Cells Editing Analysis Sensitivity xible Budgets and Standard Cost Systems F G H. B D E Flexible Budgets and Standard Cost Systems Using Excel to prepare a flexible budget performance report L M Pilchuck Company manufactures tote bags and has provided the following information for September 2018: 77,184 Actual Results Static Budget Units 11,000 12,000 8 Sales Revenue 368,000 384,000 Variable Costs 183,000 198,000 0 Contribution Margin 185,000 186,000 1 Fixed Costs 76,000 2 Operating Income 109,000 108,816 3 Use the blue shaded areas on the ENTERANSWERS tab for inputs, 4 Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong. 5 16 17 Requirements Possible points Prepare a flexible budget performance report, including the heading. Use the ABS function when calculating variances, and use 43 18 the drop-down selections for For U when describing the variances. 19 2 Calculate the Static Budget Variance for operating income, and label it as a F (favorable) or U (unfavorable) variance. 2 1 Instructions ENTERANSWERS + 1 + e 75% 3:02 AM 4/16/2021 Angiem Number Styles Cells Editing Analysis Sensitivity le Budgets and Standard Cost Systems A B D F G H K L M Fixed Costs 76,000 77,184 Operating Income 109,000 108,816 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 copy/paste from the Instructions tab you will be marked wrong. Possible points Requirements Prepare a flexible budget performance report, including the heading. Use the ABS function when calculating variances, and use the drop-down selections for ForU when describing the variances. 2 Calculate the Static Budget Variance for operating income, and label it as a F (favorable) or U (unfavorable) variance. 1 43 2 Excel Skills 3 1 ABS function (Absolute Value) to calculate the variances. 4 2 Data validation to select a F (favorable) or U (unfavorable) variance 5 3 Cell references - both absolute and relative -6 -7 28 Saving & Submitting Solution 9 1 Save file to desktop. DILETEDEMCEL DOLOR Instructions ENTERANSWERS + 75% A 3:02 AM 4/16/2021 Delete IMT V $ %. o Conditional Format as Cell Formatting Table Styles Styles Format Sort & Filters Alignment is Number Cells Editing Flexible Budgets and Standard Cost Systems 1 A B D E F G H 27 28 Saving & Submitting Solution 29 1 Save file to desktop. 30 a. Create folder on desktop, and label COMPLETED EXCEL PROJECTS 31 2 Upload and submit your file to be graded. 32 a. Navigate back to the activity window - screen where you downloaded the initial spreadsheet 33 b. Click Choose button under step 3; locate the file you just saved and click Open 34 Click Upload button under step 3 35 d. Click Submit button under step 4 36 C. 37 38 Viewing Results 39 1 Click on Results tab in My AccountingLab 40 2 Click on the Assignment you were working on 41 3 Click on Project link; this will bring up your Score Card 42 4 Within Score Card window, click on Live Comments Report (lower right) to download spreadsheet with feedback 43 44 $ % 9600 Conditional Format as Cell Formatting Table Styles Styles Sensitivity Sort & Find & Filter Select Et Format Analyze Data Alignment Number Cells Editing Analysis Sensitivity Prepare a flexible budget performance report, including the heading. Use the ABS function when calculating variances, and use the drop-down selections for For U B D E G 1 Prepare a flexible budget performance report, including the heading. Use the ABS function when calculating variances, and use the drop-down selections for Fort U when describing the variances. Note: start with calculating the budget amounts, then calculate variances and choose appropriate descriptions of the variances. (For variances with a zero amount, make sure to include the result of "o" in the appropriate cell and leave the drop-down to identify the variance as either For U 2 blank.) 3 (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong.) 4 5 6 7 8 9 Column 1 Column 3 Column 5 Column 2 Col (1) - Col (3) Column 4 Col (3) - Col (5) 10 Budget Amounts per Unit Actual Results Flexible Budget Variance For U Flexible Budget Sales Volume Variance For U Static Budget 11 12 Units 13 Sales Revenue 14 Variable Costs 15 Contribution Margin Instructions ENTERANSWERS + T009 ste Alignment Number Styles Cells Editing Analysis Sensiti Prepare a flexible budget performance report, including the heading. Use the ABS function when calculating variances, and use the drop-down selections F B D E F G 10 Col (1) - Col (3) H Col (3) - Col (5) we Budget Amounts Actual Results Flexible Budget Variance For U Flexible Budget Sales Volume Variance For U Static Budget per Unit 11 12 Units 13 Sales Revenue 14 Variable Costs 15 Contribution Margin 16 Fixed Costs 17 Operating Income 18 19 20 2 21 Calculate the Static Budget Variance for operating income, and label it as a F (favorable) or U (unfavorable) variance. 22 (Always use cell references and formulas where appropriate to receive full credit.) 23 24 Static Budget Variance for Operating Income (1) - (5) 25 Amount: 26 For U 27 Instructions ENTERANSWERS + Tose Paste 1 20 ! Format Filter Select Formatting Table Styles Styles Data Alignment Number Cells Editing Analysis Sensitivity repare a flexible budget performance report, including the heading. Use the ABS function when calculating variances, and use the drop-down selections for F K A A B D H 25 Amount: 26 For U 27 28 29 30 HINTS 31 Cell | Hint: 32 C13:014, D12:D17, J12:17 | Use cell references to the values in the data table provided at the top of the Instructions worksheet for calculations. 33 E13:E17, H13:H17, D25 Use the function =ABS() to calculate the variances, 34 F13:F17, 113:117 | Do not choose the descriptions and leave cells blank if corresponding variances equal zero. 35 36 37 38 39 40 41 42 43 44 Instructions ENTERANSWERS +