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Serial Problem Business Solutions LO P3 Santana Rey expects second quarter 2018 sales of her new line of computer furniture to be the same as the first quarter's sales (reported below without any changes in strategy Monthly sales averaged 45 desk units (sales price of $1,330) and 28 chairs (sales price of $580) BUSINESS SOLUTIONS-Computer Furniture Segment Segment Income Statement For Quarter Ended March 31, 2016 Sales $228,270 Cost of goods sold 172,170 Gross profit 56,100 Expenses Sales commissions (16%) 22,827 Advertising expenses 11,400 Other Fixed expenses 20,400 Total expenses 54,627 Net income $ 1,473 30,00 * Reflects revenue and expense activity only related to the computer furniture segment Revenue: (135 desks * $1,330) + (84 chairs * $580) = $179,550 + $48,720 = $228,270 Cost of goods sold: (135 desks * $830) + (84 chairs $330) $32400 = $172,170 Santana Rey believes that sales will increase each month for the next three months (April, 53 desks, 40 chairs, May, 57 desks. 43 chairs, June, 61 desks, 46 chairs) if selling prices are reduced to $1.240 for desks and $530 for chairs, and advertising expenses are increased by 10% and remain at that level for all three months. The products' variable cost will remain at $830 for desks and $330 for chairs. The sales staff will continue to earn a 10% commission, the fixed manufacturing costs per month will remain at $10,800 and other fixed expenses will remain at $6.800 per month Required: 1. Prepare budgeted income statements for the computer furniture segment for each of the months of April, May, and June that show the expected results from implementing the proposed changes. Use a three-column format, with one column for each month. BUSINESS SOLUTIONS-COMPUTER FURNITURE SEGMENT Budgeted le.come Statements For Months of April, May, and June April May June Sales como Advertising Othered expenses Total expenses Net income ) Serial Problem Business Solutions LO P1 Business Solutions's second-quarter 2018 fixed budget performance report for its computer furniture operations follows. The $166.400 budgeted expenses include $107,920 in variable expenses for desks and $18.480 in variable expenses for chairs, as well as $40,000 fixed expenses. The actual expenses include $41,400 fixed expenses. List fixed and variable expenses separately. Actual Results Variances Fixed Budget 142 148 56 Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income from operations $184.600 31,920 166,400 $ 50.120 $190,920 37,440 175, 399 $ 52.970 $ 6,320 F 5,520 F 8.9900 $2,850 F Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. BUSINESS SOLUTIONS Flexible Budget Performance Report For Quarter Ended June 30 Flexible Budget Actual Results Variance Fav Unf. Contribution margin