Determine the static budget and use the information to prepare a flexible budget and analysis for the actually sold. If no effect, select "No Effect" and leave the amount boxes blank. For those boxes in which you must nter negative numbers use a minus sign. (Example: -300).
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Master Budget
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 helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
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 income and expenses.
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- Using Regression to Calculate Fixed Cost, Calculate the Variable Rate, Construct a Cost Formula, and Determine Budgeted Cost Refer to the information for Pizza Vesuvio on the previous page. Coefficients shown by a regression program for Pizza Vesuvios data are: Required: Use the results of regression to make the following calculations: 1. Calculate the fixed cost of labor and the variable rate per employee hour. 2. Construct the cost formula for total labor cost. 3. Calculate the budgeted cost for next month, assuming that 675 employee hours are budgeted. (Note: Round answers to the nearest dollar.) Use the following information for Brief Exercises 3-17 through 3-20: Pizza Vesuvio makes specialty pizzas. Data for the past 8 months were collected:Campbell Industries has gathered the following information about the actual sales revenues and expenses for its pharmaceuticals segment for the most recent year. E (Click the icon to view the actual data.) Prepare a segment margin performance report for the pharmaceutical segment. Calculate a variance and a variance percentage for each line in the report. Round to the nearest hundredth for the variance percentages (for example, if your answer is 16.2384%, round it to 16.24%). Budgeted data for the same time period for the pharmaceutical segment are as follows (all data are in millions): E (Click the icon to view the budgeted data.) Begin by preparing the performance report through the contribution margin line. Next, complete the report through the segment margin line, and then, finally, complete the report through the operating income line. (Enter the variances as positive numbers. Round the variance percentages to the nearest hundredth percent, X.XX%.) Performance Report Data table…Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 5,500 units. The following variances were observed: Units Sales Variable Expenses Fixed Expenses Net Income (loss) Units Sales Actual Results Determine the static budget and use the information to prepare a flexible budget and analysis for the 6,500 units actually sold. If no effect, select "No Effect" and leave the amount boxes blank. For those boxes in which you must enter negative numbers use a minus sign. (Example: -300). Static budget Flexible budget Actual Results Variances Variable Expenses Fixed Expenses Net Income (Loss) Variances $ $169,000 $26,000 Favorable 77,800 11,800 Unfavorable 88,300 300 Unfavorable $2,900 $13,900 Unfavorable No Effect Favorable Unfavorable Unfavorable ✓ ✓ ✓ ✓
- Clementine Company makes skateboards. They prepare master and flexible budgets and then perform variance analysis after the budget plan period elapses. Their data is as follows: Budget Actual Selling price per $99 $96 unit Variable cost per $57 $41 unit Quantity sold 1,030 1,007 What is the Clementine's flexible budget variance for VARIABLE COSTS? If the variance is unfavorable put a minus sign in front of your answer. Enter your answer without commas or decimals.Clementine Company makes skateboards. They prepare master and flexible budgets and then perform variance analysis after the budget plan period elapses. Their data is as follows: Selling price per unit Budget $98 Variable cost per unit Quantity sold 1,044 $50 Actual $97 $46 1,036 What is the Clementine's flexible budget variance for VARIABLE COSTS? If the variance is unfavorable put a minus sign in front of your answer. Enter your answer without commas or decimals.Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 5,500 units. The following variances were observed: Actual Results Variances Units Sales $175,500 $27,000 Favorable Variable Expenses 77,900 11,900 Unfavorable Fixed Expenses 93,700 200 Unfavorable Net Income (loss) $3,900 $14,900 Unfavorable Determine the static budget and use the information to prepare a flexible budget and analysis for the 6,500 units actually sold. If no effect, select "No Effect" and leave the amount boxes blank. For those boxes in which you must enter negative numbers use a minus sign. (Example: -300). Static budget Flexible budget Actual Results Variances Units fill in the blank 1 fill in the blank 2 Sales $fill in the blank 3 $fill in the blank 4 $fill in the blank 5 $fill in the blank 6 Variable Expenses fill in the blank 8 fill in the blank 9 fill in the blank 10 fill in the blank 11 Fixed…
- Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 5,500 units. The following variances were observed: Actual Results Variances Units Sales $175,500 $27,000 Favorable Variable Expenses 84,300 12,800 Unfavorable Fixed Expenses 88,300 300 Unfavorable Net Income (loss) $2,900 $13,900 Unfavorable Determine the static budget and use the information to prepare a flexible budget and analysis for the 6,500 units actually sold. If no effect, select "No Effect" and leave the amount boxes blank. For those boxes in which you must enter negative numbers use a minus sign. (Example: -300). Static budget Flexible budget Actual Results Variances Units fill in the blank 1 fill in the blank 2 Sales $fill in the blank 3 $fill in the blank 4 $fill in the blank 5 $fill in the blank 6 No Effect Variable Expenses fill in the blank 8 fill in the blank 9 fill in the blank 10 fill in the blank 11 Favorable…Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 5,500 units. The following variances were observed: Actual Results Variances Units Sales $175,500 $27,000 Favorable Variable Expenses 77,800 11,800 Unfavorable Fixed Expenses 93,800 300 Unfavorable Net Income (loss) $3,900 $14,900 Unfavorable Determine the static budget and use the information to prepare a flexible budget and analysis for the 6,500 units actually sold. If no effect, select "No Effect" and leave the amount boxes blank. For those boxes in which you must enter negative numbers use a minus sign. (Example: -300). Static budget Flexible budget Actual Results Variances Units Sales Variable Expenses Fixed Expenses Net Income (Loss) Favorable Unfavorable No EffectTitanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 5,500 units. The following variances were observed: Actual Results Variances Units Sales $175,500 $27,000 Favorable Variable Expenses 77,800 11,800 Unfavorable Fixed Expenses 93,800 300 Unfavorable Net Income (Iloss) $3,900 $14,900 Unfavorable Determine the static budget and use the information to prepare a flexible budget and analysis for the 6,500 units actually sold. If no effect, select "No Effect" and leave the amount boxes blank. For those boxes in which you must enter negative numbers use a minus sign. (Example: -300). Static budget Flexible budget Actual Results Variances Units Sales $ $ %$4 No Effect v Variable Expenses Favorable v Fixed Expenses Unfavorable Net Income (Loss) $ $ Unfavorable v Feedback
- Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 4,500 units. The following variances were observed: Actual Results Variances Units Sales $137,500 $25,000 Favorable Variable Expenses 60,300 10,800 Unfavorable Fixed Expenses 72,300 300 Unfavorable Net Income (loss) $4,900 $13,900 Unfavorable Determine the static budget and use the information to prepare a flexible budget and analysis for the 5,500 units actually sold. If no effect, select "No Effect" and leave the amount boxes blank. For those pxes in which you must enter negative numbers use a minus sign. (Example: -300). Static budget Flexible budget Actual Results Varia Units Sales $4 $ 2$ 2$ Variable Expenses Fixed Expenses Net Income (Loss) $ 2$ 2$ $Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 4,000 units. The following variances were observed: Actual Results Variances Units Sales $135,000 $27,000 Favorable Variable Expenses 64,900 12,900 Unfavorable Fixed Expenses 64,200 200 Unfavorable Net Income (loss) $5,900 $13,900 Unfavorable Determine the static budget and use the information to prepare a flexible budget and analysis for the 5,000 units actually sold. If no effect, select "No Effect" and leave the amount boxes blank. For those boxes in which you must enter negative numbers use a minus sign. (Example: -300).The following data were collected by Pete Inc. for the month of May: Static budget data: Sales Variable costs Total fixed costs Actual results: Sales Variable costs Total fixed costs Sales (units) Revenue Variable expenses Contribution margin 11,500 units @ 40/unit $28.00 per unit $ 24,150 Required: 1, 2 & 3. Prepare the static and flexible budgets and show the variances by completing the table given below. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Fixed expenses Income 12,600 units @ $39/unit $30.00 per unit $ 23,050 Actual Pete Inc. Static Budget Performance Report For the Month Ended May 31 Flexible Budget Flexible Budget Variance Sales Volume Variance Static Budget Static Variance