Jake's Roof Repair has provided the following data concerning its costs: Wages and salaries Fixed Cost per Month $21,100 Cost per Repair-Hour $15.00 $ 7.30 Parts and supplies Equipment depreciation $ 2,770 $ 0.30 Truck operating expenses $ 5,760 $ 1.60 Rent $ 4,670 Administrative expenses $.3,860 $ 0.40 For example, wages and salaries should be $21,100 plus $15.00 per repair-hour. The company expected to work 2,600 repair-hours in May, but actually worked 2,500 repair-hours. The company expects its sales to be $50.00 per repair-hour. Required: Compute the company's activity variances for May. (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.) Revenue Expenses: Jake's Roof Repair Activity Variances For the Month Ended May 31 Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses Rent Administrative expenses Total expense Net operating income Prev 2 of 7 Novt

Jake's Roof Repair has provided the following data concerning its costs: Wages and salaries Fixed Cost per Month $21,100 Cost per Repair-Hour $15.00 $ 7.30 Parts and supplies Equipment depreciation $ 2,770 $ 0.30 Truck operating expenses $ 5,760 $ 1.60 Rent $ 4,670 Administrative expenses $.3,860 $ 0.40 For example, wages and salaries should be $21,100 plus $15.00 per repair-hour. The company expected to work 2,600 repair-hours in May, but actually worked 2,500 repair-hours. The company expects its sales to be $50.00 per repair-hour. Required: Compute the company's activity variances for May. (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.) Revenue Expenses: Jake's Roof Repair Activity Variances For the Month Ended May 31 Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses Rent Administrative expenses Total expense Net operating income Prev 2 of 7 Novt

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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