Homework Answers
| Flexible budget | Actual results | Variances | Fav./Unf. | |
| Sales | 555,000 | 555,000 | No variance | |
| Variable expenses | 355200 | 331750 | 23,450 | Favorable |
| Contribution margin | 199,800 | 223,250 | 23,450 | Favorable |
| Fixed expenses | 47850 | 56750 | 8900 | Unfavorable |
| Income from operations | 151,950 | 166,500 | 14,550 | Favorable |
Workings
Flexible variable expenses = (278400/8700) *11100 = 355,200
Actual variable expenses = 388500 - 56750 = 331750
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Exercise 21-3 Preparing a flexible budget performance report LO P1 Solitaire Company's fixed budget performance rep...
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...
8-3 Solitaire Company's fixed budget performance report for June follows. The $311,250 budgeted expenses include $249,000...
8-3
Solitaire Company's fixed budget performance report for June follows. The $311,250 budgeted expenses include $249,000 variable expenses and $62,250 fixed expenses. Actual expenses include $71,050 fixed expenses Actual Fixed Budget Results Variances 10,700 $535,000 374,500 $160,500 8,300 Sales (in units) Sales (in dollars) Total expenses Income from operations $415,000 311,250 $103,750 $120,000 F 63,250U 56,750 F Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and variable expenses separately SOLITAIRE COMPANY Flexible...
Solitaire Company’s fixed budget performance report for June follows. The $311,250 budgeted expenses include $273,900 variable...
Solitaire Company’s fixed budget performance report for June follows. The $311,250 budgeted expenses include $273,900 variable expenses and $37,350 fixed expenses. Actual expenses include $43,850 fixed expenses. Fixed Budget Actual Results Variances Sales (in units) 8,300 10,700 Sales (in dollars) $ 415,000 $ 535,000 $ 120,000 F Total expenses 311,250 374,500 63,250 U Income from operations $ 103,750 $ 160,500 $ 56,750 F Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and...
Solitaire Company's fixed budget performance report for June follows. The $315,000 budgeted expenses include $260,400 variable...
Solitaire Company's fixed budget performance report for June follows. The $315,000 budgeted expenses include $260,400 variable expenses and $54,600 fixed expenses. Actual expenses include $60,700 fixed expenses. Variances Sales (in units) Sales (in dollars) Total expenses Income from operations Fixed Budget 8,400 $420,000 315,000 $105,000 Actual Results 10,800 $540,000 378,000 $ 162,000 $120,000 F 63,000 $ 57,000 F Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and variable expenses separately. Answer is...
Solitaire Company's fixed budget performance report for June follows. The $300,000 budgeted expenses include $272,000 variable...
Solitaire Company's fixed budget performance report for June follows. The $300,000 budgeted expenses include $272,000 variable expenses and $28,000 fixed expenses. Actual expenses include $34,100 fixed expenses. Fixed Budget Variances Sales (in units) Sales (in dollars) Total expenses Income from operations 8,000 $400,000 300,000 $100,000 Actual Results 10.400 $520,000 364,000 $156,000 $120,000 64,000U $ 56,000 Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and variable expenses separately. SOLITAIRE COMPANY Flexible Budget Performance...
Solitaire Company's fixed budget performance report for June follows. The $315,000 budgeted expenses include $294,000 variable...
Solitaire Company's fixed budget performance report for June follows. The $315,000 budgeted expenses include $294,000 variable expenses and $21,000 fixed expenses. Actual expenses include $27,000 fixed expenses. Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately. Fixed Budget Actual Results Varlances Sales (In units) ............ 8.400 10.800 Sales (In dollars) ............... Total expenses ................. Income from operations .......... $420,000 315,000 $105,000 $540,000 378,000 $162,000 $120,000 F 63,000...
Exercise 08-4 Preparing a flexible budget performance report LO P1 0.85 points Xion Co. budgets a...
Exercise 08-4 Preparing a flexible budget performance report LO P1 0.85 points Xion Co. budgets a selling price of $80 per unit, variable costs of $35 per unit, and total fixed costs of $270,000. During June, the company produced and sold 10,800 units and incurred actual variable costs of $351,000 and actual fixed costs of $285,000. Actual sales for June were $885,000. Prepare a flexible budget report showing variances between budgeted and actual results. List variable and fixed expenses separately....
Solitaire Company’s fixed budget performance report for June follows. The $315,000 budgeted expenses include $260,400 variable...
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Solitaire Company’s fixed budget performance report for June follows. The $337,500 budgeted expenses include $288,000 variable...
Solitaire Company’s fixed budget performance report for June follows. The $337,500 budgeted expenses include $288,000 variable expenses and $49,500 fixed expenses. Actual expenses include $55,900 fixed expenses. Fixed Budget Actual Results Variances Sales (in units) 9,000 11,400 Sales (in dollars) $ 450,000 $ 570,000 $ 120,000 F Total expenses 337,500 399,000 61,500 U Income from operations $ 112,500 $ 171,000 $ 58,500 F Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and...
Solitaire Company’s fixed budget performance report for June follows. The $333,750 budgeted expenses include $293,700 variable...
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 $46,650 fixed expenses. Fixed Budget Actual Results Variances Sales (in units) 8,900 11,300 Sales (in dollars) $ 445,000 $ 565,000 $ 120,000 F Total expenses 333,750 395,500 61,750 U Income from operations $ 111,250 $ 169,500 $ 58,250 F Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and...
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...
8-3
Solitaire Company's fixed budget performance report for June follows. The $311,250 budgeted expenses include $249,000 variable expenses and $62,250 fixed expenses. Actual expenses include $71,050 fixed expenses Actual Fixed Budget Results Variances 10,700 $535,000 374,500 $160,500 8,300 Sales (in units) Sales (in dollars) Total expenses Income from operations $415,000 311,250 $103,750 $120,000 F 63,250U 56,750 F Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and variable expenses separately SOLITAIRE COMPANY Flexible...
Solitaire Company's fixed budget performance report for June follows. The $315,000 budgeted expenses include $260,400 variable expenses and $54,600 fixed expenses. Actual expenses include $60,700 fixed expenses. Variances Sales (in units) Sales (in dollars) Total expenses Income from operations Fixed Budget 8,400 $420,000 315,000 $105,000 Actual Results 10,800 $540,000 378,000 $ 162,000 $120,000 F 63,000 $ 57,000 F Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and variable expenses separately. Answer is...
Solitaire Company's fixed budget performance report for June follows. The $300,000 budgeted expenses include $272,000 variable expenses and $28,000 fixed expenses. Actual expenses include $34,100 fixed expenses. Fixed Budget Variances Sales (in units) Sales (in dollars) Total expenses Income from operations 8,000 $400,000 300,000 $100,000 Actual Results 10.400 $520,000 364,000 $156,000 $120,000 64,000U $ 56,000 Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and variable expenses separately. SOLITAIRE COMPANY Flexible Budget Performance...
Solitaire Company's fixed budget performance report for June follows. The $315,000 budgeted expenses include $294,000 variable expenses and $21,000 fixed expenses. Actual expenses include $27,000 fixed expenses. Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately. Fixed Budget Actual Results Varlances Sales (In units) ............ 8.400 10.800 Sales (In dollars) ............... Total expenses ................. Income from operations .......... $420,000 315,000 $105,000 $540,000 378,000 $162,000 $120,000 F 63,000...
Exercise 08-4 Preparing a flexible budget performance report LO P1 0.85 points Xion Co. budgets a selling price of $80 per unit, variable costs of $35 per unit, and total fixed costs of $270,000. During June, the company produced and sold 10,800 units and incurred actual variable costs of $351,000 and actual fixed costs of $285,000. Actual sales for June were $885,000. Prepare a flexible budget report showing variances between budgeted and actual results. List variable and fixed expenses separately....
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