The following data were collected by Bemidji Co. for the month of June: Static budget data: 12,250 units @ 41/unit $ 29.50 per unit $ 25,725 Sales Variable costs Total fixed costs Actual results: Sales Variable costs Total fixed costs 13,500 units e $40/unit $ 31.80 per unit $ 24,475 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 favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) BEMIDJI COMPANY Static Budget Performance Report For the Month Ended June 30 Flexible Budget Sales Volume Variance Static Budget Static Varianc Actual Flexible Budget Variance Sales (units) Revenue Variable expenses Contribution margin Fixed expenses Income

The following data were collected by Bemidji Co. for the month of June: Static budget data: 12,250 units @ 41/unit $ 29.50 per unit $ 25,725 Sales Variable costs Total fixed costs Actual results: Sales Variable costs Total fixed costs 13,500 units e $40/unit $ 31.80 per unit $ 24,475 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 favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) BEMIDJI COMPANY Static Budget Performance Report For the Month Ended June 30 Flexible Budget Sales Volume Variance Static Budget Static Varianc Actual Flexible Budget Variance Sales (units) Revenue Variable expenses Contribution margin Fixed expenses Income

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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The master budget at Monroe Manufacturing last period called for sales of 42,300 units at $45 each. The costs were estimated to be $29 variable per unit and $527,000 fixed. During the period, actual production and actual sales were 45,300 units. The selling price was $44 per unit. Variable costs were $31 per unit. Actual fixed costs were $518,000. Required: Prepare a profit variance analysis. Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Monroe Manufacturing Profit Variance Analysis Actual Manufacturing Variances Sales Price Variance Flexible Budget Sales Activity Variance Master Budget Sales revenue Less: Variable costs Contribution margin $ 0 $ 0 $ 0 Less: Fixed costs Operating profits $ 0 $ 0 $ 0…
Ray Company provided the following excerpts from its Production Department's flexible budget performance report. (Round "rate per hour" answers to 2 decimal places. 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.) Required: Complete the Production Department's Flexible Budget Performance Report. Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration Total expense ( ( ($ 7,000 ( ( ( $ 79,650 $ 18,800 q) ) + + + + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Spending Variances $ 1.40 q) q) q) $ 1.40 q) Actual Results 9,530 $ 159,305 5,010 $ 313,459 2,206 F 1,500 U 0 None Flexible Budget $ 157,245 20,812 4,494 Activity Variances 576 U 0 None Planning Budget 9,050 17,860 4,350
The following information is available for Brownstone Products Company for the month of July: Master Budget Units Sales revenue Variable manufacturing costs Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrative expenses Actual 3,900 $ 59,500 10,100 12,000 6,600 8,100 3,200 $ 60,000 16,000 13,200 8,000 9,300 Required: 1. What was the master budget variance for July? Was this variance favorable or unfavorable? 2. Compute the July sales volume variance and the flexible-budget variance for the month, both in terms of contribution margin and in terms of operating income. 4. Prepare pro-forma budgets for activities within its relevant range of operations. Prepare a flexible budget for each of the following two output levels: a. 3,780 units. b. 4,180 units. Complete this question by entering your answers in the tabs below. > Answer is complete but not entirely correct.
Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavorable. The company budgets a selling price of $80 per unit and variable costs of $35 per unit. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. For Month Ended June 30 Sales Variable costs Contribution margin Fixed costs Income Flexible Budget Performance Report Flexible Budget Actual Results (11,300 units) (11,300 units) 508,500 275,000 356,000 290,000 Variances Favorable or Unfavorable 31,000 Favorable $
H1. Account
Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavo The company budgets a selling price of $81 per unit and variable costs of $35 per unit. (Indicate the effect of each variance selecting favorable, unfavorable, or no variance.) For Month Ended June 30 Sales Variable costs Contribution margin Fixed costs Income Flexible Budget Performance Report Flexible Budget Actual Results (11,400 units) (11,400 units) 524,400 276,000 357,000 291,000 Variances Favorable/Unfavorable $ 21,600 Favorable
Selected data for March for Irvington, Incorporated follows. The variable material sales activity variance is $23,040 U. Flexible budget based on actual sales of 9,958 units: Revenue Materials Labor Variable overhead Fixed costs (manufacturing and administrative) Required: a. How many units were budgeted for March in the master budget? b. Recreate the master budget for March. Complete this question by entering your answers in the tabs below. Required A Required B How many units were budgeted for March in the master budget? Budgeted sales units $ 300,440 99,840 78,000 50,960 41,120
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! Required information [The following information applies to the questions displayed below.] Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,300 units. Sales Costs Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries. Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment Income PHOENIX COMPANY Fixed Budget For Year Ended December 31 Sales (18,300 units) Costs Income Direct materials Direct labor Sales staff commissions Depreciation-Machinery Phoenix Company reports the following actual results. Actual sales were 18,300 units. Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment $ 3,060,000 979,200 229,500 76,500 300,000 200,000 229,500 250,000 450, 300 192,000 $ 153,000 $ 3,705,750 $ 1,185,840 281,820 82,350 300,000 214,000 266, 265 267,000 458,300…
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Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. Note: 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. Round "rate per hour" answers to 2 decimal places. Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration Total expenses $ $ $ 7,300 (9) + + + 80,400 18.860 + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results $ $ 1.70 (q) (9) (9) 1.70 (9) $ $ 9,560 174,170 5,052 339,328 Spending Variances 1,108 F 1,530 U 0 None Flexible Budget $ 172,080 23,752 4,524 Activity Variances 720 U 0 None Planning Budget 9,080 20,920 4,380