A B D 1 Prepare a performance report that uses a flexible budget and a static budget. 2 a. Enter all amounts as positive values. Do NOT use parentheses or a minus sign for amounts to be subtracted. b. Use the ABS function when calculating variances, and use the drop-down selections for F (favorable) or U 3 (unfavorable) when describing the variances. c. For variances with a zero amount, make sure to enter the result of "=0" in the appropriate cell and leave the drop-down to identify the variance as either For U blank. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the 5 Instruction tab you will be marked wrong.) 4 6 Flexible-Budget Variance Flexible Budget Sales-Volume Variances Actual Results Static Budget 7 8 Units sold 9 Revenues 10 Variable costs 11 Contribution margin 12 Fixed costs 13 Operating income 14 15 16 17 + Instructions Prepare a performance report that uses a flexible budget and a static budget. (Always use cell references and formulas where appropriate to receive full credit.) a. Enter all amounts as positive values. Do NOT use parentheses or a minus sign for amoun to be subtracted. b. Use the ABS function when calculating variances and use the drop-down selections for F (favorable) or U (unfavorable) when describing the variances. c. For variances with a zero amount, make sure to enter the result of "=0" in the appropriate cell and leave the drop-down to identify the variance as either For U blank. Total Poin Flexible Budgets, Direct-Cost Variances, and Management Control Flexible Budget Sweeney Enterprises manufactures tires for the Formula I motor racing circuit. The company's budgeted and actual amounts are as follows: Budgeted for August 2017 Units to manufacture and sell 3,600 Variable cost per tire $71 Total fixed costs $55,000 Budgeted selling price per tire $114 1 2 Actual Results for August 2017 3 Units manufactured and sold 3,500 4 Selling price per tire $116 s Total variable costs $280,000 6 Total fixed costs $51,000 7 8 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you 9 copy/paste from the Instruction tab you will be marked wrong. 0 e1 Requirement -2 Prepare a performance report that uses a flexible budget and a static budget. 23 a. Enter all amounts as positive values. Do NOT y parentheses or a minus sign for amounts to be subtracted. Use the ABS function when calculating variances, and use the drop-down selections for F (favorable) 24 or U (unfavorable) when describing the variances. For variances with a zero amount, make sure to enter the result of '-0" in the appropriate cell and 25 leave the drop-down to identify the variance as either For U blank. 26 27 Saving & Submitting Solution b C
