29) The Alaska Fish Company completed the flexible budget analysis for the second quarter, which is given below. Flexible Sales Actual Budget Flexible Volume Static Results Variance Budget Variance Budget Units 12,820 이 12,820 1020F 11,800 Sales Revenue $62,730 $2478 U $65,208 $5188F $60,020 Variable Costs 27,530 108 U 27,422 $2182U 25,240 Contribution Margin $35,200 $2586 U $37,786 $3006 F $34,780 Fixed Costs 34,290 250 U 34,040 $0 34,040 Operating Income/(Loss) $910 $2836 U $3746 $3006E $740 Which of the following statements would be a correct factor to explain the sales volume variance for operating income? A) decrease in sales price per unit B) increase in variable cost per unit C) increase in sales volume D) increase in fixed costs
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- Assume that a company provided the following excerpts of information from its flexible budget performance report: Actual Results Flexible Budget Planning Budget Flights (q) 52 ? ? Expenses: Wages and salaries ($4,000 + $88.00q) $ 8,450 ? $ 8,400 What is the spending variance for wages and salaries expense? Multiple Choice $176 U $126 F $176 F $126 UAssume that a company provided the following excerpts of information from its flexible budget performance report: Flexible Planning Actual Results Budget 52 Flights (q) Expenses: Wages and salaries ($4,000+ $88.00g) What is the activity variance for wages and salaries expense? Multiple Choice O $176 U $176 F $66 F $66 U $ 8,510 Budget ? ? ? $ 8,400a) Why do successful companies tend to use the bottom-up approach to establish a master budget? b) Green Tea’s data show the following information for the financial year, beginning July 2020: July Aug. Sept. Oct. Nov. Estimated sales (units) 25,000 25,000 27,000 27,500 28,000 Sales price per unit $31 $31 $31 $31 $31 Direct labour per unit $1.75 $1.75 $1.50 $1.50 $1.50 Labour rate per hour $21 $21 $24 $24 $24 New machinery will be added in September. This machine will reduce the labour required per unit and increase the labour rate for those employees qualified to operate the machinery. Finished goods inventory is required to be 20% of the next month’s requirements. Direct material requires 2.5 kg per unit at a cost of $5 per kg. The ending inventory required for direct materials is 20% of the next month’s needs. In July, the beginning inventory is 3,750 units of finished goods and 13,125 kg of…
- Assume that a company provided the following excerpts of information from its flexible budget performance report: Actual Flexible Planning Results Budget Budget Flights (q) 52 ? ? Expenses: Wages and salaries ($4,000 + $88.00q) $ 8,510 ? $ 8,400 What is the spending variance for wages and salaries expense? $66 U $176 F $176 U $66 FAccounting Please solve it ASAP with all requirements Q.7. Toews Ltd has prepared the following flexible budget for the coming year. The Budgeted level of activity is 7,500 units. £ Sales 250,000 Direct material 75,000 Direct labour 60,000 Variable overheads 30,000 Fixed overheads 45,000 Profit 22,500 lf the budget is flexed to a level of activity of 10,000 units, what would the total budgeted cost be? a) £280,000 b) £265,000 c) £123,750 d) £168,7501. AL Jamat Inc. is preparing its annual budgets for the year ending December 31, 2020.Accounting assistants furnish the data shown below. Detail Product AProduct C Sales Budget Anticipated Volume in units Unit Selling price Production Budget: Desired ending finished goods units Beginning finished goods units Direct materials budget: Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget: Direct labor time per unit Direct labor rate per hour Budgeted income statement: Total unit cost 40500 20500 55 45 2500 1500 3000 1000 20 30 3000 1500 4000 1000 3 0.4 0.6 122 155 122 222 has prepared An accounting assistant manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $645,000 for product A and $345,000 for product C, and administrative expenses of $545,000 for product A and $345,000 for product C. Income taxes are expected to be the detailed…
- Howard Cooper, the president of Finch Computer Services, needs your help. He wonders about the potential effects on the firm's net income if he changes the service rate that the firm charges its customers. The following basic data pertain to fiscal Year 1: Standard rate and variable costs Service rate per hour Labor cost Overhead cost Selling, general, and administrative cost. Expected fixed costs Facility maintenance Selling, general, and administrative Required: a. Prepare the pro forma income statement that would appear in the master budget if the firm expects to provide 28,000 hours of services in Year 1. b. A marketing consultant suggests to Mr. Cooper that the service rate may affect the number of service hours that the firm can achieve. According to the consultant's analysis, if Finch charges customers $57 per hour, the firm can achieve 31,000 hours of services. Prepare a flexible budget using the consultant's assumption. c. The same consultant also suggests that if the firm…Cost Accounting The following budget is prepared by the Production manager for the last quarter of 2021:Units Total CostOctober 7500 530000November 6000 440000December 5000 380000 1. What is the variable cost per unit? ______2. How much is the fixed cost? ______3. What is the estimated budget for 6500 units?______Q4: Use the following terms in preparing the budget: Insurance Maintenance Utilities Depreciation Expense Sales Commissions Depreciation Indirect Material Maintenance Salaries Indirect Labor Supervisory Salaries Sales Salaries Insurance Expense Spree Party Lights overhead expenses are: PLEASE NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). Using the terms and the information above, prepare a manufacturing overhead budget if the number of units to produce for January, February, and March are 2,500, 3,000, and 2,700, respectively (use the format shown in the textbook): Spree Party Lights Manufacturing Overhead Budget For the Quarter Ending March, 2019 Jan. Feb. Mar. Units to Produce 2,500 3,000 2,700 Variable Costs: Total Variable Manufacturing Costs Fixed Costs: Total Fixed Manufacturing Costs…
- The Bakery Department of Culbert Dessert Corporation has submitted the following forecast of fruit pies to be produced by quarter for the upcoming fiscal year. First Second Third Fourth Quarter 8,300 Quarter Quarter 9,300 Quarter 13,300 Units to be produced 11,300 Each unit requires 0.60 direct labour-hours, and direct labour-hour workers are paid $9.00 per hour. In addition, the variable manufacturing overhead rate is $1.50 per direct labour-hour. The fixed manufacturing overhead is $23,750 per quarter. The only non-cash element of manufacturing overhead is depreciation, which is $7,150 per quarter. Required: 1. Prepare the company's direct labour budget for the upcoming fiscal year, assuming that the direct labour workforce is adjusted each quarter to match the number of hours required to produce the forecast number of units produced.5. Archer's cost accountant prepared the following static budget based on expected activity of 4,000 units for the May 2022 accounting period: Sales Revenue $64,000 Variable Costs (34.000) Contribution Margin $30,000 (20.000) $10,000 Fixed Costs Net Income a. If Archer's sales manager were to prepare a flexible budget for expected activity of 4,300 units, budgeted net income on this flexible budget would be? b. If Archer actually produced and sold 4,300 units at $20 each, what is the sales revenue activity/volume variance? Indicate favorable / unfavorable variances c. If Archer actually incurred the following costs during May 2022: Sales Revenue Variable Costs Contribution Margin $49,000 Fixed Costs $86,000 (37.000) (22.000) $27,000 Net Income The flexible budget variance for: Indicate favorable / unfavorable variances i. Fixed costs: ii. Variable costs:Bright Light Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. It expects to manufacture 25,000 Knox lamps and 15,000 Ayer lamps in 2020. The following data are available for the year 2020. (Click the icon to view the information.) (Click the icon to view the December 31, 2020 production budget in units.) Calculate (a) the direct materials usage budget in quantity and dollars (label it Schedule 3A); (b) the direct materials purchase budget in quantity and dollars (label it Schedule 3B); and (c) the direct manufacturing labor costs budget (label it Schedule 4) for the year ending December 31, 2020. (a). Begin by calculating the direct materials usage budget in quantity and then in dollars (label it Schedule 3A) for the year ending December 31, 2020. Schedule 3A: Direct Material Usage Budget in Quantity and Dollars for the Year Ending December 31, 2020 Physical Units Budget Direct materials required for Knox lamps Direct materials required for Ayer lamps…