Flexible Budget Performance Report: A flexible budget performance report is a comparative analysis of the deviations from the budgeted costs and revenue with respect to the sales volume. It aids the management to take corrective measures to fix the negative deviations from the budgeted sales, costs and revenues thereof and further budget planning can be done appropriately taking into consideration the results of the report. Flexible Budget: Flexible budget is an integral tool to forecast the evolutions in the level of activities of business. Though the fixed costs portion of the flexible budget remains constant over a particular accounting period but to enforce changes in the budget according to the changes in the level of activities the variable costs undergo change in direct proportion to the same. Flexible budget is very helpful for the management to plan costs and revenues with respect to the level of activities. To prepare : A flexible budget performance report title (in proper form) for S Company for calendar year 2017.

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Answer 1

Question

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.

Chapter 8, Problem 3DQ

To determine

Flexible Budget Performance Report:

A flexible budget performance report is a comparative analysis of the deviations from the budgeted costs and revenue with respect to the sales volume. It aids the management to take corrective measures to fix the negative deviations from the budgeted sales, costs and revenues thereof and further budget planning can be done appropriately taking into consideration the results of the report.

Flexible Budget:

Flexible budget is an integral tool to forecast the evolutions in the level of activities of business. Though the fixed costs portion of the flexible budget remains constant over a particular accounting period but to enforce changes in the budget according to the changes in the level of activities the variable costs undergo change in direct proportion to the same.
Flexible budget is very helpful for the management to plan costs and revenues with respect to the level of activities.

To prepare: A flexible budget performance report title (in proper form) for S Company for calendar year 2017.

Expert Solution & Answer

Explanation of Solution

S Company
Flexible Budget Performance Report
For the year ended 2017
Particulars	Flexible Budget ($)	Fixed Budget ($)	Variance ($)
Sales
Variable Costs
Direct Materials
Direct Labor
Factory Supplies
Utilities
Sales Commissions
Transportation Expenses
Office Supplies
Total Variable Costs
Contribution Margin
Fixed Costs
Depreciation- Machinery
Supervisory salaries
Insurance Expenses
Depreciation- Office equipment
Administrative salaries
Total fixed costs
Income from operations

Table(1)

In the variances column F denotes a favorable variance which means the deviation from the budgets are positive deviations.
U denotes unfavorable variance which means the actual expenses incurred are negative deviations for the business and corrective measures are required to fix them.

Importance of Title for Flexible Budget or Any Other Report

The title for any report plays an integral part in enhancing its effectiveness and relevance. The title of any report makes its purpose apparent on the face of the document and therefore it becomes easier for any end user to refer to a particular report according to the requirement, rather than studying the whole document to analyze its outcomes and thereafter use it further.

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Charlotte Metals' operating activities for the year are listed below: Beginning inventory $950,600 Ending inventory Purchases Sales revenue $420,700 $825,900 $1,601,850 Operating expenses $720.7* What is the cost of goods sold (COGS) for the year?

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Answer 2

Question

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.

Chapter 8, Problem 3DQ

To determine

Flexible Budget Performance Report:

A flexible budget performance report is a comparative analysis of the deviations from the budgeted costs and revenue with respect to the sales volume. It aids the management to take corrective measures to fix the negative deviations from the budgeted sales, costs and revenues thereof and further budget planning can be done appropriately taking into consideration the results of the report.

Flexible Budget:

Flexible budget is an integral tool to forecast the evolutions in the level of activities of business. Though the fixed costs portion of the flexible budget remains constant over a particular accounting period but to enforce changes in the budget according to the changes in the level of activities the variable costs undergo change in direct proportion to the same.
Flexible budget is very helpful for the management to plan costs and revenues with respect to the level of activities.

To prepare: A flexible budget performance report title (in proper form) for S Company for calendar year 2017.

Expert Solution & Answer

Explanation of Solution

S Company
Flexible Budget Performance Report
For the year ended 2017
Particulars	Flexible Budget ($)	Fixed Budget ($)	Variance ($)
Sales
Variable Costs
Direct Materials
Direct Labor
Factory Supplies
Utilities
Sales Commissions
Transportation Expenses
Office Supplies
Total Variable Costs
Contribution Margin
Fixed Costs
Depreciation- Machinery
Supervisory salaries
Insurance Expenses
Depreciation- Office equipment
Administrative salaries
Total fixed costs
Income from operations

Table(1)

In the variances column F denotes a favorable variance which means the deviation from the budgets are positive deviations.
U denotes unfavorable variance which means the actual expenses incurred are negative deviations for the business and corrective measures are required to fix them.

Importance of Title for Flexible Budget or Any Other Report

The title for any report plays an integral part in enhancing its effectiveness and relevance. The title of any report makes its purpose apparent on the face of the document and therefore it becomes easier for any end user to refer to a particular report according to the requirement, rather than studying the whole document to analyze its outcomes and thereafter use it further.

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Answer 3

Question

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.

Chapter 8, Problem 3DQ

To determine

Flexible Budget Performance Report:

A flexible budget performance report is a comparative analysis of the deviations from the budgeted costs and revenue with respect to the sales volume. It aids the management to take corrective measures to fix the negative deviations from the budgeted sales, costs and revenues thereof and further budget planning can be done appropriately taking into consideration the results of the report.

Flexible Budget:

Flexible budget is an integral tool to forecast the evolutions in the level of activities of business. Though the fixed costs portion of the flexible budget remains constant over a particular accounting period but to enforce changes in the budget according to the changes in the level of activities the variable costs undergo change in direct proportion to the same.
Flexible budget is very helpful for the management to plan costs and revenues with respect to the level of activities.

To prepare: A flexible budget performance report title (in proper form) for S Company for calendar year 2017.

Expert Solution & Answer

Explanation of Solution

S Company
Flexible Budget Performance Report
For the year ended 2017
Particulars	Flexible Budget ($)	Fixed Budget ($)	Variance ($)
Sales
Variable Costs
Direct Materials
Direct Labor
Factory Supplies
Utilities
Sales Commissions
Transportation Expenses
Office Supplies
Total Variable Costs
Contribution Margin
Fixed Costs
Depreciation- Machinery
Supervisory salaries
Insurance Expenses
Depreciation- Office equipment
Administrative salaries
Total fixed costs
Income from operations

Table(1)

In the variances column F denotes a favorable variance which means the deviation from the budgets are positive deviations.
U denotes unfavorable variance which means the actual expenses incurred are negative deviations for the business and corrective measures are required to fix them.

Importance of Title for Flexible Budget or Any Other Report

The title for any report plays an integral part in enhancing its effectiveness and relevance. The title of any report makes its purpose apparent on the face of the document and therefore it becomes easier for any end user to refer to a particular report according to the requirement, rather than studying the whole document to analyze its outcomes and thereafter use it further.

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Answer 4

Question

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.

Chapter 8, Problem 3DQ

To determine

Flexible Budget Performance Report:

A flexible budget performance report is a comparative analysis of the deviations from the budgeted costs and revenue with respect to the sales volume. It aids the management to take corrective measures to fix the negative deviations from the budgeted sales, costs and revenues thereof and further budget planning can be done appropriately taking into consideration the results of the report.

Flexible Budget:

Flexible budget is an integral tool to forecast the evolutions in the level of activities of business. Though the fixed costs portion of the flexible budget remains constant over a particular accounting period but to enforce changes in the budget according to the changes in the level of activities the variable costs undergo change in direct proportion to the same.
Flexible budget is very helpful for the management to plan costs and revenues with respect to the level of activities.

To prepare: A flexible budget performance report title (in proper form) for S Company for calendar year 2017.

Expert Solution & Answer

Explanation of Solution

S Company
Flexible Budget Performance Report
For the year ended 2017
Particulars	Flexible Budget ($)	Fixed Budget ($)	Variance ($)
Sales
Variable Costs
Direct Materials
Direct Labor
Factory Supplies
Utilities
Sales Commissions
Transportation Expenses
Office Supplies
Total Variable Costs
Contribution Margin
Fixed Costs
Depreciation- Machinery
Supervisory salaries
Insurance Expenses
Depreciation- Office equipment
Administrative salaries
Total fixed costs
Income from operations

Table(1)

In the variances column F denotes a favorable variance which means the deviation from the budgets are positive deviations.
U denotes unfavorable variance which means the actual expenses incurred are negative deviations for the business and corrective measures are required to fix them.

Importance of Title for Flexible Budget or Any Other Report

The title for any report plays an integral part in enhancing its effectiveness and relevance. The title of any report makes its purpose apparent on the face of the document and therefore it becomes easier for any end user to refer to a particular report according to the requirement, rather than studying the whole document to analyze its outcomes and thereafter use it further.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 8, Problem 3DQ

To determine

Flexible Budget Performance Report:

A flexible budget performance report is a comparative analysis of the deviations from the budgeted costs and revenue with respect to the sales volume. It aids the management to take corrective measures to fix the negative deviations from the budgeted sales, costs and revenues thereof and further budget planning can be done appropriately taking into consideration the results of the report.

Flexible Budget:

Flexible budget is an integral tool to forecast the evolutions in the level of activities of business. Though the fixed costs portion of the flexible budget remains constant over a particular accounting period but to enforce changes in the budget according to the changes in the level of activities the variable costs undergo change in direct proportion to the same.
Flexible budget is very helpful for the management to plan costs and revenues with respect to the level of activities.

To prepare: A flexible budget performance report title (in proper form) for S Company for calendar year 2017.

Expert Solution & Answer

Explanation of Solution

S Company
Flexible Budget Performance Report
For the year ended 2017
Particulars	Flexible Budget ($)	Fixed Budget ($)	Variance ($)
Sales
Variable Costs
Direct Materials
Direct Labor
Factory Supplies
Utilities
Sales Commissions
Transportation Expenses
Office Supplies
Total Variable Costs
Contribution Margin
Fixed Costs
Depreciation- Machinery
Supervisory salaries
Insurance Expenses
Depreciation- Office equipment
Administrative salaries
Total fixed costs
Income from operations

Table(1)

In the variances column F denotes a favorable variance which means the deviation from the budgets are positive deviations.
U denotes unfavorable variance which means the actual expenses incurred are negative deviations for the business and corrective measures are required to fix them.

Importance of Title for Flexible Budget or Any Other Report

The title for any report plays an integral part in enhancing its effectiveness and relevance. The title of any report makes its purpose apparent on the face of the document and therefore it becomes easier for any end user to refer to a particular report according to the requirement, rather than studying the whole document to analyze its outcomes and thereafter use it further.

Answer 6

Chapter 8, Problem 3DQ

To determine

Flexible Budget Performance Report:

A flexible budget performance report is a comparative analysis of the deviations from the budgeted costs and revenue with respect to the sales volume. It aids the management to take corrective measures to fix the negative deviations from the budgeted sales, costs and revenues thereof and further budget planning can be done appropriately taking into consideration the results of the report.

Flexible Budget:

Flexible budget is an integral tool to forecast the evolutions in the level of activities of business. Though the fixed costs portion of the flexible budget remains constant over a particular accounting period but to enforce changes in the budget according to the changes in the level of activities the variable costs undergo change in direct proportion to the same.
Flexible budget is very helpful for the management to plan costs and revenues with respect to the level of activities.

To prepare: A flexible budget performance report title (in proper form) for S Company for calendar year 2017.

Expert Solution & Answer

Explanation of Solution

S Company
Flexible Budget Performance Report
For the year ended 2017
Particulars	Flexible Budget ($)	Fixed Budget ($)	Variance ($)
Sales
Variable Costs
Direct Materials
Direct Labor
Factory Supplies
Utilities
Sales Commissions
Transportation Expenses
Office Supplies
Total Variable Costs
Contribution Margin
Fixed Costs
Depreciation- Machinery
Supervisory salaries
Insurance Expenses
Depreciation- Office equipment
Administrative salaries
Total fixed costs
Income from operations

Table(1)

In the variances column F denotes a favorable variance which means the deviation from the budgets are positive deviations.
U denotes unfavorable variance which means the actual expenses incurred are negative deviations for the business and corrective measures are required to fix them.

Importance of Title for Flexible Budget or Any Other Report

The title for any report plays an integral part in enhancing its effectiveness and relevance. The title of any report makes its purpose apparent on the face of the document and therefore it becomes easier for any end user to refer to a particular report according to the requirement, rather than studying the whole document to analyze its outcomes and thereafter use it further.

Answer 7

Chapter 8, Problem 3DQ

To determine

Flexible Budget Performance Report:

A flexible budget performance report is a comparative analysis of the deviations from the budgeted costs and revenue with respect to the sales volume. It aids the management to take corrective measures to fix the negative deviations from the budgeted sales, costs and revenues thereof and further budget planning can be done appropriately taking into consideration the results of the report.

Flexible Budget:

Flexible budget is an integral tool to forecast the evolutions in the level of activities of business. Though the fixed costs portion of the flexible budget remains constant over a particular accounting period but to enforce changes in the budget according to the changes in the level of activities the variable costs undergo change in direct proportion to the same.
Flexible budget is very helpful for the management to plan costs and revenues with respect to the level of activities.

To prepare: A flexible budget performance report title (in proper form) for S Company for calendar year 2017.

Answer 8

Expert Solution & Answer

Explanation of Solution

S Company
Flexible Budget Performance Report
For the year ended 2017
Particulars	Flexible Budget ($)	Fixed Budget ($)	Variance ($)
Sales
Variable Costs
Direct Materials
Direct Labor
Factory Supplies
Utilities
Sales Commissions
Transportation Expenses
Office Supplies
Total Variable Costs
Contribution Margin
Fixed Costs
Depreciation- Machinery
Supervisory salaries
Insurance Expenses
Depreciation- Office equipment
Administrative salaries
Total fixed costs
Income from operations

Table(1)

In the variances column F denotes a favorable variance which means the deviation from the budgets are positive deviations.
U denotes unfavorable variance which means the actual expenses incurred are negative deviations for the business and corrective measures are required to fix them.

Importance of Title for Flexible Budget or Any Other Report

The title for any report plays an integral part in enhancing its effectiveness and relevance. The title of any report makes its purpose apparent on the face of the document and therefore it becomes easier for any end user to refer to a particular report according to the requirement, rather than studying the whole document to analyze its outcomes and thereafter use it further.