Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $178,970 budgeted expenses include $120,800 in variable expenses for desks and $19,170 in variable expenses for chairs, as well as $39,000 of fixed expenses. Actual fixed expenses total $40,400. Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income. For Quarter Ended June 30 Desk sales Chair sales Variable expenses Contribution margin Fixed Budget Fixed expenses Income 151 71 Actual Results 157 79 Variances Required: Prepare a flexible budget performance report that shows variances between budgeted results and actual results. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) $ 202,340 $ 208,810 $6,470 F 36,210 41,475 5,265 P 8,700 U 178,970 187,670 $ 59,580 $ 62,615 $ 3,035 F BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance Favorable/Unfavorable

Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $178,970 budgeted expenses include $120,800 in variable expenses for desks and $19,170 in variable expenses for chairs, as well as $39,000 of fixed expenses. Actual fixed expenses total $40,400. Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income. For Quarter Ended June 30 Desk sales Chair sales Variable expenses Contribution margin Fixed Budget Fixed expenses Income 151 71 Actual Results 157 79 Variances Required: Prepare a flexible budget performance report that shows variances between budgeted results and actual results. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) $ 202,340 $ 208,810 $6,470 F 36,210 41,475 5,265 P 8,700 U 178,970 187,670 $ 59,580 $ 62,615 $ 3,035 F BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance Favorable/Unfavorable

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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Sheffield Company combines its operating expenses for budget purposes in a selling and administrative expenses budget. For the first six months of 2022, the following data are available: 1. 2 3. 4 Sales: 19,800 units in quarter 1: 21.300 units in quarter 2 D Variable costs per dollar of sales: sales commissions 5%; delivery expense 2%; and advertising 4% Fixed costs per quarter: sales salaries $10,700; office salaries $8,300: depreciation $4,300; insurance $1,300: utilities $800; and repairs expense $600 Unit selling price: $19 Prepare a selling and administrative expenses budget by quarters for the first six months of 2022 SHEFFIELD COMPANY Selling and Administrative Expenses Budget For the Six Months Ending June 30, 2022 2 Total
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