data is as follows: Budget Actual Selling price $96 $92 per unit Variable cost $50 $48 per unit Quantity sold 1034 916 What is the Clementine's flexible budget variance for VARIABLE COSTS? If the variance is unfavorable put a minus sign in front of your answer.