Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Serial Problem Business Solutions LO P1 Business Solutions's second-quarter 2020 fixed budget performance report for its computer furniture operations follows. The $161,230 budgeted expenses include
Serial Problem Business Solutions LO P1
Business Solutions's second-quarter 2020 fixed budget performance report for its computer furniture operations follows. The $161,230 budgeted expenses include $109,600 in variable expenses for desks and $18,630 in variable expenses for chairs, as well as $33,000 fixed expenses. The actual expenses include $34,300 fixed expenses. List fixed and variable expenses separately.
Fixed Budget | Actual Results | Variances | ||||||||||
Desk sales (in units) | 137 | 143 | ||||||||||
Chair sales (in units) | 69 | 77 | ||||||||||
Desk sales | $ | 172,620 | $ | 178,750 | $ | 6,130 | F | |||||
Chair sales | 36,570 | 41,965 | 5,395 | F | ||||||||
Total expenses | 161,230 | 169,890 | 8,660 | U | ||||||||
Income from operations | $ | 47,960 | $ | 50,825 | $ | 2,865 | F | |||||
Prepare a flexible budget performance report that shows any variances between budgeted results and actual results.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started