Homework Answers
Solution:
| Particulars | Actual results | Flexible budget variance | Flexible Budget | Volume variance | Master Budget | ||
| Sales volume | 57500 | 57500 | 53000 | ||||
| Sales revenue | $206,500.00 | $5,250.00 | F | $201,250.00 | $15,750.00 | F | $185,500.00 |
| Less: Variable Expenses | $83,200.00 | $2,700.00 | U | $80,500.00 | $6,300.00 | U | $74,200.00 |
| Contribution Margin | $123,300.00 | $2,550.00 | F | $120,750.00 | $9,450.00 | U | $111,300.00 |
| Less: Fixed expenses | $65,500.00 | $1,500.00 | U | $64,000.00 | $0.00 | None | $64,000.00 |
| Net operating income | $57,800.00 | $1,050.00 | F | $56,750.00 | $9,450.00 | F | $47,300.00 |
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Complete the following Flexible Budget Performance Report. Interpret your results. Remember on the variances to put...
h Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances...
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Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between budgeted and actual results. Sales Variable expenses Fixed expenses (total) Units produced and sold Budgeted $ 350 per unit $ 140 per unit $126,500 1,210 Actual $510,000 $ 204,000 $123,000 1,410 List variable and fixed expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) Answer is not complete. LEWIS CO. Flexible Budget Performance Report Variances Fav./Unf....
Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between budgeted an...
Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between budgeted and actual results. Sales Variable expenses Fixed expenses (total) Units produced and sold Budgeted $ 300 per unit $ 120 per unit $125,000 1,200 Actual $435,000 $172,000 $122,000 1,400 List variable and fixed expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) LEWIS CO. Flexible Budget Performance Report For Month Ended May 31 Flexible Budget Actual...
Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between...
Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between budgeted and actual results. Budgeted $ 1,150 per unit %24 Actual Sales Variable expenses Fixed expenses (total) Units produced and sold $1,828,000 $ 726,000 $ 139,000 1,570 460 per unit $150, 500 1,370 List variable and fixed expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) LEWIS CO. Flexible Budget Performance Report For Month Ended May 31...
Req. 4,5, 6 A Data Table Actual vs. Budget Performance Report For the Month Ended August...
Req. 4,5, 6
A Data Table Actual vs. Budget Performance Report For the Month Ended August 31 Master Budget Master Budget Actual Variance 53,000 Sales volume (number of cases sold) Sales revenue 155,800 $ 137 800 68.900 Less: Variable expenses Contribution margin $ 76 400 $ 68.200 8 200 S 68.900 67 000 Less: Fixed expenses Operating income 1.900 Done 4. Compute the master budget variances. Be sure to indicate each variance as favorable (F) or unfavorable (U.) 5. Management...
Master Master Budget Variance Actual 60,500 Budget 57,000 Sales volume (number of cases sold) Sales revenue...
Master Master Budget Variance Actual 60,500 Budget 57,000 Sales volume (number of cases sold) Sales revenue Less: Variable expenses Contribution margin Less: Fixed expenses $ 193,700 $ 71,200 176,700 62,700 $ 122,500 $ 73,200 114,000 72,000 $ 49,300 $ 42,000 Operating income The budgeted sales price per unit is $ 3.10 Requirement 2. What is the budgeted variable expense per unit? The budgeted variable expense per unit is $ 1.10. Requirement 3. What is the budgeted fixed cost for the...
POLOT Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances...
POLOT Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between budgeted and actual results Metaal Variable expenses Fixed expenses (total) Units produced and sold Budgeted 800 per unit 320 per unit $140,000 $ 492,000 List variable and fixed expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) LEWIS CO. Flexible Budget Performance Report For Month Ended May 31 Flexible Budget Actual Results Variances Fav./Unf. < Prev...
Requirement 1. What is the budgeted sales price per unit? The budgeted sales price per unit...
Requirement 1. What is the budgeted sales price per unit? The budgeted sales price per unit is $ 3.40. Requirement 2. What is the budgeted variable expense per unit? The budgeted variable expense per unit is $ 1.80 . Requirement 3. What is the budgeted fixed cost for the period? The budgeted fixed cost for the period is $ 69,000 Requirements 4 and 5. Compute the master budget variances. Be sure to indicate each variance as favorable (F) or unfavorable...
Exercise 21-6 Preparing a flexible budget report LO P1 Lewis Co. reports the following results for...
Exercise 21-6 Preparing a flexible budget report LO P1 Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between budgeted and actual results. Sales Variable expenses Fixed expenses (total) Units produced and sold Budgeted $ 550 per unit $ 220 per unit $132,500 1,250 Actual $815,000 $332,000 $127,000 1,450 List variable and fixed expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) LEWIS CO. Flexible Budget Performance...
Performance Report, June 2017 Actual Static Results Budget Units (pounds) 390,000 380,000...
Performance Report, June 2017 Actual Static Results Budget Units (pounds) 390,000 380,000 Revenues $2,203,500 $2,166,000 Variable manufacturing costs 1,423,500 1,368,000 Contribution margin $780,000 $798,000 SteveSteve AdlerAdler, the business manager for ice-cream products, is pleased that more pounds of ice cream were sold than budgeted and that revenues were up.Unfortunately, variable manufacturing costs went up, too. The bottom line is that contribution margin declined by $ 18 comma 000$18,000, which is less thanless than 11% of the budgeted revenues of $...
Required: Prepare a flexible budget performance report that shows the company's revenue and spending variances and...
Required: Prepare a flexible budget performance report that shows the company's revenue and spending variances and activity variances for August. (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.) Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Actual Results 8,800 Flexible Budget Planning Budget Cars washed Revenue $ 43,080 $ (40) U Expenses: Cleaning supplies Electricity Maintenance...
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Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between budgeted and actual results. Sales Variable expenses Fixed expenses (total) Units produced and sold Budgeted $ 350 per unit $ 140 per unit $126,500 1,210 Actual $510,000 $ 204,000 $123,000 1,410 List variable and fixed expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) Answer is not complete. LEWIS CO. Flexible Budget Performance Report Variances Fav./Unf....
Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between budgeted and actual results. Sales Variable expenses Fixed expenses (total) Units produced and sold Budgeted $ 300 per unit $ 120 per unit $125,000 1,200 Actual $435,000 $172,000 $122,000 1,400 List variable and fixed expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) LEWIS CO. Flexible Budget Performance Report For Month Ended May 31 Flexible Budget Actual...
Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between budgeted and actual results. Budgeted $ 1,150 per unit %24 Actual Sales Variable expenses Fixed expenses (total) Units produced and sold $1,828,000 $ 726,000 $ 139,000 1,570 460 per unit $150, 500 1,370 List variable and fixed expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) LEWIS CO. Flexible Budget Performance Report For Month Ended May 31...
Req. 4,5, 6
A Data Table Actual vs. Budget Performance Report For the Month Ended August 31 Master Budget Master Budget Actual Variance 53,000 Sales volume (number of cases sold) Sales revenue 155,800 $ 137 800 68.900 Less: Variable expenses Contribution margin $ 76 400 $ 68.200 8 200 S 68.900 67 000 Less: Fixed expenses Operating income 1.900 Done 4. Compute the master budget variances. Be sure to indicate each variance as favorable (F) or unfavorable (U.) 5. Management...
Master Master Budget Variance Actual 60,500 Budget 57,000 Sales volume (number of cases sold) Sales revenue Less: Variable expenses Contribution margin Less: Fixed expenses $ 193,700 $ 71,200 176,700 62,700 $ 122,500 $ 73,200 114,000 72,000 $ 49,300 $ 42,000 Operating income The budgeted sales price per unit is $ 3.10 Requirement 2. What is the budgeted variable expense per unit? The budgeted variable expense per unit is $ 1.10. Requirement 3. What is the budgeted fixed cost for the...
POLOT Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between budgeted and actual results Metaal Variable expenses Fixed expenses (total) Units produced and sold Budgeted 800 per unit 320 per unit $140,000 $ 492,000 List variable and fixed expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) LEWIS CO. Flexible Budget Performance Report For Month Ended May 31 Flexible Budget Actual Results Variances Fav./Unf. < Prev...
Requirement 1. What is the budgeted sales price per unit? The budgeted sales price per unit is $ 3.40. Requirement 2. What is the budgeted variable expense per unit? The budgeted variable expense per unit is $ 1.80 . Requirement 3. What is the budgeted fixed cost for the period? The budgeted fixed cost for the period is $ 69,000 Requirements 4 and 5. Compute the master budget variances. Be sure to indicate each variance as favorable (F) or unfavorable...
Exercise 21-6 Preparing a flexible budget report LO P1 Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between budgeted and actual results. Sales Variable expenses Fixed expenses (total) Units produced and sold Budgeted $ 550 per unit $ 220 per unit $132,500 1,250 Actual $815,000 $332,000 $127,000 1,450 List variable and fixed expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) LEWIS CO. Flexible Budget Performance...
Required: Prepare a flexible budget performance report that shows the company's revenue and spending variances and activity variances for August. (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.) Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Actual Results 8,800 Flexible Budget Planning Budget Cars washed Revenue $ 43,080 $ (40) U Expenses: Cleaning supplies Electricity Maintenance...
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