Homework Answers
1. Actual performance and budgeted performance based on actual sales volume
2. Direct labor efficiency variance = (standard hours - actual hours)*standard rate
= (47000-45000)*14.50
= $29000 Favorable
3. Actual revenue is higher than budgeted revenue
Add Answer to:
A flexible budget performance report compares the differences between: Help Save & Exit Actual performance and...
4. A flexible budget performance report compares the differences between: a. Actual performance and budgeted performance...
4. A flexible budget performance report compares the differences between: a. Actual performance and budgeted performance based on actual sales volume. b. Actual performance over several periods. c. Budgeted performance over several periods. d. Actual performance and budgeted performance based on budgeted sales volume. e. Actual performance and standard costs at the budgeted sales volume.
FLEXIBLE BUDGET PERFORMANCE REPORT Top managers of Hannah Industries predicted 2018 sales of 14,400 units of...
FLEXIBLE BUDGET PERFORMANCE REPORT Top managers of Hannah Industries predicted 2018 sales of 14,400 units of its product at a unit price of $9.00. Actual sales for the year were 14,000 units at $11.50 each. Variable costs were budgeted at $2.10 per unit, and actual variable costs were $2.20 per unit. Actual fixed costs of $42,000 exceeded budgeted foed costs by $5,500. Prepare Hannah's flexible budget performance report. What variance contributed most to the year's favorable results? What caused this...
Exercise 21-3 Preparing a flexible budget performance report LO P1 Solitaire Company's fixed budget performance rep...
Exercise 21-3 Preparing a flexible budget performance report LO P1 Solitaire Company's fixed budget performance report for June follows. The $326,250 budgeted expenses include $278,400 variable expenses and $47,850 fixed expenses. Actual expenses include $56,750 fixed expenses. Variances Sales (in units) Sales (in dollars) Total expenses Income from operations Fixed Budget 8,700 $435,000 326,250 $108,750 Actual Results 11,100 $555,000 388,500 $166,500 $120,000 62,250U $ 57,750 F Prepare a flexible budget performance report showing any variances between budgeted and actual results....
Req. 4,5, 6 A Data Table Actual vs. Budget Performance Report For the Month Ended August...
Req. 4,5, 6
A Data Table Actual vs. Budget Performance Report For the Month Ended August 31 Master Budget Master Budget Actual Variance 53,000 Sales volume (number of cases sold) Sales revenue 155,800 $ 137 800 68.900 Less: Variable expenses Contribution margin $ 76 400 $ 68.200 8 200 S 68.900 67 000 Less: Fixed expenses Operating income 1.900 Done 4. Compute the master budget variances. Be sure to indicate each variance as favorable (F) or unfavorable (U.) 5. Management...
Complete the following Flexible Budget Performance Report. Interpret your results. Remember on the variances to put...
Complete the following Flexible Budget Performance Report. Interpret your results. Remember on the variances to put Favorable (F) or Unfavorable (U) Flexible i e Flexible Volume Master Actual Budget B. Budget Variance Budget Variance Sales 57,500 57,500 53,000 Volume Sales Revenue $206,500 ($3.50 per unit) Less: Variable Expenses $83,200 ($1.40 per unit) Contribution $123,300 Margin Less: Fixed $65,500 $64,000 Expenses Operating $57,800 Income
Hoppy Corporation compares a monthly flexible budget based on actual operating results to a static planning...
Hoppy Corporation compares a monthly flexible budget based on actual operating results to a static planning budget prepared at the beginning of the month. When the actual level of activity is higher than expected, which of the following would typically be expected? Variable costs would show unfavorable variances O Varíable costs would show favorable variances O Fixed costs would show favorable varlances Fixed costs would show unfavorable variances. None of the above. Cosden Corporation is an oil well service company...
Performance Report, June 2017 Actual Static Results Budget Units (pounds) 390,000 380,000...
Performance Report, June 2017 Actual Static Results Budget Units (pounds) 390,000 380,000 Revenues $2,203,500 $2,166,000 Variable manufacturing costs 1,423,500 1,368,000 Contribution margin $780,000 $798,000 SteveSteve AdlerAdler, the business manager for ice-cream products, is pleased that more pounds of ice cream were sold than budgeted and that revenues were up.Unfortunately, variable manufacturing costs went up, too. The bottom line is that contribution margin declined by $ 18 comma 000$18,000, which is less thanless than 11% of the budgeted revenues of $...
Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between budgeted an...
Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between budgeted and actual results. Sales Variable expenses Fixed expenses (total) Units produced and sold Budgeted $ 300 per unit $ 120 per unit $125,000 1,200 Actual $435,000 $172,000 $122,000 1,400 List variable and fixed expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) LEWIS CO. Flexible Budget Performance Report For Month Ended May 31 Flexible Budget Actual...
Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Actual Flexible Planning Budget...
Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Actual Flexible Planning Budget Results Budget Cars washed 8,400 $ 53,560 Revenue Expenses: 5,480 Cleaning supplies Electricity 1,917 1,900 Maintenance Wages and salaries 6,420 Depreciation 8,400 Rent 2,200 Administrative expenses 1,683 Total expense 28,000 $ 25,560 Net operating income Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company's costs: Fixed Cost...
Exercise 08-4 Preparing a flexible budget performance report LO P1 0.85 points Xion Co. budgets a...
Exercise 08-4 Preparing a flexible budget performance report LO P1 0.85 points Xion Co. budgets a selling price of $80 per unit, variable costs of $35 per unit, and total fixed costs of $270,000. During June, the company produced and sold 10,800 units and incurred actual variable costs of $351,000 and actual fixed costs of $285,000. Actual sales for June were $885,000. Prepare a flexible budget report showing variances between budgeted and actual results. List variable and fixed expenses separately....
4. A flexible budget performance report compares the differences between: a. Actual performance and budgeted performance based on actual sales volume. b. Actual performance over several periods. c. Budgeted performance over several periods. d. Actual performance and budgeted performance based on budgeted sales volume. e. Actual performance and standard costs at the budgeted sales volume.
FLEXIBLE BUDGET PERFORMANCE REPORT Top managers of Hannah Industries predicted 2018 sales of 14,400 units of its product at a unit price of $9.00. Actual sales for the year were 14,000 units at $11.50 each. Variable costs were budgeted at $2.10 per unit, and actual variable costs were $2.20 per unit. Actual fixed costs of $42,000 exceeded budgeted foed costs by $5,500. Prepare Hannah's flexible budget performance report. What variance contributed most to the year's favorable results? What caused this...
Exercise 21-3 Preparing a flexible budget performance report LO P1 Solitaire Company's fixed budget performance report for June follows. The $326,250 budgeted expenses include $278,400 variable expenses and $47,850 fixed expenses. Actual expenses include $56,750 fixed expenses. Variances Sales (in units) Sales (in dollars) Total expenses Income from operations Fixed Budget 8,700 $435,000 326,250 $108,750 Actual Results 11,100 $555,000 388,500 $166,500 $120,000 62,250U $ 57,750 F Prepare a flexible budget performance report showing any variances between budgeted and actual results....
Req. 4,5, 6
A Data Table Actual vs. Budget Performance Report For the Month Ended August 31 Master Budget Master Budget Actual Variance 53,000 Sales volume (number of cases sold) Sales revenue 155,800 $ 137 800 68.900 Less: Variable expenses Contribution margin $ 76 400 $ 68.200 8 200 S 68.900 67 000 Less: Fixed expenses Operating income 1.900 Done 4. Compute the master budget variances. Be sure to indicate each variance as favorable (F) or unfavorable (U.) 5. Management...
Complete the following Flexible Budget Performance Report. Interpret your results. Remember on the variances to put Favorable (F) or Unfavorable (U) Flexible i e Flexible Volume Master Actual Budget B. Budget Variance Budget Variance Sales 57,500 57,500 53,000 Volume Sales Revenue $206,500 ($3.50 per unit) Less: Variable Expenses $83,200 ($1.40 per unit) Contribution $123,300 Margin Less: Fixed $65,500 $64,000 Expenses Operating $57,800 Income
Hoppy Corporation compares a monthly flexible budget based on actual operating results to a static planning budget prepared at the beginning of the month. When the actual level of activity is higher than expected, which of the following would typically be expected? Variable costs would show unfavorable variances O Varíable costs would show favorable variances O Fixed costs would show favorable varlances Fixed costs would show unfavorable variances. None of the above. Cosden Corporation is an oil well service company...
Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between budgeted and actual results. Sales Variable expenses Fixed expenses (total) Units produced and sold Budgeted $ 300 per unit $ 120 per unit $125,000 1,200 Actual $435,000 $172,000 $122,000 1,400 List variable and fixed expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) LEWIS CO. Flexible Budget Performance Report For Month Ended May 31 Flexible Budget Actual...
Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Actual Flexible Planning Budget Results Budget Cars washed 8,400 $ 53,560 Revenue Expenses: 5,480 Cleaning supplies Electricity 1,917 1,900 Maintenance Wages and salaries 6,420 Depreciation 8,400 Rent 2,200 Administrative expenses 1,683 Total expense 28,000 $ 25,560 Net operating income Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company's costs: Fixed Cost...
Exercise 08-4 Preparing a flexible budget performance report LO P1 0.85 points Xion Co. budgets a selling price of $80 per unit, variable costs of $35 per unit, and total fixed costs of $270,000. During June, the company produced and sold 10,800 units and incurred actual variable costs of $351,000 and actual fixed costs of $285,000. Actual sales for June were $885,000. Prepare a flexible budget report showing variances between budgeted and actual results. List variable and fixed expenses separately....
Most questions answered within 3 hours.
-
Express Catering contributed $8,000 to the American Lung
Association. If taxable income, before charitable contribution is...
asked 2 minutes ago -
a raindrop of mass 2.00 g falls on the roof of a car with an
initial...
asked 10 minutes ago -
An environmental economic consulting firm is hired to measure
the negative externalities associated with the pollution...
asked 10 minutes ago -
Why we should not allow the Oil & Gas industry to
explore, exploit and extract oil...
asked 13 minutes ago -
In the readings for this topic, the methods for gathering data are
provided. However, there is...
asked 25 minutes ago -
Select from the option list provided the most likely
classification(s) of net assets, if any, that...
asked 25 minutes ago -
Ivanhoe Corp. management is expecting a project to generate
after-tax income of $76,940 in each of...
asked 27 minutes ago -
An unknown compound contains only CC , HH , and OO . Combustion
of 5.30 g5.30...
asked 33 minutes ago -
List 3 viral classes based on their morphology.
What is the difference between lytic and lysogenic...
asked 35 minutes ago -
Myca Corp. has a project with the following cash flows. What is
the value of the...
asked 1 hour ago -
When an object moves through a fluid, the fluid exerts a viscous
force F on the...
asked 3 hours ago -
Why did the observed chemistry of thallium mislead Mendelev to
place the group 13 element (Tl)...
asked 5 hours ago