Homework Answers
| Ans. 1 | BAY CITY COMPANY | |||||
| Flexible Budget Performance Report | ||||||
| For Month Ended July 31 | ||||||
| Flexible budget | Actual results | Variances | Fav./ Unf. | |||
| Sales | $392,000 | $436,100 | $44,100 | F | ||
| Less: Variable cost | $245,000 | $270,000 | $25,000 | U | ||
| Contribution margin | $147,000 | $166,100 | $19,100 | F | ||
| Less: Fixed cost | $140,000 | $130,000 | $10,000 | F | ||
| Income from operations | $7,000 | $36,100 | $29,100 | F | ||
| *Calculations: | ||||||
| Actual variable expenses = Actual total expenses - Actual fixed expenses | ||||||
| $400,000 - $130,000 = $270,000 | ||||||
| *Flexible budget is prepared on the basis of actual units. | ||||||
| Flexible budget sales = Fixed budget sales / Budgeted sales units * Actual sales units | ||||||
| $480,000 / 6,000 * 4,900 = $392,000 | ||||||
| *Flexible budget fixed expenses = Fixed budget fixed expenses = $163,000 | ||||||
| Flexible budget variable expenses = Fixed budget variable expenses / Budgeted sales units * Actual sales units | ||||||
| $300,000 / 6,000 * 4,900 = $245,000 | ||||||
| *Fixed expenses in flexible budget remain same as fixed budget (i.e. $140,000). | ||||||
| Spending variance = Actual results - Flexible budget | ||||||
| *Increase in expenses & decrease in sales, contribution margin or net income from flexible budget to actual results = Unfavorable. | ||||||
| *Decrease in expenses & increase in sales, contribution margin or net income from flexible budget to actual results = Favorable. | ||||||
| Ans. 2 | Actual Sales | Flexible Budget | Budgeted Sales | |||
| AQ * AP | AQ * SP | SQ * SP | ||||
| 500 * $900 | 500 * $870 | 550 * $870 | ||||
| $450,000 | $435,000 | $478,500 | ||||
| $15,000 | -$43,500 | |||||
| Sales price variance | $15,000 | favorable | ||||
| Sales volume variance | -$43,500 | or $43,500 Unfavorable | ||||
| Total Sales Variance | -$28,500 | or $28,500 Unfavorable | ||||
| *Sales price variance = Actual sales - Flexible budget | ||||||
| *Sales volume variance = Flexible budget - Budgeted sales | ||||||
| *Total sales variance = Sales price variance + Sales volume variance | ||||||
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Bay City Company's fixed budget performance report for July follows. The $440,000 budgeted total expenses include...
Bay City Company's fixed budget performance report for July follows. The $440,000 budgeted total expenses include...
Bay City Company's fixed budget performance report for July follows. The $440,000 budgeted total expenses include $300,000 variable expenses and $140,000 fixed expenses. Actual expenses include $130,000 fixed expenses. Variances Fixed Budget Sales (in units) 6,000 Sales (in dollars) $480,000 Total expenses 440,000 Income from $ 40,000 operations Actual Results 4,900 $441,000 408,000 $ 33,000 $39,000 U 32,000 F $ 7,000U Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and...
Bay City Company’s fixed budget performance report for July follows. The $440,000 budgeted total expenses include...
Bay City Company’s fixed budget performance report for July follows. The $440,000 budgeted total expenses include $300,000 variable expenses and $140,000 fixed expenses. Actual expenses include $130,000 fixed expenses. Fixed Budget Actual Results Variances Sales (in units) 6,000 4,900 Sales (in dollars) $ 480,000 $ 436,100 $ 43,900 U Total expenses 440,000 410,000 30,000 F Income from operations $ 40,000 $ 26,100 $ 13,900 U Prepare a flexible budget performance report that shows any variances between budgeted results and actual...
Bay City Company’s fixed budget performance report for July follows. The $440,000 budgeted total expenses include...
Bay City Company’s fixed budget performance report for July follows. The $440,000 budgeted total expenses include $300,000 variable expenses and $140,000 fixed expenses. Actual expenses include $130,000 fixed expenses. Fixed Budget Actual Results Variances Sales (in units) 6,000 4,900 Sales (in dollars) $ 480,000 $ 436,100 $ 43,900 U Total expenses 440,000 410,000 30,000 F Income from operations $ 40,000 $ 26,100 $ 13,900 U Prepare a flexible budget performance report that shows any variances between budgeted results and actual...
Bay City Company's fixed budget performance report for July follows. The $367,000 budgeted total expenses include...
Bay City Company's fixed budget performance report for July follows. The $367,000 budgeted total expenses include $280,000 variable expenses and $87,000 fixed expenses. Actual expenses include $77,000 fixed expenses. Variances Sales (in units) Sales (in dollars Total expenses Fixed Budget 5,000 $400,000 367,000 $ 33,000 Actual Results 3,900 $347,100 330,000 $ 17,100 $52,900U 37,000F $15,900 U Income from operations Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses...
Bay City Company's fixed budget performance report for July follows. The $594,000 budgeted total expenses include...
Bay City Company's fixed budget performance report for July follows. The $594,000 budgeted total expenses include $450,000 variable expenses and $144,000 fixed expenses. Actual expenses include $134,000 fixed expenses. Actual Results Fixed Budget Variences Sales (in units) 8.100 7,000 Sales (in dollars) Total expenses $ 623,000 559,000 $ 64,000 $648,000 594,000 $ 54,000 $25,000 U 35,000 F Income from operations $10,000 U Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed...
Bay City Company's fixed budget performance report for July follows. The $587,000 budgeted total expenses include...
Bay City Company's fixed budget performance report for July follows. The $587,000 budgeted total expenses include $400,000 variable expenses and $187,000 fixed expenses. Actual expenses include $177,000 fixed expenses Actual Fixed Budget Variances Results Sales (in units) Sales (in dollars) Total expenses 8,000 6,900 $640,000 587,000 614,100 549,000 $ 65,100 $25,900 U 38,000 F Income from $12,100 U 53,000 operations Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable...
Bay City Company’s fixed budget performance report for July follows. The $367,000 budgeted total expenses include $280,0...
Bay City Company’s fixed
budget performance report for July follows. The $367,000 budgeted
total expenses include $280,000 variable expenses and $87,000 fixed
expenses. Actual expenses include $77,000 fixed expenses. Fixed
Budget Actual Results Variances Sales (in units) 5,000 3,900 Sales
(in dollars) $ 400,000 $ 351,000 $ 49,000 U Total expenses 367,000
329,000 38,000 F Income from operations $ 33,000 $ 22,000 $ 11,000
U Prepare a flexible budget performance report that shows any
variances between budgeted results and actual...
Bay City Company's fixed budget performance report for July follows. The $513,000 budgeted total expenses include...
Bay City Company's fixed budget performance report for July follows. The $513,000 budgeted total expenses include $350,000 ariable expenses and $163,000 fixed expenses. Actual expenses include $153,000 fixed expenses. Actual Results Fixed Budget Variances Sales (in units ) 5,900 7,000 Sales (in dollars) Total expenses $560,000 513,000 519,200 480,000 $40,800 U 33,000 F 7,800 U Income from operations 47,000 39,200 Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and ariable...
2 Bay City Company's fixed budget performance report for July follows. The $587,000 budgeted total expenses...
2 Bay City Company's fixed budget performance report for July follows. The $587,000 budgeted total expenses include $400,000 variable expenses and $187,000 fixed expenses. Actual expenses include $177,000 fixed expenses. 3 Fixed Budget Variances points Sales (in units) Sales (in dollars) Total expenses Income from operations 8,000 $ 640,000 587,000 $ 53,000 Actual Results 6,900 $607,200 548,000 $ 59,200 $32,800 U 39,000 F $ 6,200 U eBook dot Hint Prepare a flexible budget performance report that shows any variances between...
Bay City Company's fixed budget performance report for July follows. The $513,000 budgeted total expenses include...
Bay City Company's fixed budget performance report for July follows. The $513,000 budgeted total expenses include $350,000 variable expenses and $163.000 fixed expenses. Actual expenses include $153,000 fixed expenses. Actual Fixed Budget Variances Results 5,980 $ 519,200 482,000 Sales (in units) Sales (in dollars) Total expenses 7,e00 $560,000 513,000 $40,800 U 31,000F Income from operations $47.000 $ 37,200 $9,800U Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses...
Bay City Company's fixed budget performance report for July follows. The $440,000 budgeted total expenses include $300,000 variable expenses and $140,000 fixed expenses. Actual expenses include $130,000 fixed expenses. Variances Fixed Budget Sales (in units) 6,000 Sales (in dollars) $480,000 Total expenses 440,000 Income from $ 40,000 operations Actual Results 4,900 $441,000 408,000 $ 33,000 $39,000 U 32,000 F $ 7,000U Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and...
Bay City Company's fixed budget performance report for July follows. The $367,000 budgeted total expenses include $280,000 variable expenses and $87,000 fixed expenses. Actual expenses include $77,000 fixed expenses. Variances Sales (in units) Sales (in dollars Total expenses Fixed Budget 5,000 $400,000 367,000 $ 33,000 Actual Results 3,900 $347,100 330,000 $ 17,100 $52,900U 37,000F $15,900 U Income from operations Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses...
Bay City Company's fixed budget performance report for July follows. The $594,000 budgeted total expenses include $450,000 variable expenses and $144,000 fixed expenses. Actual expenses include $134,000 fixed expenses. Actual Results Fixed Budget Variences Sales (in units) 8.100 7,000 Sales (in dollars) Total expenses $ 623,000 559,000 $ 64,000 $648,000 594,000 $ 54,000 $25,000 U 35,000 F Income from operations $10,000 U Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed...
Bay City Company's fixed budget performance report for July follows. The $587,000 budgeted total expenses include $400,000 variable expenses and $187,000 fixed expenses. Actual expenses include $177,000 fixed expenses Actual Fixed Budget Variances Results Sales (in units) Sales (in dollars) Total expenses 8,000 6,900 $640,000 587,000 614,100 549,000 $ 65,100 $25,900 U 38,000 F Income from $12,100 U 53,000 operations Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable...
Bay City Company’s fixed
budget performance report for July follows. The $367,000 budgeted
total expenses include $280,000 variable expenses and $87,000 fixed
expenses. Actual expenses include $77,000 fixed expenses. Fixed
Budget Actual Results Variances Sales (in units) 5,000 3,900 Sales
(in dollars) $ 400,000 $ 351,000 $ 49,000 U Total expenses 367,000
329,000 38,000 F Income from operations $ 33,000 $ 22,000 $ 11,000
U Prepare a flexible budget performance report that shows any
variances between budgeted results and actual...
Bay City Company's fixed budget performance report for July follows. The $513,000 budgeted total expenses include $350,000 ariable expenses and $163,000 fixed expenses. Actual expenses include $153,000 fixed expenses. Actual Results Fixed Budget Variances Sales (in units ) 5,900 7,000 Sales (in dollars) Total expenses $560,000 513,000 519,200 480,000 $40,800 U 33,000 F 7,800 U Income from operations 47,000 39,200 Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and ariable...
2 Bay City Company's fixed budget performance report for July follows. The $587,000 budgeted total expenses include $400,000 variable expenses and $187,000 fixed expenses. Actual expenses include $177,000 fixed expenses. 3 Fixed Budget Variances points Sales (in units) Sales (in dollars) Total expenses Income from operations 8,000 $ 640,000 587,000 $ 53,000 Actual Results 6,900 $607,200 548,000 $ 59,200 $32,800 U 39,000 F $ 6,200 U eBook dot Hint Prepare a flexible budget performance report that shows any variances between...
Bay City Company's fixed budget performance report for July follows. The $513,000 budgeted total expenses include $350,000 variable expenses and $163.000 fixed expenses. Actual expenses include $153,000 fixed expenses. Actual Fixed Budget Variances Results 5,980 $ 519,200 482,000 Sales (in units) Sales (in dollars) Total expenses 7,e00 $560,000 513,000 $40,800 U 31,000F Income from operations $47.000 $ 37,200 $9,800U Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses...
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