Kentford Associates is a small professional services firm. Last month, Kentford billed more hours than expected...

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Kentford Associates is a small professional services firm. Last month, Kentford billed more hours than expected and profits reflected this. Billable hours Revenue Professional salaries (all variable) Other variable costs (e.g., supplies, computer services) Fixed costs Profit Reported Income Statement 5,829 Master Budget 5,424 $ 1,172,000 524,000 $ 1,128,000 512,000 170,400 260,000 152,000 287,000 $ 217,600 $ 177,000 aThese are hours billed to clients. They are fewer than the number of hours worked because there is nonbillable time (e.g., slack periods, time in training sessions) and because some time worked for clients is not charged to them. Required: Prepare a profit variance analysis for Kentford Associates. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Kentford Associates is a small professional services firm. Last month, Kentford billed more hours than expected and profits reflected this. Billable hours Revenue Professional salaries (all variable) Other variable costs (e.g., supplies, computer services) Fixed costs Profit Reported Income Statement 5,829 Master Budget 5,424 $ 1,172,000 524,000 $ 1,128,000 512,000 170,400 260,000 152,000 287,000 $ 217,600 $ 177,000 aThese are hours billed to clients. They are fewer than the number of hours worked because there is nonbillable time (e.g., slack periods, time in training sessions) and because some time worked for clients is not charged to them. Required: Prepare a profit variance analysis for Kentford Associates. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.

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To prepare a profit variance analysis for Kentford Associates we need to calculate the variances for ... View the full answer