Using the following information, calculate the static budget, flexible budget and sales-volume variances: Actual Total Revenue $654,000 Budget $789,000 Total Food Cost $114,000 $104,000 Total Variable Labor $60,000 $75,000 Total Fixed Costs $180,000 $180,000 Guests Served 282,000 guests 244,000 guests Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. Enter all variances as positive values. Actual Operating Income: $ Budgeted Operating Income: $ Budgeted CM per guest: $

Using the following information, calculate the static budget, flexible budget and sales-volume variances: Actual Total Revenue $654,000 Budget $789,000 Total Food Cost $114,000 $104,000 Total Variable Labor $60,000 $75,000 Total Fixed Costs $180,000 $180,000 Guests Served 282,000 guests 244,000 guests Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. Enter all variances as positive values. Actual Operating Income: $ Budgeted Operating Income: $ Budgeted CM per guest: $

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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You have asked your sales manager to explain why budgeted revenues for your division are below expectations. The budget indicated $1,039,500 of revenues based on a sales volume of 1,485,000 units. Sales records indicate that 1,500,400 product units were actually sold, but revenues were only $1,020,272. Calculate the sales price variance, the sale volume variance, and the total revenue variance. Sales price variance $ Unfavorable Sales volume variance $ Favorable Total revenue variance $ Unfavorable
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As sales manager, Joe Batista was given the following static budget report for selling expenses in the Clothing Department of Soria Company for the month of October. Sales in units Variable expenses Sales commissions Advertising expense Travel expense Free samples given out Total variable Fixed expenses Rent (a) Sales salaries Office salaries Depreciation-autos (sales staff) Total fixed Total expenses SORIA COMPANY Clothing Department Budget Report For the Month Ended October 31, 2022 Budget 8,000 $2,400 720 3,600 1,600 8,320 1,500 1,200 800 500 4,000 $12,320 Actual $2,600 850 10,000 2,000 Favorable 4,100 1,400 8,950 1,500 1,200 800 500 4,000 Difference $12,950 Favorable Unfavorable Neither Favorable nor Unfavorable $200 Unfavorable 130 Unfavorable 500 Unfavorable 200 Favorable 630 Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable $630…
Luanna Inc. manufactures game consoles. Some of the company's data was misplaced. Use the following information to replace the lost data. Plexible Sales Budget Actual Budget Plexible Volume Master Results Variance Budget Variance 1,880 $122,200 с $ 21,300 Operating income $ 45,850 Units Revenues Variable costs. Fixed costs The amount C, to nearest dollar, is: Multiple Choice O O O O $76,350 $55,050. $67,150. $100,900. $ 1,880 U A D 1,760 B $59,840 $31,000
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The following dashboard shows information from a company's fixed budget for 12,000 units of production and sales, and actual results for 12,500 units of production and sales. Budgeted sales Actual sales Budgeted variable costs Actual variable costs Budgeted fixed costs $48,000 Actual fixed costs $46,000 Enter answers in the tabs below. Required 1 Required 2 $108,000 $137,500 Compute the flexible budget income at the actual production and sales level of 12,500 units. ------Flexible Budget------ ------Flexible Budget at ------ Variable Amount per Unit Total Fixed Cost 12,500 units Contribution margin $ 0 $ 0 0 $180,000 $195,000
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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 ♦ + >
Budgets Question 1. A manager had the following operating budget and achieved the actual results shown. Calculate the variance and variance percentage for each line item. Then answer the questions that follow. Sales Budget Actual Variance Food $500,000 $550,000 Beverage |50,000 165,000 $650,000 Total Sales Total Controllable Expense Total Fixed Expense 450,000 495,000 135,000 135,000 Profit (Loss) $65,000 What is your assessment of this operation's expense control performance during this budget period? 2. Why are managers who are skilled at controlling expenses in such high demand in the hospitality industry? W APR
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