FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question
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
For Quarter Ended June 30
Desk sales
Chair sales
Variable expenses
Contribution margin
Fixed Budget
147
69
Fixed expenses
Income
Actual
Results
153
77
Variances
$ 188,160
37,950
179,718
$ 46,400 $ 48,975 $ 2,575 F
$ 194,310
43,505
188,840
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.)
$ 6,150 F
5,555 F
9,130 U
BUSINESS SOLUTIONS
Flexible Budget Performance Report
Flexible Budget Actual Results Variance
Favorable/Unfavorable
4
expand button
Transcribed Image Text: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 For Quarter Ended June 30 Desk sales Chair sales Variable expenses Contribution margin Fixed Budget 147 69 Fixed expenses Income Actual Results 153 77 Variances $ 188,160 37,950 179,718 $ 46,400 $ 48,975 $ 2,575 F $ 194,310 43,505 188,840 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.) $ 6,150 F 5,555 F 9,130 U BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance Favorable/Unfavorable 4
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education