A flexible budget ( check all that apply): a. Separates variable costs from fixed costs b. Shows reevenues and expenses for varous levels of sales volume c. Reports variable costs on a per unit basis d. Reports fixed costs on a oer unit basis

Brabham Enterprises manufactures tires for the Formula I motor racing circuit. For August 2020, it budgeted to manufacture and sell 3,000 tires at a variable cost of $73 per tire and total fixed costs of $57,000. The budgeted selling price was $111 per tire. Actual results in August 2020 were 2,700 tires manufactured and sold at a selling price of $113 per tire. The actual total variable costs were $218,700, and the actual total fixed costs were $53,500. Read the requirements Requirement 1. Prepare a performance report with a flexible budget and a static budget Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable or unfavorable. (For variances with a 10 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label) Units sold Revenues Variable costs Contribution margin Fixed costs Operating income Actual Results

In your own words, Define the following terms they relate to spending budgeted dollars obligated amount pipeline obligation burn rate

Which of the following is a basic element of effective budgetary control?a. cost behavior patternsb. cost-volume-profit analysisc. standard costingd. all of the above

Total variable costs are deducted from Total mixed costs to obtain which of these? Group of answer choices Budgeted costs. Mixed costs per unit. Fixed costs per unit. Total fixed costs.

Which of the following budgets provides data for different levels of sales volume? Group of answer choices Static budget Flexible budget Sales budget Master budget

Which of the following budgets allows for adjustments in activity levels? a. zero-based budget b. continuous budget c. static budget Od. flexible budget

On a cost-volume-profit graph, the revenue line will be shown below the total expense line for any activity level above the break-even point. FALSE O TRUE

1. Describe the difference between a static and a flexible budget 2. Outline how often businesses must report GST 3. Describe a method that can be used to evaluate a budget or financial plan.

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