Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
6th Edition
ISBN: 9780134486857
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 23, Problem 3SE
Complete the flexible
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Please show how (step-by-step) you get the numbers for each account in the Flexible budget column.
Bickel Corporation uses customers served as its measure of activity. The following report compares the planning budget to the actual operating results for the month of November:
Bickel Corporation
Comparison of Actual Results to Planning Budget
For the Month Ended November 30
Actual Results
Planning Budget
Variances
Customers served........................................
24,000
25,000
Revenue ($3.60q).........................................
$85,700
$90,000
$4,300 U
Expenses:
Wages and salaries ($22,200 + $1.20q)......
48,900
52,200
3,300 F
Supplies ($0.50q)......................................
13,000
12,500
500 U
Insurance ($5,700).....................................
5,600
5,700
100 F
Miscellaneous expense ($4,500 +…
Complete the flexible budget variance analysis by filling in the blanks in the partial flexible budget performance report for 9,000 travel locks for Galen, Inc.
E (Click the icon to view the report.)
(For variances with a $0 value, make sure to enter "0" in the appropriate cells.)
- X
Galen, Inc.
Data Table
Flexible Budget Performance Report (partial)
For the Month Ended April 30, 2018
Actual
Flexible Budget
Flexible
Galen, Inc.
Results
Variance
Budget
Flexible Budget Performance Report (partial)
For the Month Ended April 30, 2018
Flexible Budget
Units
9.000
9,000
Flexible
Budget
Actual
Sales Revenue
171,000
$
153,000
Results
Variance
51,900
49,700
Variable Costs
Units
9,000
(a)
9,000
Contribution Margin
119.100
103,300
Sales Revenue
171,000
(b)
(c) s
153.000
15,700
15,100
Fixed Costs
Variable Costs
51,900
(d)
(e)
49,700
Operating Income
$
103.400
$
88,200
Contribution Margin
119,100
(f)
(g)
103,300
Fixed Costs
15,700
(h)
()
15,100
Operating Income
$
103,400
(k) s
88,200
Print
Done
Complete the flexible budget variance analysis by filling in the blanks in the partial flexible budget performance report for 10,000 travel locks for Gavin, Inc.
Chapter 23 Solutions
Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
Ch. 23 - Garland Company expects to sell 600 wreaths in...Ch. 23 - Match the variance to the correct definition....Ch. 23 - Match the variance to the correct definition....Ch. 23 - Match the variance to the correct definition....Ch. 23 - Match the variance to the correct definition....Ch. 23 - Match the variance to the correct definition....Ch. 23 - Prob. 7TICh. 23 - Prob. 8TICh. 23 - Prob. 9TICh. 23 - Prob. 10TI
Ch. 23 - Prob. 11TICh. 23 - Tipton Company manufactures shirts, During June,...Ch. 23 - Prob. 13TICh. 23 - Prob. 14TICh. 23 - Prob. 15TICh. 23 - This Try It! continues the previous Try It! for...Ch. 23 - Calculate the following variances: Fixed overhead...Ch. 23 - Prob. 18TICh. 23 - Prob. 19TICh. 23 - Prob. 20TICh. 23 - Prob. 21TICh. 23 - Prob. 22TICh. 23 - Prob. 23TICh. 23 - Prob. 24TICh. 23 - Prob. 25TICh. 23 - MajorNet Systems is a start-up company that makes...Ch. 23 - MajorNets sales volume variance for total costs is...Ch. 23 - MajorNets flexible budget variance for total costs...Ch. 23 - MajorNet Systemss managers could set direct labor...Ch. 23 - What is MajorNets direct labor cost variance for...Ch. 23 - What is MajorNets direct labor efficiency variance...Ch. 23 - FrontGrades standard variable manufacturing...Ch. 23 - Calculate the variable overhead cost variance for...Ch. 23 - Calculate the variable overhead efficiency...Ch. 23 - Prob. 10QCCh. 23 - MajorNet Systemss static budget predicted...Ch. 23 - Prob. 1RQCh. 23 - Prob. 2RQCh. 23 - What is a static budget performance report?Ch. 23 - How do flexible budgets differ from static...Ch. 23 - Prob. 5RQCh. 23 - What are the two components of the static budget...Ch. 23 - What is a flexible budget performance report?Ch. 23 - Prob. 8RQCh. 23 - Prob. 9RQCh. 23 - Give the general formulas for determining cost and...Ch. 23 - How does the static budget affect cost and...Ch. 23 - List the direct materials variances, and briefly...Ch. 23 - Prob. 13RQCh. 23 - Prob. 14RQCh. 23 - List the fixed overhead variances, and briefly...Ch. 23 - Prob. 16RQCh. 23 - Prob. 17RQCh. 23 - Prob. 18RQCh. 23 - Prob. 19RQCh. 23 - Prob. 20RQCh. 23 - Prob. 1SECh. 23 - Moje, Inc. manufactures travel locks. The budgeted...Ch. 23 - Complete the flexible budget variance analysis by...Ch. 23 - Prob. 4SECh. 23 - Setting standards for a product may involve many...Ch. 23 - Prob. 6SECh. 23 - Martin, Inc. manufactures lead crystal glasses....Ch. 23 - Martin, Inc. is a manufacturer of lead crystal...Ch. 23 - Prob. 9SECh. 23 - Prob. 10SECh. 23 - Prob. 11SECh. 23 - Prob. 12SECh. 23 - Prob. 13SECh. 23 - Prob. 14SECh. 23 - Prob. 15ECh. 23 - Murphy Company managers received the following...Ch. 23 - Prob. 17ECh. 23 - Prob. 18ECh. 23 - Prob. 19ECh. 23 - Prob. 20ECh. 23 - Prob. 21ECh. 23 - Prob. 22ECh. 23 - Prob. 23ECh. 23 - McCarthy Fender, which uses a standard cost...Ch. 23 - Cell One Technologies manufactures capacitors for...Ch. 23 - Morton Recliners manufactures leather recliners...Ch. 23 - Hear Smart manufactures headphone cases. During...Ch. 23 - Moss manufactures coffee mugs that it sells to...Ch. 23 - Review your results from Problem P23-28A. Mosss...Ch. 23 - Prob. 30BPCh. 23 - McKnight Recliners manufactures leather recliners...Ch. 23 - Headset manufactures headphone cases. During...Ch. 23 - Prob. 33BPCh. 23 - Review your results from Problem P23-33B....Ch. 23 - Download an Excel template for this problem online...Ch. 23 - This continues the Piedmont Computer Company...Ch. 23 - Prob. 1TIATCCh. 23 - Suppose you manage the local Scoopys ice cream...Ch. 23 - Drew Gastello, general manager of Sunflower...Ch. 23 - In 75 words or fewer, explain what a cost variance...
Additional Business Textbook Solutions
Find more solutions based on key concepts
Disposal of assets. Answer the following questions. 1. A company has an inventory of 1,300 assorted parts for a...
Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
How would the decision to dispose of a segment of operations using a split-off rather than a spin-off impact th...
Advanced Financial Accounting
18. What is the calculation for return on assets (ROA)? Explain what ROA measures.
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
Using the information from Problem 1-2B and the inventory information for the Best Bikes below, complete the re...
Managerial Accounting
Preparing Financial Statements from a Trial Balance The following accounts are taken from Equilibrium Riding, I...
Fundamentals Of Financial Accounting
1. For Frank’s Funky Sounds, straight-line depreciation on the trucks is a
Learning Objective 1
a. variable cos...
Horngren's Accounting (12th Edition)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Complete the flexible budget variance analysis by filling in the blanks in the partial flexible budget performance report for 10,000 travel locks for Gordon, Inc. (Click the icon to view the report.) (For variances with a $0 value, make sure to enter "0" in the appropriate cells.) Gordon, Inc. Flexible Budget Performance Report (partial) For the Month Ended April 30, 2024 Actual Results Units Sales Revenue Variable Costs Contribution Margin Fixed Costs Operating Income 10,000 170,000 51,700 118,300 15,700 102,600 Flexible Budget Variance $ Flexible Budget 10,000 150,000 49,800 100,200 15,300 84,900arrow_forwardInitially you're given the department's budgeted and actual performance. Budgeted expenses are $13,000 and actual expenses total $16, 512. What's the expense variance?arrow_forwardCampbell 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…arrow_forward
- PLEASE ANSWER THE FOLLOWING QUESTIONS: Requirements 1. Compute the total sales-volume variance, the total sales-mix variance, and the total sales-quantity variance. (Calculate all variances in terms of contribution margin.) Show results for each product in your computations. 2. What inferences can you draw from the variances computed in requirement 1? Data table Budget for 2020 Selling Variable Cost Cartons Product Price per Carton Sold Kostor $11.00 $ Limba $ 23.00 $ 6.40 16.15 Actual for 2020 Selling Variable Cost Cartons Price per Carton Sold 7.40 138,600 16.35 59,400 132,000 $11.60 S 88,000 $ 24.40 $arrow_forwardComplete 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 $36 per unit. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Flexible Budget Performance Report Flexible Budget For Month Ended June 30 (11,100 units) Sales Variable costs Contribution margin Fixed costs Income Actual Results Variances Favorable/Unfavorable (11,100 units) $ 27,000 Favorable 354,000 488,400 273,000 288,000arrow_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_forward
- 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 Actual Results (10,800 units) Flexible Budget (10,800 units) 486,000 270,000 351,000 285,000 Variances Favorable or Unfavorable $ 21,000 Favorable Favorable Favorable Unfavorable Favorablearrow_forwardComplete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavorable. The company budgets a selling price of $87 per unit and variable costs of $33 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 (12,500 units) 675,000 287,000 Actual Results (12,500 units) 308,000 302,000 Variances Favorable or Unfavorable S 52,500 Favorablearrow_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
- Arrasmith Corporation uses customers served as its measure of activity. During February, the company budgeted for 36,500 customers, but actually served 27,500 customers. The company uses the following revenue and cost formulas in its budgeting, where q is the number of customers served: Revenue: $5.00q Wages and salaries: $34,700 + $1.55q Supplies: $0.95q Insurance: $11,900 Miscellaneous expenses: $7,900 + $0.45q The company reported the following actual results for February: Revenue Wages and salaries Supplies Insurance $149,800 $ 69,500 $ 15,900 $ 11,900 $ 25,200 Miscellaneous expense Required: Prepare the company's flexible budget performance report for February. Label each variance as favorable (F) or unfavorable (U). (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_forwardMarla Baldwin was a blt anxlous as she created the year-end performance reports. She remembered how management had hoped the economy would make a favorable turn, taking pressure off consumers so they'd feel more comfortable spending on the company's splurge Item-a luxurious hooded cotton robe. Alas, actual production and sales ended at 5,100 units, a whopping 1,000 units shy of the company's original budget. The following Information presents the company's actual Income statement and other key Information for Marla. Sales Varlable costs: DM Actual Income DL Varlable-MOH Contribution margin Fixed costs: Fixed-MOH Fixed SG&A Operating Income Standards are as follows. Direct materials Direct labor Variable-MOH Fixed-MOH $800,700 Selling price Fixed SGSA expense 172,125 (for 11,475 yards purchased and used) 75,276 (for 3,672 hours used) 45,900 O Search 507,399 170,978 243,100 Standard Quantity per Unit 2.30 yards 0.70 DL hours $93.321 Additional master budget Information: 2.30 yards 2.30…arrow_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
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax CollegePrinciples of Cost AccountingAccountingISBN:9781305087408Author:Edward J. Vanderbeck, Maria R. MitchellPublisher:Cengage LearningCornerstones of Cost Management (Cornerstones Ser...AccountingISBN:9781305970663Author:Don R. Hansen, Maryanne M. MowenPublisher:Cengage Learning
- Excel Applications for Accounting PrinciplesAccountingISBN:9781111581565Author:Gaylord N. SmithPublisher:Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
Principles of Cost Accounting
Accounting
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser...
Accounting
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Cengage Learning
What is variance analysis?; Author: Corporate finance institute;https://www.youtube.com/watch?v=SMTa1lZu7Qw;License: Standard YouTube License, CC-BY