Question

Exercise 8-3 Preparing a flexible budget performance report LO P1 Solitaire Company’s fixed budget performance report...

Exercise 8-3 Preparing a flexible budget performance report LO P1

Solitaire Company’s fixed budget performance report for June follows. The $330,000 budgeted expenses include $264,000 variable expenses and $66,000 fixed expenses. Actual expenses include $75,000 fixed expenses.

Fixed Budget Actual Results Variances
Sales (in units) 8,800 11,200
Sales (in dollars) $ 440,000 $ 560,000 $ 120,000 F
Total expenses 330,000 392,000 62,000 U
Income from operations $ 110,000 $ 168,000 $ 58,000 F


Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and variable expenses separately.

8-3 Required information

Use the following information for the Exercises below.

[The following information applies to the questions displayed below.]

Hart Company made 4,600 bookshelves using 31,000 board feet of wood costing $359,600. The company's direct materials standards for one bookshelf are 7 board feet of wood at $11.50 per board foot.

Exercise 8-13 Computation and interpretation of materials variances LO P2

(1) Compute the direct materials price and quantity variances incurred in manufacturing these bookshelves.

AQ = Actual Quantity
SQ = Standard Quantity
AP = Actual Price
SP = Standard Price

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Solitaire Company
Flexible Budget Performance Report
For the Month Ending June
Fixed Budget Activity Variance Flexible Budget Spending Variance Actual Results
Sales (units) 8800 11200 11200
Sales $ 440000 120000 F 560000 0 None 560000
Variable expenses 264000 72000 U 336000 19000 F 317000
Fixed expenses 66000 0 None 66000 9000 U 75000
Income from operations 110000 48000 F 158000 10000 F 168000

Please post independent questions separately. Thank you.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Exercise 21-3 Preparing a flexible budget performance report LO P1 Solitaire Company’s fixed budget performance report...
Exercise 21-3 Preparing a flexible budget performance report LO P1 Solitaire Company’s fixed budget performance report for June follows. The $300,000 budgeted expenses include $272,000 variable expenses and $28,000 fixed expenses. Actual expenses include $36,500 fixed expenses. Fixed Budget Actual Results Variances Sales (in units) 8,000 10,400 Sales (in dollars) $ 400,000 $ 520,000 $ 120,000 F Total expenses 300,000 364,000 64,000 U Income from operations $ 100,000 $ 156,000 $ 56,000 F Prepare a flexible budget performance report showing...
Exercise 21-4 Preparing a flexible budget performance report LO P1 Xion Co. budgets a selling price...
Exercise 21-4 Preparing a flexible budget performance report LO P1 Xion Co. budgets a selling price of $81 per unit, variable costs of $34 per unit, and total fixed costs of $280,000. During June, the company produced and sold 11,800 units and incurred actual variable costs of $361,000 and actual fixed costs of $295,000. Actual sales for June were $985,000. Prepare a flexible budget report showing variances between budgeted and actual results. List variable and fixed expenses separately. (Indicate the...
Solitaire Company’s fixed budget performance report for June follows. The $315,000 budgeted expenses include $268,800 variable...
Solitaire Company’s fixed budget performance report for June follows. The $315,000 budgeted expenses include $268,800 variable expenses and $46,200 fixed expenses. Actual expenses include $54,100 fixed expenses. Fixed Budget Actual Results Variances Sales (in units) 8,400 10,800 Sales (in dollars) $ 420,000 $ 540,000 $ 120,000 F Total expenses 315,000 378,000 63,000 U Income from operations $ 105,000 $ 162,000 $ 57,000 F Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and...
Required information [The following information applies to the questions displayed below.] Hart Company made 3,400 bookshelves...
Required information [The following information applies to the questions displayed below.] Hart Company made 3,400 bookshelves using 22,400 board feet of wood costing $315,840. The company's direct materials standards for one bookshelf are 8 board feet of wood at $14.00 per board foot. AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price (1) Compute the direct materials price and quantity variances and classify each as favorable or unfavorable. (2) Hart applies management by...
Serial Problem Business Solutions LO P1 Business Solutions's second-quarter 2020 fixed budget performance report for its...
Serial Problem Business Solutions LO P1 Business Solutions's second-quarter 2020 fixed budget performance report for its computer furniture operations follows. The $161,230 budgeted expenses include $109,600 in variable expenses for desks and $18,630 in variable expenses for chairs, as well as $33,000 fixed expenses. The actual expenses include $34,300 fixed expenses. List fixed and variable expenses separately. Fixed Budget Actual Results Variances Desk sales (in units) 137 143 Chair sales (in units) 69 77 Desk sales $ 172,620 $ 178,750...
Bay City Company’s fixed budget performance report for July follows. The $587,000 budgeted total expenses include...
Bay City Company’s fixed budget performance report for July follows. The $587,000 budgeted total expenses include $400,000 variable expenses and $187,000 fixed expenses. Actual expenses include $177,000 fixed expenses. Fixed Budget Actual Results Variances Sales (in units) 8,000 6,900 Sales (in dollars) $ 640,000 $ 621,000 $ 19,000 U Total expenses 587,000 550,000 37,000 F Income from operations $ 53,000 $ 71,000 $ 18,000 U Prepare a flexible budget performance report that shows any variances between budgeted results and actual...
Exercise 8-2 Preparing flexible budgets LO P1 Tempo Company's fixed budget (based on sales of 18,000...
Exercise 8-2 Preparing flexible budgets LO P1 Tempo Company's fixed budget (based on sales of 18,000 units) for the first quarter of calendar year 2017 reveals the following. Fixed Budget Sales (18,000 units) $ 3,744,000 Cost of goods sold Direct materials $ 414,000 Direct labor 774,000 Production supplies 486,000 Plant manager salary 214,000 1,888,000 Gross profit 1,856,000 Selling expenses Sales commissions 126,000 Packaging 252,000 Advertising 100,000 478,000 Administrative expenses Administrative salaries 264,000 Depreciation—office equip. 234,000 Insurance 204,000 Office rent 214,000...
Bay City Company’s fixed budget performance report for July follows. The $594,000 budgeted total expenses include...
Bay City Company’s fixed budget performance report for July follows. The $594,000 budgeted total expenses include $450,000 variable expenses and $144,000 fixed expenses. Actual expenses include $134,000 fixed expenses. Fixed Budget Actual Results Variances Sales (in units) 8,100 7,000 Sales (in dollars) $ 648,000 $ 623,000 $ 25,000 U Total expenses 594,000 556,000 38,000 F Income from operations $ 54,000 $ 67,000 $ 13,000 U Prepare a flexible budget performance report that shows any variances between budgeted results and actual...
Business Solutions's second-quarter 2018 fixed budget performance report for its computer furniture operations follows. The $171,510...
Business Solutions's second-quarter 2018 fixed budget performance report for its computer furniture operations follows. The $171,510 budgeted expenses include $122,310 in variable expenses for desks and $16,200 in variable expenses for chairs, as well as $33,000 fixed expenses. The actual expenses include $34,300 fixed expenses. List fixed and variable expenses separately. Fixed Budget Actual Results Variances Desk sales (in units) 151 157 Chair sales (in units) 60 68 Desk sales $ 197,810 $ 204,100 $ 6,290 F Chair sales 30,600...
Business Solutions's second-quarter 2020 fixed budget performance report for its computer furniture operations follows. The $171,060...
Business Solutions's second-quarter 2020 fixed budget performance report for its computer furniture operations follows. The $171,060 budgeted expenses include $117,260 in variable expenses for desks and $19,800 in variable expenses for chairs, as well as $34,000 fixed expenses. The actual expenses include $35,600 fixed expenses. List fixed and variable expenses separately. Fixed Budget Actual Results Variances Desk sales (in units) 143 149 Chair sales (in units) 66 74 Desk sales $ 178,750 $ 184,760 $ 6,010 F Chair sales 38,280...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT