1. Use 2019 actual data to complete the 2019 Actual column incorporated with the budget and variance analysis tab.
2. Complete the 2020 Flexible Budget column incorporated with the budget and variance analysis tab. The flexible budget includes several changes to the data. The changes are listed in the Excel file / Instructions Tab.
3. Compute variances.
4. Explain the variances.
5. Compute the break even in units and dollars.
6. Compute the margin of safety.
Calculate the variance for all items listed on the spreadsheet (i.e. sales, all variable and fixed expenses, contribution margin, net income, and the break even computation).
Column J: Enter the difference between actual results and the budget.
Column L: Explain the difference.
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1. Use 2019 actual data to complete the 2019 Actual column
incorporated with the budget and...
Master Master Budget Variance Actual 60,500 Budget 57,000 Sales volume (number of cases sold) Sales revenue...
Master Master Budget Variance Actual 60,500 Budget 57,000 Sales volume (number of cases sold) Sales revenue Less: Variable expenses Contribution margin Less: Fixed expenses $ 193,700 $ 71,200 176,700 62,700 $ 122,500 $ 73,200 114,000 72,000 $ 49,300 $ 42,000 Operating income The budgeted sales price per unit is $ 3.10 Requirement 2. What is the budgeted variable expense per unit? The budgeted variable expense per unit is $ 1.10. Requirement 3. What is the budgeted fixed cost for the...
department's static budget and actual results for 2019 follow: Production in units Direct materials Direct labor...
department's static budget and actual results for 2019 follow: Production in units Direct materials Direct labor Variable manufacturing overhead Total variable costs Fixed manufacturing overhead Total manufacturing cost Static Budget 30,000 kits $ 234,000 204,000 45,000 483,000 214,000 $697,000 Actual Results 31,600 kits $ 283,880 208,580 51,100 543,560 209,800 $ 753,360 Required a. Convert the static budget into a flexible budget. b. Calculate the variances. Complete this question by entering your answers in the tabs below. Required A Required B...
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...
Comparison of Actual and Budgeted Operating Income EXHIBIT 14.1 SCHMIDT MACHINERY COMPANY Analysis of Operating Income...
Comparison of Actual and Budgeted Operating Income EXHIBIT 14.1 SCHMIDT MACHINERY COMPANY Analysis of Operating Income For October 2019 (1) (2) (3) Variances Actual Operating Income Master (Static) Budget 220U Units 780 1,000 $ 160,400U 100% $639,600 100% Sales $800,000 Variable costs 99.050F 350,950 55 450.000 56 $350,000 Contribution margin $288,650 45% 44% $ 61,350U 150.000 *** 160.650 Fixed costs 25 19 10.650U $128,000 20% $ Operating income $200,000 25% 72,000U *U denotes an unfavorable effect on operating income. *F...
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...
x Data Table Actual Results 966 Flexible Budget Static Budget 885 Allocated Amount 1,449 1,932 1,770...
x Data Table Actual Results 966 Flexible Budget Static Budget 885 Allocated Amount 1,449 1,932 1,770 Output units Machine-hours Machine-hours per output unit Variable MOH costs Variable MOH costs per machine-hour Fixed MOH costs Fixed MOH costs per machine-hour 1.50 $ 68,103 $ 85,008 $ $ $ 350,235 $ 341,610 $ 2.00 77,880 $ 85,008 44.00 $ 376,400 193.00 Print Done Chef Whiz manufactures premium food processors. The following are some manufacturing overhead data for Chef Whiz for the year...
question 1: what information stands out when we compare our flexible budget to our actual budget?...
question 1: what information stands out when we compare our
flexible budget to our actual budget?
ACCT8090 F19 Budget Quiz - Section 2 [Protected View] - Microsoft Excel (Product Activation Failed) X File Home Insert Page Layout Formulas Data Review View Enable Editing Protected View This file originated from an Internet location and might be unsafe. Click for more details. fox АЗ C F G Н M N O P Q R Complete a FLEXIBLE BUDGET to reflect the actual...
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 $...
Walkenhorst Company’s machining department prepared its 2019 budget based on the following data: Practical capacity 40,000...
Walkenhorst Company’s machining department prepared its 2019 budget based on the following data: Practical capacity 40,000 units Standard machine hours per unit 2 Standard variable factory overhead $3.00 per machine hour Budgeted fixed factory overhead $ 376,000 The department uses machine hours to apply factory overhead to production. In 2019, the department used 85,200 machine hours and incurred $637,000 in total manufacturing overhead cost to manufacture 42,010 units. Actual fixed overhead cost for the year was $386,000. Required: Determine for...
This Question: 5 pts 2012 (1 complete) Complete the Bible budget variance analysis bying in the...
This Question: 5 pts 2012 (1 complete) Complete the Bible budget variance analysis bying in the blanks in the prac ! Click the icon to view the report) t budget performance report for 7.000 travel locks for Gable, Inc i Data Table (For variances with a 50 value, make sure to enter in the propriate oble, Inc Flexible Budget Performance Report para For the Month lnded April 30, 2018 Actual Flexible Budget Flexible Results Gable, Inc. Flexible Bud Performance Report...
Master Master Budget Variance Actual 60,500 Budget 57,000 Sales volume (number of cases sold) Sales revenue Less: Variable expenses Contribution margin Less: Fixed expenses $ 193,700 $ 71,200 176,700 62,700 $ 122,500 $ 73,200 114,000 72,000 $ 49,300 $ 42,000 Operating income The budgeted sales price per unit is $ 3.10 Requirement 2. What is the budgeted variable expense per unit? The budgeted variable expense per unit is $ 1.10. Requirement 3. What is the budgeted fixed cost for the...
department's static budget and actual results for 2019 follow: Production in units Direct materials Direct labor Variable manufacturing overhead Total variable costs Fixed manufacturing overhead Total manufacturing cost Static Budget 30,000 kits $ 234,000 204,000 45,000 483,000 214,000 $697,000 Actual Results 31,600 kits $ 283,880 208,580 51,100 543,560 209,800 $ 753,360 Required a. Convert the static budget into a flexible budget. b. Calculate the variances. Complete this question by entering your answers in the tabs below. Required A Required B...
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...
Comparison of Actual and Budgeted Operating Income EXHIBIT 14.1 SCHMIDT MACHINERY COMPANY Analysis of Operating Income For October 2019 (1) (2) (3) Variances Actual Operating Income Master (Static) Budget 220U Units 780 1,000 $ 160,400U 100% $639,600 100% Sales $800,000 Variable costs 99.050F 350,950 55 450.000 56 $350,000 Contribution margin $288,650 45% 44% $ 61,350U 150.000 *** 160.650 Fixed costs 25 19 10.650U $128,000 20% $ Operating income $200,000 25% 72,000U *U denotes an unfavorable effect on operating income. *F...
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...
x Data Table Actual Results 966 Flexible Budget Static Budget 885 Allocated Amount 1,449 1,932 1,770 Output units Machine-hours Machine-hours per output unit Variable MOH costs Variable MOH costs per machine-hour Fixed MOH costs Fixed MOH costs per machine-hour 1.50 $ 68,103 $ 85,008 $ $ $ 350,235 $ 341,610 $ 2.00 77,880 $ 85,008 44.00 $ 376,400 193.00 Print Done Chef Whiz manufactures premium food processors. The following are some manufacturing overhead data for Chef Whiz for the year...
question 1: what information stands out when we compare our
flexible budget to our actual budget?
ACCT8090 F19 Budget Quiz - Section 2 [Protected View] - Microsoft Excel (Product Activation Failed) X File Home Insert Page Layout Formulas Data Review View Enable Editing Protected View This file originated from an Internet location and might be unsafe. Click for more details. fox АЗ C F G Н M N O P Q R Complete a FLEXIBLE BUDGET to reflect the actual...
This Question: 5 pts 2012 (1 complete) Complete the Bible budget variance analysis bying in the blanks in the prac ! Click the icon to view the report) t budget performance report for 7.000 travel locks for Gable, Inc i Data Table (For variances with a 50 value, make sure to enter in the propriate oble, Inc Flexible Budget Performance Report para For the Month lnded April 30, 2018 Actual Flexible Budget Flexible Results Gable, Inc. Flexible Bud Performance Report...
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