Requirement 1. Complete the performance evaluation report for the subunit. (Enter a variance for each account, and select whether the variance is unfav numbers. Enter the variance percentages rounded to three decimal places, X.XXX%.)
Here we need to compare the actual figures with the budgeted figures in order to determine whether there is any changes or not, i.e variance.
A change in variance becomes favourable when any actual income/profit item is more than budgeted or any expense item is less than budgeted.
A change in variance becomes unfavourable when any actual income item or profit is less than budgeted or any expense is more than budgeted.
Percentage Variance= Flexible budget Variance/ Flexible Budget *100
Lets calculate the figures for the above question.
Extreme sports | Actual | Flexible Budget | Flexible budget variance | Uor F | Percentage Variance | U or F |
Sales | 5,45,500 | 5,00,000 | 45,500 | F | 9.10 | F |
Cost of Goods Sold | 3,87,000 | 3,75,000 | 12,000 | U | 3.20 | U |
Gross Margin | 1,58,500 | 1,25,000 | 33,500 | F | 26.80 | F |
Operating Expense | 10,380 | 10,000 | 380 | U | 3.80 | U |
Operating Income Before Service Dept Charges | 1,48,120 | 1,15,000 | 33,120 | F | 28.80 | F |
Service Dept Charges | 52,000 | 40,000 | 12,000 | U | 30.00 | U |
Operating Income | 96,120 | 75,000 | 21,120 | F | 28.16 | F |
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