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| BUSINESS SOLUTIONS | ||||
| Flexible Budget Peformance Report | ||||
| For Quarter Ended June 30 | ||||
| Flexible Budget (a) | Actual Results (b) | Variance (a - b) | Fav./Unf. | |
| Chair Sales | $29,680 | $34,880 | $5,200 | Favorable |
| Desk Sales | $194,560 | $200,660 | $6,100 | Favorable |
| Less: Variable Expenses ($120,080 + $15,120); ($182,420 - $39,900) | $135,200 | $142,520 | ($7,320) | Unfavorable |
| Contribution Margin | $89,040 | $93,020 | $3,980 | Favorable |
| Less: Fixed Expenses | $38,000 | $39,900 | ($1,900) | Unfavorable |
| Income from Operations | $51,040 | $53,120 | $2,080 | Favorable |
| When the actual sales revenue, contribution margin and income from operations are more than the flexible budgeted results then it is considered as Favorable because actual sales or profir earned more than the budgeted ones. But in case of expenses (both variable and fixed), it is a reverse case where the actual costs are more than the flexible budget then the variane is called Unfavorable. | ||||
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Serial Problem Business Solutions LO P1 Business Solutions's second-quarter 2018...
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Business Solutions's second-quarter 2018 fixed budget performance report for its computer furniture operations follows. The $167,240 budgeted expenses include $114,240 in variable expenses for desks and $21,000 in variable expenses for chairs, as well as $32,000 fixed expenses. The actual expenses include $33,600 fixed expenses. List fixed and variable expenses separately. Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income from operations Fixed Budget Actual Results Variances 136 142 60 68 $170,000 $176,080 $6,080...
Business Solutions's second-quarter 2018 fixed budget performance report for its computer furniture operations follows. The $156,000...
Business Solutions's second-quarter 2018 fixed budget performance report for its computer furniture operations follows. The $156,000 budgeted expenses include $108,000 in variable expenses for desks and $18,000 in variable expenses for chairs, as well as $30,000 fixed expenses. The actual expenses include $31,000 fixed expenses. List fixed and variable expenses separately. Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income from operations Fixed Budget Actual Results Variances 144 150 72 80 $180,000 $186,000 $6,000...
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Business Solutions's second-quarter 2018 fixed budget performance report for its computer furniture operations follows. The $168,990...
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Business Solutions's second-quarter 2018 fixed budget performance report for its computer furniture operations follows. The $167,240 budgeted expenses include $114,240 in variable expenses for desks and $21,000 in variable expenses for chairs, as well as $32,000 fixed expenses. The actual expenses include $33,600 fixed expenses. List fixed and variable expenses separately. Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income from operations Fixed Budget Actual Results Variances 136 142 60 68 $170,000 $176,080 $6,080...
Business Solutions's second-quarter 2018 fixed budget performance report for its computer furniture operations follows. The $156,000 budgeted expenses include $108,000 in variable expenses for desks and $18,000 in variable expenses for chairs, as well as $30,000 fixed expenses. The actual expenses include $31,000 fixed expenses. List fixed and variable expenses separately. Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income from operations Fixed Budget Actual Results Variances 144 150 72 80 $180,000 $186,000 $6,000...
Business Solutions's second-quarter 2020 fixed budget performance report for its computer furniture operations follows. The $163,260 budgeted expenses include $112,180 in variable expenses for desks and $15,080 in variable expenses for chairs, as well as $36,000 fixed expenses. The actual expenses include $37,500 fixed expenses. List fixed and variable expenses separately. Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income from operations Fixed Budget Actual Results Variances 142 148 58 66 $184,600 $190,920 $6,320...
Business Solutions's second quarter 2020 fixed budget performance report for its computer furniture operations follows. The $166140 budgeted expenses include $114.540 in variable expenses for desks and $15,600 in variable expenses for chairs, as well as $36.000 foed expenses. The actual expenses include $37100 fixed expenses. Usted and variable expenses separately Detals (ints) Chair sales in its) Desk sales Chair sales Total penes $184,920 $191,520 $6,0 f $2. Prepare a flexible budget performance report that shows any variances between budgeted...
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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....
Exercise 21-6 Preparing a flexible budget report LO P1 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 $ 550 per unit $ 220 per unit $132,500 1,250 Actual $815,000 $332,000 $127,000 1,450 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...
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