Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $158,720 budgeted expenses include $112,420 in variable expenses for desks and $14,300 in variable expenses for chairs, as well as $32,000 of fixed expenses. Actual fixed expenses total $33,400. 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 146 55 $ 185,420 32,450 158,720 Fixed expenses Income Actual Results 152 63 $ 191,520 38,115 167,240 $ 62,395 Variances $ 6,100 F 5,665 F 8,520 U THE FM st 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.) $ 3,245 F BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance Favorable/Unfavorable

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It…

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future…