FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- A. $6,722 F B. $3,282 U C. $3,282 F D. $6,722 Uarrow_forwardA company provided the following information from its flexible budget performance report: Actual Flexible Master Results Budget Budget Trips (q) 52 Expenses: Maintenance expense ($4,000 + $88.00g) $8,495 ? $8,400 What is the spending variance for maintenance expense? Multiple Choice None of the answers is correct. $176 U $81 U $81 Farrow_forwardPrepare a Flexible Budget Performance Report Required: Using Exhibit 9–8 as your guide, prepare a flexible budget performance report that shows the company’s revenue and spending variance and activity variances for august. Exhibit 9–8 Performance Report Combining Activity Variances with Revenue and Spending Variancesarrow_forward
- - Flexible and Actual Units (pounds) are given belowCalculate revenue and spending variances for AugustGiven: Revenue 4per poundOn OwnPacking Supplies0.5per poundOyster Bed Maintenance3200flatWages & Salaries2900flat plus0.3 per poundShipping0.8per pound Utilities830flat Other450flat plus0.05per poundFlexible Budget & Actual Results for the Month Ending May 31 ActualFlexibleRev & Spend'gPounds (Q)8, 0008,000Variances(actual flexible) Revenue 35,200 Expenses: Packing Supplies4, 200 Oyster Bed Maintenance3, 100 Wages & Salaries5, 640 Shipping6, 950 Utilities 810 Other980 Total Expenses21, 680 Net Operating Income13, 520 Flexible and Actual Units (pounds) are given below Given: Calculate revenue and spending variances for August Revenue Packing Supplies Oyster Bed Maintenance 4 per pound 0.5 per pound 3200 flat Wages & Salaries 2900 flat-plus 0.3 per pound Shipping Utilities Other 0.8 per pound 830 flat 450 flat-plus 0.05 per pound Flexible Budget & Actual Results for the Month Ending May…arrow_forward1. Complete the flexible budget performance report that shows both revenue and spending variances and activity variances for the pizzeria for November. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)arrow_forwardAnalyze the variances from the flexible budget and identify issues that management should be concern about. You only need to highlight bariances that are a concernarrow_forward
- Blossom Industries has the following actual and master budget information for its two product lines: Volume in Units Unit Contribution Margin Actual Results Sales quantity variance Gizmos Gadgets 1,110 $4 Sales quantity variance Gadgets $ Total sales quantity variance $ Gizmos $ 1,830 $7 Master Budget Compute the Sales Quantity Variances for the Gadgets, Gizmos, and in Total. (Round intermediate calculations to 4 decimal places, eg. 2.3337 and final answers to O decimal places, e.g. 2,555.) Gadgets 1,310 $3 Gizmos 1,730 $8 Varrow_forwardI need help nowarrow_forwardVulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual FlexiblePlanning Results Budget Budget 57 Flights (q) 57 55 Revenue ($350.00q) Expenses: Wages and salaries ($3,700 + $91.00q) Fuel ($32.00q) Airport fees ($870 + $32.00q) Aircraft depreciation ($9.00q) Office expenses ($210 + $1.00q) Total expense $16,100 $19,950 $19,250 8,845 1,990 8,887 1,824 8,705 1,760 2,574 2,694 2,630 513 513 495 265 13,855 $ 1,743 $ 5,765 $ 5,395 435 267 14,357 14,185 Net operating income The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount.arrow_forward
- Please do not give solution in image format thankuarrow_forwardVulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($350.00q) Expenses: Wages and salaries ($3,200 + $88.00q) Fuel ($32.00g) Airport fees ($830 + $34.00q) Aircraft depreciation ($10.00q) Office expenses ($230 + $1.00q) Total expenses Net operating income Actual Results 54 $ 16,300 7,916 1,894 2,546 540 452 13,348 $ 2,952 Flexible Planning Budget Budget 54 $ 18,900 7,952 1,728 2,666 540 284 13,170 $ 5,730 52 $ 18, 200 7,776 1,664 2,598 520 282 12,840 $5,360 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount.arrow_forwardWhich of the following budgets allows for adjustments in activity levels? Oa, flexible budget Ob. static budget Oc. zero-based budget Od. continuous budget ( Previous to search 53°F Sunny a1 (中ツ prt sc 144arrow_forward
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