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Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $170,450 budgeted expenses include $120,870 in variable expenses for desks and $14,580 in variable expenses for chairs, as well as $35,000 of fixed expenses. Actual fixed expenses total $36,100. Fixed Budget Actual Results Variances Desk sales (in units) 153 159 54 62 Chair sales (in units) Desk sales Chair sales Total expenses $ 203,490 32,400 170,450 $ 209,880 38,130 178,870 $ 6,390 F 5,730 F 8,420 U Income Required: $ 65,440 $ 69,140 $ 3,700 F Prepare a flexible budget performance report that shows variances between budgeted results and actual results. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. For Quarter Ended June 30 Desk sales Chair sales Variable expenses Contribution margin Fixed expenses Income Answer is complete but not entirely correct. BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Actual Favorable or Variance Budget Results Unfavorable $ 203,490 $209,880 $ 6,390 ☑ Favorable 32,400 × 38,130 5,730 Favorable 135,450 x 142,770 7,320 × Unfavorable 100,440 × 105,240 4,800 × Favorable 35,000 36,100 1,100 Unfavorable 65,440 x $ 69,140 $ 3,700 × Favorable

Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $170,450 budgeted expenses include $120,870 in variable expenses for desks and $14,580 in variable expenses for chairs, as well as $35,000 of fixed expenses. Actual fixed expenses total $36,100. Fixed Budget Actual Results Variances Desk sales (in units) 153 159 54 62 Chair sales (in units) Desk sales Chair sales Total expenses $ 203,490 32,400 170,450 $ 209,880 38,130 178,870 $ 6,390 F 5,730 F 8,420 U Income Required: $ 65,440 $ 69,140 $ 3,700 F Prepare a flexible budget performance report that shows variances between budgeted results and actual results. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. For Quarter Ended June 30 Desk sales Chair sales Variable expenses Contribution margin Fixed expenses Income Answer is complete but not entirely correct. BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Actual Favorable or Variance Budget Results Unfavorable $ 203,490 $209,880 $ 6,390 ☑ Favorable 32,400 × 38,130 5,730 Favorable 135,450 x 142,770 7,320 × Unfavorable 100,440 × 105,240 4,800 × Favorable 35,000 36,100 1,100 Unfavorable 65,440 x $ 69,140 $ 3,700 × Favorable

FINANCIAL ACCOUNTING
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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Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $170,450 budgeted expenses include $120,870 in variable expenses for desks and $14,580 in variable expenses for chairs, as well as $35,000 of fixed expenses. Actual fixed expenses total $36,100. Fixed Budget Actual Results Variances Desk sales (in units) 153 159 54 62 Chair sales (in units) Desk sales Chair sales Total expenses $ 203,490 32,400 170,450 $ 209,880 38,130 178,870 $ 6,390 F 5,730 F 8,420 U Income Required: $ 65,440 $ 69,140 $ 3,700 F Prepare a flexible budget performance report that shows variances between budgeted results and actual results. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. For Quarter Ended June 30 Desk sales Chair sales Variable expenses Contribution margin Fixed expenses Income Answer is complete but not entirely correct. BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Actual Favorable or Variance Budget Results Unfavorable $ 203,490 $209,880 $ 6,390 ☑ Favorable 32,400 × 38,130 5,730 Favorable 135,450 x 142,770 7,320 × Unfavorable 100,440 × 105,240 4,800 × Favorable 35,000 36,100 1,100 Unfavorable 65,440 x $ 69,140 $ 3,700 × Favorable
Transcribed Image Text:Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $170,450 budgeted expenses include $120,870 in variable expenses for desks and $14,580 in variable expenses for chairs, as well as $35,000 of fixed expenses. Actual fixed expenses total $36,100. Fixed Budget Actual Results Variances Desk sales (in units) 153 159 54 62 Chair sales (in units) Desk sales Chair sales Total expenses $ 203,490 32,400 170,450 $ 209,880 38,130 178,870 $ 6,390 F 5,730 F 8,420 U Income Required: $ 65,440 $ 69,140 $ 3,700 F Prepare a flexible budget performance report that shows variances between budgeted results and actual results. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. For Quarter Ended June 30 Desk sales Chair sales Variable expenses Contribution margin Fixed expenses Income Answer is complete but not entirely correct. BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Actual Favorable or Variance Budget Results Unfavorable $ 203,490 $209,880 $ 6,390 ☑ Favorable 32,400 × 38,130 5,730 Favorable 135,450 x 142,770 7,320 × Unfavorable 100,440 × 105,240 4,800 × Favorable 35,000 36,100 1,100 Unfavorable 65,440 x $ 69,140 $ 3,700 × Favorable
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