Giara Manufacturing $is$ comparing its latest financial results $to$ the Planned Budget. Use the information below $to$ create a Flexible Budget and calculate variances. Giara Manufacturing is comparing its latest financial results to the Planned Budget. Use the information below to create a Flexible Budget

and calculate variances.

Required:

Construct a flexible budget performance report.

Note: Use an ABS$()$ formula to calculate variances. If a variance is $0,$ use F for favorability. All amounts should be entered as positive values.

Fixed Component Variable Component

Revenue $ $17\mathrm{.}30$

Cost $of$ ingredients $ $6\mathrm{.}65$

Wages and salaries $ $10,600$

Utilities $ $880$ $ $0\mathrm{.}20$

Rent $ $2,360$

Miscellaneous $ $720$ $ $0\mathrm{.}80$

Actual results:

Revenue $ $29,120$

Cost $of$ materials $ $11,830$

Wages and salaries $ $10,290$

Utilities $ $1,120$

Rent $ $2,360$

Miscellaneous $ $2,400$

Planning budget activity: $1,800$ units

Actual activity: $1,700$ units

Required:

Construct a flexible budget performance report.Giara Manufacturing is comparing its latest financial results to the Planned Budget. Use the information below to create a Flexible Budget

and calculate variances.Giara Manufacturing is comparing its latest financial results to the Planned Budget. Use the information below to create a Flexible Budget

and calculate variances.

Required:

Construct a flexible budget performance report.

Note: Use an ABS$()$ formula to calculate variances. If a variance is $0,$ use F for favorability. All amounts should be entered as positive values.