In a flexible budget, what is adjusted to reflect actual performance? a.variable costs b. revnues c....
In a flexible budget, what is adjusted to reflect actual performance?
a.variable costs
b. revnues
c. fixed costs
d. all of these
e. only b and c
Homework Answers
| Option A is the answer | ||
| Flexible budget is a budget which gets adjusted for any level of activity. Only variable cost and semi variable costs are adjusted whereas fixed cost remains same throughout. |
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In a flexible budget, what is adjusted to reflect actual
performance?
a.variable costs
b. revnues
c....
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.
Match each form to the correct definition Terms a. Flexible budget b. Flexible budget variance c....
Match each form to the correct definition Terms a. Flexible budget b. Flexible budget variance c. Sales volume variance d Static budget e. Variance - Definitions 1. A summarized budget for several levels of volume that separates variable costs from foxed costs 2. A budget prepared for only one level of sales 3. The difference between an actual amount and the budgeted amount 4. The difference arising because the company actually earned more or less revenue, or incurred more or...
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...
eted, total fixed costs should be higher than expected. If activity is lower than o included in a flexible budget b...
eted, total fixed costs should be higher than expected. If activity is lower than o included in a flexible budget because they do not change when the level of activity 10 Which of the following statements is true? A. If activity is higher than expected, total fixed cos expected, total fixed costs should be lower than expected B Fixed costs should not be included in a flexible bu changes. A revenue variance is favorable if the actual revenue is greater...
Complete the flexible budget variance analysis by filling in the blanks in the partial flexible budget...
Complete the flexible budget variance analysis by filling in the blanks in the partial flexible budget performance report for 11,000 travel locks for Gianni, Inc. B (Click the icon to view the report) (For variances with a $0 value, make sure to enter "O" in the appropriate cells.) i Data Table Gianni, Inc. Flexible Budget Performance Report (partial) For the Month Ended April 30, 2018 Actual Flexible Budget Results Variance Units 11,000L Sales Revenue S 209,000 Variable Costs 51,900 Contribution...
A flexible budget performance report compares the differences between: Help Save & Exit Actual performance and...
A flexible budget performance report compares the differences between: Help Save & Exit Actual performance and budgeted performance based on actual sales volume. Actual performance over several periods Budgeted performance over several periods Actual performance and budgeted performance based on budgeted sales volume Actual performance and standard costs at the budgeted sales volume We were unable to transcribe this image$29,000 unfavorable $29,000 favorable $22,500 unfavorable. $52.500 favorable. $52,500 unfavorable Identify the situation below that will result in a favorable variance...
a) Prepare actual, static and flexible budget income statements for December. b) What is the flexible...
a) Prepare actual, static and flexible budget income statements
for December.
b) What is the flexible budget variance and volume variance for
total COGM and indicate if it is favorable or unfavorable?
c) To further investigate the flexible budget variance, Merry
Inc. found that the budgeted direct labor rate was $54 per hour and
expected production rate was 10 trees per hour. Actual direct labor
rate was $70 per hour and actual production rate was 12 trees per
hour. Compute...
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...
In a flexible budget, what will happen to fixed costs as the activity level increases? A....
In a flexible budget, what will happen to fixed costs as the activity level increases? A. The fixed cost per unit will remain unchanged. B. The fixed cost per unit will increase. C. Fixed costs are not included in a flexible budget. D. The fixed cost per unit will decrease. E. Total fixed cost will increase.
Exercise 21-3 Preparing a flexible budget performance report LO P1 Solitaire Company's fixed budget performance...
Exercise 21-3 Preparing a flexible budget performance report LO P1 Solitaire Company's fixed budget performance report for June follows. The $333,750 budgeted expenses include $293,700 variable expenses and $40,050 fixed expenses. Actual expenses include $46,350 fixed expenses. Variances Sales (in units) Sales (in dollars) Total expenses Income from operations Actual Fixed Budget Results 8,900 11,300 $445,000 $ 565,000 333,750 395,500 $111,250 $ 169,500 $120,000 F 61,750 U $ 58,250 F es Prepare a flexible budget performance report showing any variances...
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.
Match each form to the correct definition Terms a. Flexible budget b. Flexible budget variance c. Sales volume variance d Static budget e. Variance - Definitions 1. A summarized budget for several levels of volume that separates variable costs from foxed costs 2. A budget prepared for only one level of sales 3. The difference between an actual amount and the budgeted amount 4. The difference arising because the company actually earned more or less revenue, or incurred more or...
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...
eted, total fixed costs should be higher than expected. If activity is lower than o included in a flexible budget because they do not change when the level of activity 10 Which of the following statements is true? A. If activity is higher than expected, total fixed cos expected, total fixed costs should be lower than expected B Fixed costs should not be included in a flexible bu changes. A revenue variance is favorable if the actual revenue is greater...
Complete the flexible budget variance analysis by filling in the blanks in the partial flexible budget performance report for 11,000 travel locks for Gianni, Inc. B (Click the icon to view the report) (For variances with a $0 value, make sure to enter "O" in the appropriate cells.) i Data Table Gianni, Inc. Flexible Budget Performance Report (partial) For the Month Ended April 30, 2018 Actual Flexible Budget Results Variance Units 11,000L Sales Revenue S 209,000 Variable Costs 51,900 Contribution...
A flexible budget performance report compares the differences between: Help Save & Exit Actual performance and budgeted performance based on actual sales volume. Actual performance over several periods Budgeted performance over several periods Actual performance and budgeted performance based on budgeted sales volume Actual performance and standard costs at the budgeted sales volume We were unable to transcribe this image$29,000 unfavorable $29,000 favorable $22,500 unfavorable. $52.500 favorable. $52,500 unfavorable Identify the situation below that will result in a favorable variance...
a) Prepare actual, static and flexible budget income statements
for December.
b) What is the flexible budget variance and volume variance for
total COGM and indicate if it is favorable or unfavorable?
c) To further investigate the flexible budget variance, Merry
Inc. found that the budgeted direct labor rate was $54 per hour and
expected production rate was 10 trees per hour. Actual direct labor
rate was $70 per hour and actual production rate was 12 trees per
hour. Compute...
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 21-3 Preparing a flexible budget performance report LO P1 Solitaire Company's fixed budget performance report for June follows. The $333,750 budgeted expenses include $293,700 variable expenses and $40,050 fixed expenses. Actual expenses include $46,350 fixed expenses. Variances Sales (in units) Sales (in dollars) Total expenses Income from operations Actual Fixed Budget Results 8,900 11,300 $445,000 $ 565,000 333,750 395,500 $111,250 $ 169,500 $120,000 F 61,750 U $ 58,250 F es Prepare a flexible budget performance report showing any variances...
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