Customers served (q) Flexible Budget Activity Variances Planning Budget 36,000 33,000 $172,800 $14,400 F $158,400 Revenue ($4.80q) Expenses: Wages and salaries ($36,900 +1.60q) 94,500 4,800 U 89,700 Supplies ($0.90q) 32,400 2,700 U 29,700 Insurance ($13,300) 13,300 0 13,300 Miscellaneous Expense ($6,300 + $0.40q) 20,700 1,200 U 19,500 Total expense 160,900 8,700 U 152,200 Net operating income $11,900 $5,700 F $6,200 1. Explain the budgeted income statement. 2. Outline how you would do annual budgeted financial statements. 3. Analyze the difference between a static budget and a flexible budget, including the importance of each. 4. Evaluate the importance of reading and correctly interpreting budgeted financial statements.

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