Please see the attached Excel Spreadsheet file (6 sheets). Please use the information in the Excel Spreadsheet to answer all the questions listed. Please fill in the answers on the given Excel Spreadsheet and re-attach it in the answers section here.

TipTop Flight School offers flying lessons at a small municipal airport. The school's owner and m costs using a variance report that compares the planning budget to actual results. A recent var Lessons Revenue Expenses: Instructor Wages Aricraft depreciation Fuel Maintenance Ground facility expenses Administration Total expenses Net operating income After several months of using such variance reports, the owner has become frustrated. For ex tightly controlled in July, but the report shows an unfavorable variance. The planning budget was developed using the following formulas, where q is the number of le Revenue Instructor Wages Aircraft Depreciation Fuel Maintenance Ground Facility Expenses Adminstration 2. Complete the flexible budget performance report for the school for July. (Indicate the effect o selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Actual Results Lessons Revenue Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Total expenses Net operating income Tip Top Flight School Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Variances rt. The school's owner and manager has been attempting to evaluate performance and control o actual results. A recent variance report appears below: Tip Top Flight School Variance Report For the Month Ended July 31 Actual Results Planning Budget Variances 195 190 $39,870 $38,950 $920 F 12,360 7,020 4,060 3,240 2,310 12,160 200 U 6,840 180 U 3,610 450 U 3,130 110 U 2,390 80 F 4,390 55 F 33,325 32,520 805 U 4, 335 6,545 6,430 $115 F s become frustrated. For example, she is quite confident that instructor wages were very ance. where q is the number of lessons sold: Cost Formulas $205q $64q $36q $19q $660 + $13q $1,630 + $4q $4,200 + $1q or July. (Indicate the effect of each variance by o effect (i.e., zero variance).) Tip Top Flight School e Budget Performance Report r the Month Ended July 31 Flexible Budget Activity Variances and control e very AirQual Test Corporation provides on-site air quality testing services. The company has provided Fixed Component per Month Revenue technician wages mobile lab operation expenses Office expenses Advertising expenses Insurance Miscellaneous expenses $8,300 $4,900 $2,300 $1,570 $2,850 $970 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses sho job, and the actual mobile lab operating expenses for February were $8,360. The company expected to work 110 jobs in February, but actually worked 102 jobs. Required: Complete the flexible budget performance report showing AirQual Test Corporation's revenue and spending var for February. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" variance). Input all amounts as positive values.) Airqual Test Corportaion Flexible Budget Performance Report For the Month Ended February 28 Revenue and Spending Variances Revenue Expenses: Technician wages Mobile lab operating expenses Office expenses Advertising expenses Insurance Miscellaneous expenses Total expense Net operating income es. The company has provided the following data concerning its operations: Variable component per job Actual total for february $275 $27,500 $8,150 $30 $8,360 $4 $2,590 $1,640 $2,850 $1 $385 mobile lab operating expenses should be $4,900 plus $30 per 102 jobs. oration's revenue and spending variances and activity variances e, "U" for unfavorable, and "None" for no effect (i.e., zero rtaion ance Report ebruary 28 nue and Spending Variances Activity Variances Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State th company's operations in July appear below: The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire a Required: 1. Complete the flexible budget performance report abstract for July. (Indicate the effect of each variance by selectin "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Revenue and Spending Variances Revenue Expenses: Wages & Salaries Fuel Airport Fees Aircraft Depreciation Office expenses Total expenses Net operating income nt St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flexible Budget Planning Budget Flights (q) 52 52 50 Revenue ($345.00q) $16,100 $17,940 $17,250 Expenses: Wages & salaries ($3,300 + $91.00q) Fuel ($31.00q) Airport fees ($820 + $32.00q) Aircraft depreciation ($10.00q) Office expenses ($210 + $1.00q) Total expense Net operating income 7,990 1,780 2,349 520 430 8,032 1,612 2,484 520 262 7,850 1,550 2,420 500 260 13,069 12,910 12,580 $33,031 $5,030 $4,670 omers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. for July. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and s as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 enue and Spending Variances Activity Variances cerning the Huron Company produces a commercial cleaning compound known as Zoom. The and direct labor standards for one unit of Zoom are given below: Direct materials Direct Labor Standard Quantity or Hours 7.00 pounds 0.45 hours During the most recent month, the following activity was recorded: a. 19,500 pounds of material were purchased at a cost of $2.10 per pound. b. All of the material purchased was used to produce 2,500 units of Zoom. c. 1,025 hours of direct labor time were recorded at a total labor cost of $9,225. Required: 1. Compute the materials price and quantity variances for the month. (Indicate the effect of each for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Direct materials price variance Direct materials quantity variance 2. Compute the labor rate and efficiency variances for the month. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Direct labor rate variance Direct labor efficiency variance g compound known as Zoom. The direct materials are given below: Standard Price or Rate Standard Cost $2.20 per pounds $15.40 $7.00 per hour $3.15 s recorded: of $2.10 per pound. ,500 units of Zoom. otal labor cost of $9,225. the month. (Indicate the effect of each variance by selecting "F" ect (i.e., zero variance).) month. (Indicate the effect of avorable, and "None" for no Logistics Solutions provides order fulfillment services for dot.com merchants. The company m forwarded to Logistics Solutions, which pulls the item from storage, packs it, and ships it to th In the most recent month, 165,000 items were shipped to customers using 6,800 direct lab According to the company's standards, 0.04 direct labor-hours are required to fulfill an orde Required: 1. According to the standards, what variable overhead cost should have been incurred to fill the overhead cost per hour to 2 decimal places.) Number of items shipped Standard direct labor-hours per item Total direct labor-hours allowed Standard variable overhead cost per hour Total standard variable overhead cost Actual variable overhead cost incurred Total standard variable overhead cost Total variable overhead variance 2. Break down the difference computed in (1) above into a variable overhead rate variance and overhead efficiency variance. (Indicate the effect of each variance by selecting "F" for favorab unfavorable, and "None" for no effect (i.e., zero variance).) Variable overhead rate variance Variable overhead efficiency variance vices for dot.com merchants. The company maintains warehouses that stock items carried by its dot.com c item from storage, packs it, and ships it to the customer. The company uses a predetermined variable ove e shipped to customers using 6,800 direct labor-hours. The company incurred a total of $22,100 in variable irect labor-hours are required to fulfill an order for one item and the variable overhead rate is $3.30 per di ead cost should have been incurred to fill the orders for the 165,000 items? How much does this differ from Favorable/unfavorable or none? ve into a variable overhead rate variance and a variable t of each variance by selecting "F" for favorable, "U" for variance).) k items carried by its dot.com clients. When a client receives an order from a customer, the order is a predetermined variable overhead rate based on direct labor-hours. ed a total of $22,100 in variable overhead costs. e overhead rate is $3.30 per direct labor-hour. How much does this differ from the actual variable overhead cost? (Round labor-hours per item and tomer, the order is -hours per item and Marvel Parts, Inc., manufactures auto accessories. One of the company's products is a set of s to fit nearly any small car. The company has a standard cost system in use for all of its product that have been set for the seat covers, the factory should work 980 hours each month to prod standard costs associated with this level of production are: Total Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) Per set of covers $32,340 $16.50 $6,860 3.5 $1,960 1 $21.00 During August, the factory worked only 1,000 direct labor-hours and produced 2,100 sets of covers. The following actual costs were recorded during the month: Total Direct materials (6,000 yards) Direct labor Variable manufacturing overhead $34,020 $7,770 $3,990 Per set of covers $16.20 3.7 1.9 $21.80 At standard, each set of covers should require 2.50 yards of material. All of the materials purc month were used in production. Required: 1. Compute the materials price and quantity variances for August. (Input all amounts as positive effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no variance).) Materials price variance Materials quantity variance 2. Compute the labor rate and efficiency variances for August. (Input all amounts as positive valu effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no e variance).) 2. Compute the labor rate and efficiency variances for August. (Input all amounts as positive valu effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no e variance).) Labor rate variance Labor efficiency variance 3. Compute the variable overhead rate and efficiency variances for August. (Input all amounts as Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "N zero variance).) Variable overhead rate variance Variable overhead efficiency variance s products is a set of seat covers that can be adjusted e for all of its products. According to the standards s each month to produce 1,960 sets of covers. The oduced 2,100 sets of l of the materials purchased during the all amounts as positive values. Indicate the e, and "None" for no effect (i.e, zero mounts as positive values. Indicate the e, and "None" for no effect (i.e, zero mounts as positive values. Indicate the e, and "None" for no effect (i.e, zero . (Input all amounts as positive values. r unfavorable, and "None" for no effect (i.e