Step Instructions Points Possible 1 28 1. Calculate all the required variances. (If your work is accurate, you will find that the total static-budget variance is $0.) (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.) 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 (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. 1 1. Calculate all the required variances. (If your work is accurate, you will find that the total static-budget variance is $0.) 2 (Always use cell references and formulas where appropriate to receive full credit.) 3 Actual Flexible-Budget Flexible Sales-Volume 4 Results Variance Budget Variances Static Budget 5 Units sold 130,000 120,000 6 Revenues $715,000 $420,000 7 Variable costs 515,000 240,000 8 Contribution margin $200,000 $180,000 9 Fixed costs 140,000 120,000 10 Operating income $60,000 $60,000 11 12 2. What are the actual and budgeted selling prices? What are the actual and budgeted variable costs per unit? 13 (Always use cell references and formulas where appropriate to receive full credit.) 14 15 Actual selling price 16 Budgeted selling price 17 Actual variable cost per unit 18 Budgeted variable cost per unit 19 2 4 2. What are the actual and budgeted selling prices? What are the actual and budgeted variable costs per unit? (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.) Total Points 32