Business Solutions's second-quarter 2020 fixed budget performance report for Its computer furniture operations follows. The $170,770 budgeted expenses include $112,000 in variable expenses for desks and $22,770 in varlab expenses for chairs, as well as $36,000 fixed expenses. The actual expenses include $37,400 fixed expenses. LIs fixed and varlable expenses separately. Fixed Budget Actual Results Variances Desk sales (in units) 140 146 Chair sales (in units) 69 77 $184,800 36,570 170,770 $191, 260 41,965 180,030 $6,460 F 5,395 F 9,260 U Desk sales Chair sales Total expenses Income from operations $ 50,600 $ 53,195 $2,595 F Prepare a flexible budget performance report that shows any varlances between budgeted results and actual results. BUSINESS SOLUTIONS Flexible Budget Performance Report For Quarter Ended June 30 Flexible Budget Actual Results Variance Fav./Unf.

Business Solutions's second-quarter 2020 fixed budget performance report for Its computer furniture operations follows. The $170,770 budgeted expenses include $112,000 in variable expenses for desks and $22,770 in varlab expenses for chairs, as well as $36,000 fixed expenses. The actual expenses include $37,400 fixed expenses. LIs fixed and varlable expenses separately. Fixed Budget Actual Results Variances Desk sales (in units) 140 146 Chair sales (in units) 69 77 $184,800 36,570 170,770 $191, 260 41,965 180,030 $6,460 F 5,395 F 9,260 U Desk sales Chair sales Total expenses Income from operations $ 50,600 $ 53,195 $2,595 F Prepare a flexible budget performance report that shows any varlances between budgeted results and actual results. BUSINESS SOLUTIONS Flexible Budget Performance Report For Quarter Ended June 30 Flexible Budget Actual Results Variance Fav./Unf.

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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Similar questions

Which budget is prepared for Advertising, Salary, and Market Analysis? A. Operating Budget B. Sales Expenditure Budget C. Static Budget D. Labor Budget
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 statements is true? Differences between the static planning budget and the flexible budget show what should have happened because the actual level of activity differed from what had been planned. An unfavorable activity variance for revenue indicates that activity was less than expected when the static planning budget was developed. The activity variance for revenue is favorable if the revenue in the flexible budget exceeds the revenue in the static planning 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
Draw a graph showing budgeted and applied fixed overhead, and show an unfavorable (or positive) volume variance on the graph.
Which of the operating budgets is prepared first? Group of answer choices C. cash received budget D. cash payments budget A. production budget B. sales budget
Compare how alternative budget time frames can be used.
Total variance in variance analysis compares ● Flexible budget and actual outcome Static budget and flexible budget Flexible budget and static outcome Static budget and actual outcome
The Production Budget should be prepared before the Direct Materials and Direct Labor Budgets. TRUE FALSE
Explain your answer and do not copy from others sources
What is a flexible budget performance report?
Analyze expense planning using activity-based budgeting.