Using the following information, calculate the static budget, flexible budget and sales-volume variances: Actual Budget Total Revenue $644,000 $1,091,200 Total Food Cost $110,000 $88,000 Total Variable Labor $56,000 $76,000 Total Fixed Costs $180,000 $180,000 Guests Served 245,000 guests 244,000 guests Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. Enter all variances as positive values. Actual Operating Income: SAnswer Budgeted Operating Income: $Answer Budgeted CM per guest: $Answer Flexible Budget Operating Income: $Answer Static-budget Variance: SAnswer Answer Flexible Budget Variance: $Answer Answer Sales- volume Variance: $Answer Answer

Using the following information, calculate the static budget, flexible budget and sales-volume variances: Actual Budget Total Revenue $644,000 $1,091,200 Total Food Cost $110,000 $88,000 Total Variable Labor $56,000 $76,000 Total Fixed Costs $180,000 $180,000 Guests Served 245,000 guests 244,000 guests Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. Enter all variances as positive values. Actual Operating Income: SAnswer Budgeted Operating Income: $Answer Budgeted CM per guest: $Answer Flexible Budget Operating Income: $Answer Static-budget Variance: SAnswer Answer Flexible Budget Variance: $Answer Answer Sales- volume Variance: $Answer Answer

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sir answer is still wrong Using the following information, calculate the static budget, flexible budget and sales-volume variances: Actual Budget Total Revenue Total Food Cost Total Variable Labor Total Fixed Costs Guests Served $798,000 $996,800 $89,000 $108,000 $50,000 $68,000 $180,000 $180,000 202,000 guests 216,000 guests Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. Enter all variances as positive values. Actual Operating Income: $ Budgeted Operating Income: $ Budgeted CM per guest: $ Flexible Budget Operating Income: $ Static-budget Variance: $ Flexible Budget Variance: $ Sales-volume Variance: $
As sales manager, Joe Batista was given the following static budget report for selling expenses in the Clothing Department of Soria Company for the month of October. Sales in units Variable expenses Sales commissions Advertising expense Travel expense Free samples given out Total variable Fixed expenses Rent (a) Sales salaries Office salaries Depreciation-autos (sales staff) Total fixed Total expenses SORIA COMPANY Clothing Department Budget Report For the Month Ended October 31, 2022 Budget 8,000 $2,400 720 3,600 1,600 8,320 1,500 1,200 800 500 4,000 $12,320 Actual $2,600 850 10,000 2,000 Favorable 4,100 1,400 8,950 1,500 1,200 800 500 4,000 Difference $12,950 Favorable Unfavorable Neither Favorable nor Unfavorable $200 Unfavorable 130 Unfavorable 500 Unfavorable 200 Favorable 630 Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable $630…
Use the following information for the Problems below. (Algo) Skip to question [The following information applies to the questions displayed below.] Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,500 units. PHOENIX COMPANY Fixed Budget For Year Ended December 31 Sales $ 3,100,000 Costs Direct materials 992,000 Direct labor 232,500 Sales staff commissions 62,000 Depreciation—Machinery 295,000 Supervisory salaries 198,000 Shipping 217,000 Sales staff salaries (fixed annual amount) 251,000 Administrative salaries 498,500 Depreciation—Office equipment 199,000 Income $ 155,000 Problem 23-2A (Algo) Preparing a flexible budget performance report LO P1 Phoenix Company reports the following actual results. Actual sales were 18,500 units. Sales (18,500 units) $ 3,746,250 Costs Direct materials $ 1,198,800 Direct labor 284,900 Sales staff commissions 64,750…
As sales manager, Joe Batista was given the following static budget report for selling expenses in the Clothing Department of Sarasota Company for the month of October. Sales in units Variable expenses Sales commissions Advertising expense Travel expense Free samples given out Total variable: Fixed expenses SARASOTA COMPANY Clothing Department Budget Report For the Month Ended October 31, 2022 Rent Sales salaries Office salaries Depreciation-autos (sales staff) Total fixed Total expenses Budget 8,640 $2,592 864 3,888 1,728 9,072 1,620 1,296 864 540 4,320 $13,392 $2,808 Actual 10,800 2.160 Favorable A 918 4,428 1.512 9.666 1,620 1,296 864 540 Difference Favorable Unfavorable 4,320 $13.986 Neither Favorable nor Unfavorable $216 Unfavorable 54 Unfavorable 540 Unfavorable 216 Favorable. 594 Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable -O- Neither Favorable nor Unfavorable…
Use the budget data shown below for Sharp Company to answer the question that follow: Estimated direct labor hours 12,000 Estimated direct labor dollars $90,000 Estimated factory overhead costs $179,000 Actual direct labor hours 11,500 Actual direct labor dollars $92,000 Actual factory overhead costs $180,000 If factory overhead is applied based on direct labor hours, the amount of overhead to be applied is a.$181,000 b.$180,000 c.$184,000 d.$172,500
i Required information [The following information applies to the questions displayed below] Adger Corporation is a service company that measures its output based on the number of customers served. The company provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results for May as shown below: Revenue Employee salaries and wages Travel expenses Other expenses Fixed Element per Month Variable Element per Customer Served Actual Total for May $ 6,600 $ 213,500 $ 62,000 $ 2,300 $ 141,100 $ 540 $ 15,700 $ 41,000 $ 38,900 When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35 customers. 5. What activity variances would Adger report with respect to each of its expenses for May? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive…
The following dashboard shows information from a company's fixed budget for 12,000 units of production and sales, and actual results for 12,500 units of production and sales. Budgeted sales Actual sales Budgeted variable costs Actual variable costs Budgeted fixed costs $48,000 Actual fixed costs $46,000 Enter answers in the tabs below. Required 1 Required 2 $108,000 $137,500 Compute the flexible budget income at the actual production and sales level of 12,500 units. ------Flexible Budget------ ------Flexible Budget at ------ Variable Amount per Unit Total Fixed Cost 12,500 units Contribution margin $ 0 $ 0 0 $180,000 $195,000
Vernon Company produces two products. Budgeted annual income statements for the two products are provided as follows. Power Lite Total Budgeted Budgeted Per Amount 360 @ $600 = $ 216,000 STATIST 360 @ 370 = (133,200) 840 @ 390 = 360 @ 230 = 82,800 (10,000) $ 72,800 Sales Variable cost Contribution margin Fixed cost Net income Budgeted Per Number Unit Required A Required B Budgeted Budgeted Budgeted Amount 840 @ $580 = $ 487,200 1,200 $703,200 (460,800) 242,400 (141,400) $ 101,000 Relative percentage for Power Relative percentage for Lite Number Unit Complete this question by entering your answers in the tabs below. Required: a. Based on budgeted sales, determine the relative sales mix between the two products. b. Determine the weighted-average contribution margin per unit. c. Calculate the break-even point in total number of units. % % Amount 840 @ 190 = 159, 600 1,200 Required C Required D Required E Required F d. Determine the number of units of each product Vernon must sell to break…
As sales manager, Joe Batista was given the following static budget report for selling expenses in the Clothing Department of Soria Company for the month of October. Sales in units Variable expenses Sales commissions Advertising expense Travel expense Free samples given out Total variable Fixed expenses Rent Sales salaries Office salaries Depreciation-autos (sales staff) Total fixed SORIA COMPANY Clothing Department Budget Report For the Month Ended October 31, 2020 Total expenses Budget 7,500 $1,950 975 3,600 1,200 7,725 1,500 1,300 900 600 4,300 $12,025 Actual 11,000 1,210 3,850 1,540 $2,970 $1,020 Unfavorable 9,570 1,500 1,300 900 600 4,300 Difference Favorable Unfavorable Neither Favorable nor Unfavorable 3,500 Favorable 235 Unfavorable 250 Unfavorable 340 Unfavorable -0- 1,845 Unfavorable -0- Neither Favorable nor Unfavorable Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable $13,870…
We discuss how to prepare the different component budgets of theoperating budget, including the sales, production, direct materials,direct labor, manufacturing overhead, cost of goods sold, andselling and administrative expense budgets. We also discuss howto use information from all of these operating budgets to prepare abudgeted income statement. Knowledge Check 05WellWheats, Inc. produces breakfast cereal and sells each box, or unit, for $7.The company is projecting sales of 1,000 units for the month of March. The totalcost of producing one unit includes $2 for direct materials, $1 for direct labor,and $0.50 for manufacturing overhead.Calculate the cost of goods sold for the month of March.
Panther Corporation appeared to be experiencing a good year. Sales in the first quarter were one-third ahead of last year, and the sales department predicted that this rate would continue throughout the entire year. The controller asked Janet Nomura, a summer accounting intern, to prepare a draft forecast for the year and to analyze the differences from last year's results. She based the forecast on actual results obtained in the first quarter plus the expected costs of production to be completed in the remainder of the year. She worked with various department heads (production, sales, and so on) to get the necessary information. The results of these efforts follow: PANTHER CORPORATION Expected Account Balances for December 31, Year 2 Cash 6,500 Accounts receivable 337,000 Inventory (January 1, Year 2) Plant and equipment Accumulated depreciation Accounts payable Notes payable (due within one year) Accrued payables 240,000 605,000 $ 181,000 197,000 217,000 110,000 Common stock 450,000…
4. Use the following terms in preparing the budget: Insurance Maintenance Utilities Depreciation Expense Sales Commissions Depreciation Indirect Material Maintenance Salaries Indirect Labor Supervisory Salaries Sales Salaries Insurance Expense Spree Party Lights overhead expenses are: Indirect material, pounds per unit 0.25 Indirect material, cost per pound $ 2 Indirect labor hours 1 Indirect labor rate per hour $16.50 Variable maintenance per unit $0.75 Variable utilities per unit $0.20 Supervisor salaries $10,000 Maintenance salaries $9,000 Insurance $3,000 Depreciation $1,500 PLEASE NOTE: All dollar amounts are rounded to whole dollars and shown…