appears below: Lessons Revenue Expenses: Instructor wages TipTop Flight School Variance Report For the Month Ended July 31 Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expenses Net operating income Actual Planning Results 185 $ 42,360 Budget 180 $41,400 Variances $ 960 F 10,960 10,800 160 U 7,400 7,200 200 U 3,620 3,060 560 U 2,690 2,530 160 U 2,130 2,170 40 F 3,720 3,840 120 F 30,520 29,600 920 U $ 11,848 $ 11,800 $ 48 F After several months of using these reports, the owner has become frustrated. For example, she is confident instructor wages were very tightly controlled in July, but the report shows an unfavorable variance. She developed the planning budget using the following formulas, where q is the number of lessons sold: Cost Formulas $230q Revenue Instructor wages $60q Aircraft depreciation $40q $17q Fuel $550 +$11q Ground facility expenses $1,450 + $4q $3,300 + $3q Maintenance Administration Required: 2. Complete the flexible budget performance report for the school for July. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Input all amounts as positive values.

appears below: Lessons Revenue Expenses: Instructor wages TipTop Flight School Variance Report For the Month Ended July 31 Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expenses Net operating income Actual Planning Results 185 $ 42,360 Budget 180 $41,400 Variances $ 960 F 10,960 10,800 160 U 7,400 7,200 200 U 3,620 3,060 560 U 2,690 2,530 160 U 2,130 2,170 40 F 3,720 3,840 120 F 30,520 29,600 920 U $ 11,848 $ 11,800 $ 48 F After several months of using these reports, the owner has become frustrated. For example, she is confident instructor wages were very tightly controlled in July, but the report shows an unfavorable variance. She developed the planning budget using the following formulas, where q is the number of lessons sold: Cost Formulas $230q Revenue Instructor wages $60q Aircraft depreciation $40q $17q Fuel $550 +$11q Ground facility expenses $1,450 + $4q $3,300 + $3q Maintenance Administration Required: 2. Complete the flexible budget performance report for the school for July. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Input all amounts as positive values.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter7: Allocating Costs Of Support Departments And Joint Products

Section: Chapter Questions

Problem 30E: A company uses charging rates to allocate service department costs to the using departments. The...

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