Question

ACCT8090 F19 Budget Quiz - Section 2 [Protected View] - Microsoft Excel (Product Activation Failed) X File Home Insert Page Layout Formulas Data Review View Enable Editing Protected View This file originated from an Internet location and might be unsafe. Click for more details. fox АЗ C F G Н M N O P Q R Complete a FLEXIBLE BUDGET to reflect the actual litres of blood collected and answer the questions on the next tab. 10 11 12 13 14 KGV Blood Bank KGV Blood Bank 15 September 2019 September 2019 16 17 Variance Favourable Unfavourable Static Budget Actual 18 Flexible Budget 19 Litres of Blood collected 720 Actual Costs 600 120 Variance 720 20 21 Variable Costs Price Per Unit 22 Medical Supplies 23 Lab Tests 24 Refreshments Variable Costs $ 7,200.00 5,995.00 1,300.00 $ 8,560.00 6,050.00 1,520.00 $2,200.00 Medical costs 205.00 Lab tests 9,400.00 6,200.00 1,450.00 $ 8,560.00 6,050.00 1,520.00 150.00 Refreshments 25 26 Fixed Costs Fixed costs 27 850.00 450.00 28 Rent 850.00 850.00 Rent 850.00 450.00 29 Utlities 450.00 Utilities 450.00 30 15,795.00 $2,555.00 Total Expense 31 Total Expense 32 33 34 35 36 רר Cover Page Questions Flex Budget E 100% e Ready ENG 17:19

question 1: what information stands out when we compare our flexible budget to our actual budget?

Answer 1

Answer

Blanks on the left

Variable costs	Price per unit
Medical supplies	$          12.00
Lab tests	$            9.99
Refreshments	$            2.17

Blanks on the right

	Flexible Budget	Favorable/Unfavorable
Variable costs
Medical supplies	$        8,640.00	Favorable
Lab tests	$        7,194.00	Favorable
Refreshments	$        1,560.00	Unfavorable
Fixed Cost
Rent	$           850.00	Neither favorable nor unfavorable
Utilities	$           450.00	Neither favorable nor unfavorable
Total expense	$      18,694.00	Favorable

Information that stands out when we compare our flexible budget to our actual budget

The fixed cost is the same in case of a flexible budget and actual budget. This is because the fixed costs are fixed payments which are to be paid irrespective of the level of production.

In case of any doubt, please comment.