Differentiate between Static Budget and Static Budget Variances.
Differentiate between Static Budget and Static Budget Variances.
Homework Answers
Static budget is a forecast of revenue and expenses during a specific period. It is also used as a target in terms of revenue and expenditures to guide the company. Static budget is fixed and is not changed to incorporate future fluctuations.
static budget variance, on the other hand is the difference between the static budget and actual results during the given period. It can be favorable or unfavorable. They provide significant inputs to the management.
Volume variances examine differences between a.the static budget and actual costs. b.the static budget and the...
Volume variances examine differences between a.the static budget and actual costs. b.the static budget and the rolling budget. c.the flexible budget and static budget. d.None of these choices are correct.
differentiate between static and dynamic binding scoping
differentiate between static and dynamic binding scoping
At the time of the static budget, Burlington Burrito expected to spend $30,550 on labor. In...
At the time of the static budget, Burlington Burrito expected to spend $30,550 on labor. In that budget, they expected that each burrito meal would require an average of 10 minutes to make and that each hour of labor would cost $6.50. During the period, they spent $33,000 to make 30,000 burrito meals, and employees worked a total of 4,600 hours. Explain the $2,450 difference between the static budget and actual cost, using the three variances (Rate, Usage and Volume...
What is the difference between a static budget and a flexible budget? When is each used?...
What is the difference between a static budget and a flexible budget? When is each used? explain
Calculate the flexible budget amounts and the flexible budget variances. Note whether each variance is favorable...
Calculate the flexible budget amounts and the flexible budget variances. Note whether each variance is favorable or unfavorable. Also, fill in the number of units used to calculate the flexible budget amounts. There are 16 boxes to fill in. Units 10,000 9,000 ? Actual results Original (static) budget Flexible budget Flexible budget variances Favorable or unfavorable Direct materials 66,500 58,500 ? ? ? Direct labor 80,100 67,500 ? ? ? Variance overhead 9,700 9,000 ? ? ? Fixed overhead 224,500...
please create an excel spreadsheet with calculations Problem 2: Flexible Budget and Variances Smith Company had...
please create an excel spreadsheet with calculations
Problem 2: Flexible Budget and Variances Smith Company had the following information available: Units Selling Price Variable Cost Per Unit Fixed Costs Budget 1,000 $60 $27 $24,000 Actual 1,100 $56 $28 $25,000 Required Prepare the static budget, actual income statement and flexible budget income statement. Calculate the sales volume variances and the flexible budget variances for each item on the income statement. Make sure your variances include favorable or unfavorable Write a brief...
a) Differentiate between static and dynamic loading? Provide 02 examples for each. b) Describe the mechanism...
a) Differentiate between static and dynamic loading? Provide 02 examples for each. b) Describe the mechanism of crack propagation for both ductile and brittle modes of fracture. Please benchmark at least 05 different research papers where necking (ductile materials) and fracture (brittle materials) have been captured using a scanning electron microscope.
Describe an example of how an unfavorable difference between actual and budget amounts on a static budget can become a f...
Describe an example of how an unfavorable difference between actual and budget amounts on a static budget can become a favorable difference on a flexible budget.
What is the difference between a static and flexible Budget? How are flexible budgets prepared?
What is the difference between a static and flexible Budget? How are flexible budgets prepared?
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 $...
please create an excel spreadsheet with calculations
Problem 2: Flexible Budget and Variances Smith Company had the following information available: Units Selling Price Variable Cost Per Unit Fixed Costs Budget 1,000 $60 $27 $24,000 Actual 1,100 $56 $28 $25,000 Required Prepare the static budget, actual income statement and flexible budget income statement. Calculate the sales volume variances and the flexible budget variances for each item on the income statement. Make sure your variances include favorable or unfavorable Write a brief...
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