Complete the flexible budget variance analysis by filling in the blanks in the partial flexible budget performance report for 10,000 travel locks for Galen, Inc. View the report. (Label the variance as favorable (F) or unfavorable (U), in the input field after the amount you enter. For variances with a $0 value, enter a 0 in the appropriate field. If a variance is $0, leave the favorable (F)/unfavorable (U) field blank.) Galen, Inc. Flexible Budget Performance Report (partial) For the Month Ended April 30, 2025 Actual Flexible Budget Results Variance Units Sales Revenue Variable Costs Contribution Margin Fixed Costs Operating Income $ $ 10,000 170,000 52,100 117,900 15,700 102,200 59 Flexible Budget 10,000 150,000 50,000 100,000 14,800 85,200

Complete the flexible budget variance analysis by filling in the blanks in the partial flexible budget performance report for 10,000 travel locks for Galen, Inc. View the report. (Label the variance as favorable (F) or unfavorable (U), in the input field after the amount you enter. For variances with a $0 value, enter a 0 in the appropriate field. If a variance is $0, leave the favorable (F)/unfavorable (U) field blank.) Galen, Inc. Flexible Budget Performance Report (partial) For the Month Ended April 30, 2025 Actual Flexible Budget Results Variance Units Sales Revenue Variable Costs Contribution Margin Fixed Costs Operating Income $ $ 10,000 170,000 52,100 117,900 15,700 102,200 59 Flexible Budget 10,000 150,000 50,000 100,000 14,800 85,200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following table contains a hypothetical partial master budget performance report for European Fudge Company. (Click the icon to view the partial master budget performance report.) Fill in the missing amounts. Be sure to indicate whether variances are favorable (F) or unfavorable (U). (Enter the variances as positive numbers. Label each variance as favorable (F) or unfavorable (U). If the variance is 0, make sure to enter in a "0". A variance of zero is considered favorable.) European Fudge Company Flexible Budget Performance Report: Sales and Operating Expenses For Year Ended December 31 Sales volume (number of cases sold) Shipping expense ($4 per case sold) Actual Sales revenue ($34 per case) $ 419,500 $ Less variable expenses: Sales expense ($5 per case sold) Contribution margin 12,500 $ 60,100 49,500 309,900 Flexible Budget Variance Flexible Budget 2200 F 400 U 12,500 5,500 U $425,000 2900 F $ 62,500 50,000 312,500 Volume Variance 40800 F $ 6000 U$ 1200 U 33600 F Master Budget…
K Juda Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Juda allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: Data table X Sales Static Budget Actual Results (1,025 recliners) (1,005 recliners) (1,025 recliners x $515 each) (1,005 recliners x $480 each) $ 527 875 S 482 400 Variable Manufacturing Costs: Direct Materials (6,150 yds @ $8.90/ yd.) (6,300 yds @ $8.707 yd.) 54.735 54.810 Direct Labor (10,250 DLHr @ $11.30/DLHr) (9,850 DLHr @ $11.40/DLHr) 115 825 112 290 Variable Overhead (6,150 yds @ $5.107 yd.) 31,365 (6,300 yds. @$6.50/yd.) 40.950 Fixed Manufacturing Costs: Fixed Overhead Total Cost of Goods Sold 62,730 64,730 264,655 272,780 263,220 $ 209,620 Gross Profit
Q.Calculate all the required variances. (If your work is accurate, you will find that the total static-budget variance is $0.)
Determine the flexible budget variance if the sales volume variance is $134,000 F and static - budget variance is $123,000 F. Indicate whether the variance is favourable or unfavourable. Do not enter dollar signs or commas in the input boxes. Enter the variance amount as a positive value.
Devin Company has the following data for their budget and actual performance. Master Budget Variance Master budget Actual Sales 153,163 156,097 ? 69,245 Variable Costs 64,012 ? 13,372 11,551 Fixed Costs What is the operating income master budget variance? If it is an unfavorable variance use a negative sign immediately before your answer. Hint: Remember you'll need to calculate budgeted and actual operating income before you can determine the operating income master budget variance.
PLEASE ANSWER THE FOLLOWING QUESTIONS: Requirements 1. Compute the total sales-volume variance, the total sales-mix variance, and the total sales-quantity variance. (Calculate all variances in terms of contribution margin.) Show results for each product in your computations. 2. What inferences can you draw from the variances computed in requirement 1? Data table Budget for 2020 Selling Variable Cost Cartons Product Price per Carton Sold Kostor $11.00 $ Limba $ 23.00 $ 6.40 16.15 Actual for 2020 Selling Variable Cost Cartons Price per Carton Sold 7.40 138,600 16.35 59,400 132,000 $11.60 S 88,000 $ 24.40 $
Compute the variances in dollar amount and in percentage. (Round to the nearest whole percent.) Indicate whether the variance is favorable (F) or unfavorable (U).Budgeted Income Amount $300.00Actual Amount $325.00Dollar Variance $Percent Variance %F or U
9) Ehrlich Corporation compares monthly actual operating results to a static budget prepared at the beginning of the month. When the actual level of activity is less than budgeted, which of the following would be true? Group of answer choices a. Variable costs would show unfavorable variances. b. Variable costs would show favorable variances. c. Fixed costs would show favorable variances. d. Fixed costs would show unfavorable variances.
Click Draperies makes and sells curtains. Information related to its performance in 2020 is given below: (Click the icon to view the data.) Calculate Click Draperies' static-budget variance for (a) revenues, (b) variable costs, (c) fixed costs, and (d) operating income. Begin by determining all of the actual amounts, then the static budget amounts, and finally the static-budget variances. Label each variance as favorable (F) or unfavorable (U). Units sold Revenues Variable costs Contribution margin Fixed costs Operating income Actual Results Data table Units made and sold Selling price Variable costs Fixed costs Print Actual 1,300 $205 per curtain 165,000 77,000 $ Done Budgeted 1,400 $215 per curtain $115 per curtain 76,000 X
Devin Company has the following data for their budget and actual performance. Master Budget Actual Master budget Variance Sales 154,804 155,896 Variable Costs 68,685 63,447 Fixed Costs 13,810 10,556 What is the operating income master budget variance? If it is an unfavorable variance use a negative sign immediately before your answer. Hint: Remember you'll need to calculate budgeted and actual operating income before you can determine the operating income master budget variance.
Fill in the blanks with the variances and whether they are favorable or unfavorable. Format your answers with the number and capitalized F/U with no space in between (ex: 200.5F). Do not enter a dollar sign. Enter 0 if there is no variance. Actual Spending Variance Flexible Activity Variance Budgeted Units 285 0 285 35 250 Revenues 6,450 6,697.5 5,875 Direct Labor 2,700 2,707.5 2,375 Direct Materials 790 769.5 675 Manufacturing Overhead 1,060 1,197 1,050 S&A Expenses 171 171 150 Income 1,729 1,852.5 1,625
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