Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $179,710budgeted expenses include $122.010 in variable expenses for desks and $20,700 in variable expenses for chairs, as well as $37,000of fixed expenses. Actual fixed expenses total $38,300.Desk sales (in units)Chair sales (in units)Desk salesChair salesTotal expensesIncomeFor Quarter Ended June 30Desk salesChair salesVariable expensesContribution marginFixed Budget14769Fixed expensesIncomeActualResults15377Variances$ 188,16037,950179,718$ 46,400 $ 48,975 $ 2,575 F$ 194,31043,505188,840Required:Prepare a flexible budget performance report that shows variances between budgeted results and actual results. (Indicate the effectof each varlance by selecting favorable, unfavorable, or no variance.)$ 6,150 F5,555 F9,130 UBUSINESS SOLUTIONSFlexible Budget Performance ReportFlexible Budget Actual Results VarianceFavorable/Unfavorable4

Lets understand the basics. Budget is an estimation of future profit and loss for business. It is…

Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $179.710 budgeted expenses include $122.010 in variable expenses for desks and $20,700 in variable expenses for chairs, as well as $37,000 of fixed expenses. Actual fixed expenses total $38,300. Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income Actual Results For Quarter Ended June 30 Desk sales Fixed Budget 147 69 $ 188,160 37,950 179,710 $ 46,400 $ 48,975 153 77 $ 194,310 43,505 188,840 Variances $ 6,150 F 5,555 F 9,130 U $ 2,575 F Required: Prepare a flexible budget performance report that shows variances between budgeted results and actual results. (Indicate the effect of each verlence by selecting favorable, unfavorable, or no variance.) BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance Favorable/Unfavorable

Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $179.710 budgeted expenses include $122.010 in variable expenses for desks and $20,700 in variable expenses for chairs, as well as $37,000 of fixed expenses. Actual fixed expenses total $38,300. Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income Actual Results For Quarter Ended June 30 Desk sales Fixed Budget 147 69 $ 188,160 37,950 179,710 $ 46,400 $ 48,975 153 77 $ 194,310 43,505 188,840 Variances $ 6,150 F 5,555 F 9,130 U $ 2,575 F Required: Prepare a flexible budget performance report that shows variances between budgeted results and actual results. (Indicate the effect of each verlence by selecting favorable, unfavorable, or no variance.) BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance Favorable/Unfavorable

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 $171,170 budgeted expenses include $114,000 in variable expenses for desks and $19,170 in variable expenses for chairs, as well as $38,000 of fixed expenses. Actual fixed expenses total $39,600. Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income Fixed Budget 152 71 For Quarter Ended June 30 Desk sales Chair sales Variable expenses Contribution margin Actual Results 158 79 Variances. $ 199,120 41,890 $ 205,400 47,795 179,780 $ 6,280 F 5,905 F 8,610 U 171,170 $ 69,840 $ 73,415 $ 3,575 F Required: Prepare a flexible budget performance report that shows variances between budgeted results and actual results. (Indicate the effect of each varlance by selecting favorable, unfavorable, or no variance.) BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results ENG
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Integrated Excel: Preparing a Contribution Format Income Statement Using the High-Low Method Jay Corporation has provided data from a two-year period to aid in planning. The Controller has asked you to prepare a contribution format income statement. Budgeted information for Quarter 1 of 2024: Sales in units Sales price per unit After analyzing expenses, the company has determined the following cost patterns. Cost of Goods Sold (per unit) Sales Commissions (per dollar of sales). Administrative Salaries (per quarter) Rent Expense (per quarter) Depreciation Expense (per quarter) Shipping has been determined to be a mixed cost with the following total costs and units: 2022 Quarter 1 Quarter 2 Quarter 3 Quarter 4 2023 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Cost $ 67,000 $ 94,000 $ 89,800 $ 92,600 $ 72,500 $80,000 $ 84,000 $ 100,000 17,000 $ 48.00 Units 12,500 21,000 13,800 20,000 13,700 14,000 14,300 22,500 $29.00 9.50€ $ 45,000 $ 27,000 $ 36,000 Required: Use the data to answer the…
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