Homework Help Question & Answers

Match each form to the correct definition Terms a. Flexible budget b. Flexible budget variance c....


Match each form to the correct definition Terms a. Flexible budget b. Flexible budget variance c. Sales volume variance d Sta
- X Complete the f ile budget variance analysis by filling in the blanks in the partial flexible budget performance report fo
Match each form to the correct definition Terms a. Flexible budget b. Flexible budget variance c. Sales volume variance d Static budget e. Variance - Definitions 1. A summarized budget for several levels of volume that separates variable costs from foxed costs 2. A budget prepared for only one level of sales 3. The difference between an actual amount and the budgeted amount 4. The difference arising because the company actually earned more or less revenue, or incurred more or less cost than expected for the actual level of output 5. The difference arising only because the number of units actually sold differs from the static budget units
- X Complete the f ile budget variance analysis by filling in the blanks in the partial flexible budget performance report for 9,000 travel locks for Gianni, Inc Click the con lo vow the report) Data Table (For variances with a 50 value, make sure to enter in the appropriate colls) 1 0 Gianni, Inc Flexible Budget Performance Report (partial) For the Month Ended April 30, 2018 Actual Flexible Budget Results Variance 0.000 Sales Revenue 135.000 51,500 Variable Costs Contribution Margin 16,000 Food Costs 67.500 Operating Income Flexible Budget 9,000 117000 50 200 Gianni, Inc. Flexible Budget Performance Report (partial) For the Month Ended April 30, 2018 Actual Flexible Budget Results Variance Units 9,000 (a) Sales Revenue S 135,000 (b) (c) $ Variable Costs 51.500 ( d e ) Contribution Margin 83,500 Fixed Costs 16,000 (h) Operating Income $ 67.500 Flexible Budget 9000 117,000 50.200 65,800 14.500 83.500 66.800 14.500 52 300 59 300 Choose from any list or enter any number in the input fields and then continul A 1244 AM 1020 2019
0 0
Add a comment
Answer #1

Answers:

3 e
4 b
5 c
1 a
2 d
Gianni, Inc.
Flexible Budget Performance Report (partial)
For the Month Ended April 30,2018
Actual
Results
Flexible Budget
Variance
Flexible
Budget
Units 9,000 0 9,000
Sales Revenue $135,000 $18,000 F $117,000
Variable Costs $51,500 $1,300 U $50,200
Contribution margin $83,500 $16,700 F $66,800
Fixed costs $16,000 $1,500 U $14,500
Operating income $67,500 $15,200 F $52,300

If Actual Sales revenue, Contribution margin and Operating income is more than the budgeted then it is'Favorable(F)'. Otherwise 'Unfavorable(U)'.

If Actual Variable cost and fixed cost are more than the budgeted then it is 'Unfavorable(U)'. Otherwise 'Favorable(F)'.

Add a comment
Know the answer?
Add Answer to:
Match each form to the correct definition Terms a. Flexible budget b. Flexible budget variance c....
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coin

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Complete the flexible budget variance analysis by filling in the blanks in the partial flexible budget...

    Complete the flexible budget variance analysis by filling in the blanks in the partial flexible budget performance report for 11,000 travel locks for Gianni, Inc. B (Click the icon to view the report) (For variances with a $0 value, make sure to enter "O" in the appropriate cells.) i Data Table Gianni, Inc. Flexible Budget Performance Report (partial) For the Month Ended April 30, 2018 Actual Flexible Budget Results Variance Units 11,000L Sales Revenue S 209,000 Variable Costs 51,900 Contribution...

  • Accounting question. Thanks. Complete the flexible budget variance analysis by filling in the blanks in the...

    Accounting question. Thanks. Complete the flexible budget variance analysis by filling in the blanks in the partial flexible budget performance report for 9.000 travel locks for Gray, Inc (Click the icon to view the report) (For variances with a 50 value, make sure to enter "0" in the appropriate cells ) Flexible Budget Gray, Inc. Flexible Budget Performance Report (partial) For the Month Ended April 30, 2018 Actual Flexible Budget Results Variance Units 9,000 Sales Revenue $ 171,000 Variable Costs...

  • FLEXIBLE BUDGET PERFORMANCE REPORT Top managers of Hannah Industries predicted 2018 sales of 14,400 units of...

    FLEXIBLE BUDGET PERFORMANCE REPORT Top managers of Hannah Industries predicted 2018 sales of 14,400 units of its product at a unit price of $9.00. Actual sales for the year were 14,000 units at $11.50 each. Variable costs were budgeted at $2.10 per unit, and actual variable costs were $2.20 per unit. Actual fixed costs of $42,000 exceeded budgeted foed costs by $5,500. Prepare Hannah's flexible budget performance report. What variance contributed most to the year's favorable results? What caused this...

  • Match the variance to the correct definitions. i(Click on the icon to view the definitions.) Definition...

    Match the variance to the correct definitions. i(Click on the icon to view the definitions.) Definition Variance 2. Cost variance 3. Efficiency variance Flexible budget variance 4. 5. Sales volume variance 6. Static budget variance a. b. C. d. e. i Definitions The difference between the expected results in the flexible budget for the actual units sold and the static budget. The difference between actual results and the expected results in the flexible budget for the actual units sold. Measures...

  • James Manufacturing has the following Information available for July Flexible Budget Variance Flexible Budget Sales Activity...

    James Manufacturing has the following Information available for July Flexible Budget Variance Flexible Budget Sales Activity Variance 2,0000 Actual Results 16,000 ? Master Budget $12,300F ? Units Sales revenue Less: Variable manufacturing costs Variable marketing and administrative Contribution margin $92,000 $ 101,000 ? $139,000 ? $66,000 $ 9,0000 ? $9,700F $7,700U $ 47,000 ? ? What was James's actual sales revenue for July? Multiple Choice 0 O $216.000 0 $204.300 0 $261.700 0 $192.000

  • Actual Results Flexible Budget Variance Flexible Budget Sales Activity Variance Master Budget Units 13,000 ? 2,000...

    Actual Results Flexible Budget Variance Flexible Budget Sales Activity Variance Master Budget Units 13,000 ? 2,000 U ? Sales revenue ? 13,000 F ? ? ? Less: Variable mfg. costs $ 87,750 $ 91,000 ? $ 105,000 Variable mktg/adm.costs ? $ 3,250 U ? $ 4,000 F 30,000 Contribution margin $ 52,000 ? ? $ 6,000 U ? What is the actual sales revenue?

  • Actual Results Flexible Budget Variance Flexible Budget Sales Activity Variance Master Budget Units 13,000 ? 2,000...

    Actual Results Flexible Budget Variance Flexible Budget Sales Activity Variance Master Budget Units 13,000 ? 2,000 U ? Sales revenue ? 13,000 F ? ? ? Less: Variable mfg. costs $ 87,750 $ 91,000 ? $ 105,000 Variable mktg/adm.costs ? $ 3,250 U ? $ 4,000 F 30,000 Contribution margin $ 52,000 ? ? $ 6,000 U ? What is the sales revenue in the flexible budget?

  • the flexible budget variance for operation income is Favorable 13) /The following data are for Point...

    the flexible budget variance for operation income is Favorable 13) /The following data are for Point Corporation: A Flexible Budget for Actual Sales Activity 18,000 $360,000 216,000 $144,000 Static Budget Actual Units 18,000 $360,000 16,000 $320,000 Sales Variable costs 234,000 $126,000 76,000 $50,000 192,000 $128,000 Contribution margin Fixed costs 80,000 $64,000 80,000 $48,000 Operating income 2,000 The flexible budget variance for operating income is A) $14,000 Favorable C) $2,000 Favorable B) $14,000 Unfavorable D) $2,000 Unfavorable

  • Actual Results Flexible Budget Variance Flexible Budget Sales Activity Variance Master Budget Units 13,000 ? 2,000...

    Actual Results Flexible Budget Variance Flexible Budget Sales Activity Variance Master Budget Units 13,000 ? 2,000 U ? Sales revenue ? 13,000 F ? ? ? Less: Variable mfg. costs $ 87,750 $ 91,000 ? $ 105,000 Variable mktg/adm.costs ? $ 3,250 U ? $ 4,000 F 30,000 Contribution margin $ 52,000 ? ? $ 6,000 U ? What is the master budget sales revenue?

  • Calculate the flexible budget amounts and the flexible budget variances. Note whether each variance is favorable...

    Calculate the flexible budget amounts and the flexible budget variances. Note whether each variance is favorable or unfavorable. Also, fill in the number of units used to calculate the flexible budget amounts. There are 16 boxes to fill in. Units 10,000 9,000 ? Actual results Original (static) budget Flexible budget Flexible budget variances Favorable or unfavorable Direct materials 66,500 58,500 ? ? ? Direct labor 80,100 67,500 ? ? ? Variance overhead 9,700 9,000 ? ? ? Fixed overhead 224,500...

Free Homework App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.