Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

TB Problem Qu. 10-287 Cicchetti Corporation uses customers... Cicchetti Corporation uses customers served as its measure of activity. The following report compares the planning budget

image text in transcribed

TB Problem Qu. 10-287 Cicchetti Corporation uses customers... Cicchetti Corporation uses customers served as its measure of activity. The following report compares the planning budget to the actual operating results for the month of December Cicchetti Corporation Comparison of Actual Results to Planning Budget For the Month Ended December 31 Actual Planning Results Budget Variances Customers served 38,000 34.000 Revenue (54.60) $175,100 $156,400 $18,700 F Expenses: Wages and salaries (538,100+ 1.49) 91,400 83,700 7.700 U Supplies ($0.79) 26,000 23,800 Insurance ($13.100) 13,400 13,100 300 U Miscellaneous expense (58.100 = $0.40) 22,550 19,700 2.850 V Total expense 153,360 140.300 13.050 U Net operating income $ 21,750 S 16,100 $ 5,650 F Required: Prepare the company's flexible budget performance report for December. Select each variance as favorable (F). unfavorable (U) or "None Cicchetti Corporation Flexible Budget Performance Report Part 1 For the Month Ended December 31 Actual Results Revenue and Spending Variances Flexible Budget Customers served Expenses: Total expenses Net operating income Cicchetti Corporation Flexible Budget Performance Report Part 2 For the Month Ended December 31 Flexible Activity Variances Budget Planning Budget Customers served Expenses: Total expenses Net operating income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

CIA Part 3 Business Knowledge For Internal Auditing 2021

Authors: MUHAMMAD ZAIN

1st Edition

B09B23JKZ8, 979-8739475527

More Books

Students also viewed these Accounting questions