Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $179,130budgeted expenses include $120,120 in variable expenses for desks and $22,010 in variable expenses for chairs, as well as $37,000 offixed expenses. Actual fixed expenses total $38,600.Desk sales (in units)Chair sales (in units)Desk salesChair salesTotal expensesIncomeFixedBudgetActualResultsVariances1541607179$ 206,36042,600179,130$212,80048,585188,190$ 6,440 F5,985 F9,060 U$ 69,830$ 73,195$ 3,365 FRequired:Prepare a flexible budget performance report that shows variances between budgeted results and actual results. (Indicate the effectof each variance by selecting favorable, unfavorable, or no variance.)For Quarter Ended June 30BUSINESS SOLUTIONSFlexible Budget Performance ReportFlexible Budget Actual Results+VarianceFavorable/UnfavorableDesk salesChair salesVariable expensesContribution marginFixed expensesIncome

FLEXIBLE BUDGETA flexible budget is a budget that is prepared for different levels of activity or…

Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $179,130 budgeted expenses include $120,120 in variable expenses for desks and $22,010 in variable expenses for chairs, as well as $37,000 of fixed expenses. Actual fixed expenses total $38,600. Fixed Budget Actual Results Variances 154 160 71 79 $212,800 48,585 188,190 $ 6,440 F 5,985 F 9,060 U $ 69,830 $ 73,195 $ 3,365 F Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income $ 206,360 42,600 179,130 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.) For Quarter Ended June 30 BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance Favorable/Unfavorable Desk sales Chair sales Variable expenses Contribution margin Fixed expenses Income

Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $179,130 budgeted expenses include $120,120 in variable expenses for desks and $22,010 in variable expenses for chairs, as well as $37,000 of fixed expenses. Actual fixed expenses total $38,600. Fixed Budget Actual Results Variances 154 160 71 79 $212,800 48,585 188,190 $ 6,440 F 5,985 F 9,060 U $ 69,830 $ 73,195 $ 3,365 F Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income $ 206,360 42,600 179,130 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.) For Quarter Ended June 30 BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance Favorable/Unfavorable Desk sales Chair sales Variable expenses Contribution margin Fixed expenses Income

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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