Variance: Variance refers to the difference between planned and actual performance which represents the overall positive or negative output or performance of the company. Whether the owner should feel frustrated with the variance report.

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Answer 1

Question

Chapter 9, Problem 9.20P

1.

To determine

Introduction:

Variance:

Variance refers to the difference between planned and actual performance which represents the overall positive or negative output or performance of the company.

Whether the owner should feel frustrated with the variance report.

2.

To determine

Introduction:

Flexible budget performance report:

Under a flexible budget, to compare the actual performance (revenues and costs) with the budgeted performance (revenues and costs) a flexible budget performance report is used by a business enterprise at several levels of activity.

To Prepare: The Flexible Budget Performance Report for school for the month of July.

3.

To determine

Introduction:

Variance:

Variance refers to the difference between planned and actual performance which represents the overall positive or negative output or performance of the company.

To evaluate: The performance of the school for the month of July.

Expert Solution & Answer

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II. SALES VARIANCE ANALYSIS The Furniluxe manufactures two types of study desk: one for the residential market, and the other for the school market. Budgeted and actual operating data for the year 2022 are: Static Budget Number of desk sold Contribution margin Residential School 390,000 $39,000,000 210,000 $16,800,000 Total 600,000 $55,800,000 School Total 580,000 $48,720,000 Actual Results Residential Number of desk sold Contribution margin 232,000 348,000 $20,880,000 $27,840,000 The Furnilixe prepared the budget for 2022 assuming a 15% market share based on total desk sales in the region. The total desk market was estimated to reach sales of 4,000,000 desks. However, actual total sales volume was 3,625,000 desks. Required: Compute the following variances in terms of contribution margin: 1. Compute the total sales-volume variance. (3%) 2. Compute the sales-mix variance and the sales-quantity variance by type of desk. (7%) 3. Compute the market share variance and the market size…

TipTop Flight School offers flying lessons at a small municipal airport. The school’s owner and manager has been attempting to evaluate performance and control costs using a variance report that compares the planning budget to actual results. A recent variance report appears below: TipTop Flight SchoolVariance ReportFor the Month Ended July 31 Actual Results Planning Budget Variances Lessons 175 170 Revenue $ 38,350 $ 37,400 $ 950 F Expenses: Instructor wages 9,500 9,350 150 U Aircraft depreciation 6,650 6,460 190 U Fuel 3,270 2,720 550 U Maintenance 2,390 2,240 150 U Ground facility expenses 1,875 1,910 35 F Administration 3,525 3,620 95 F Total expense 27,210 26,300 910 U Net operating income $ 11,140 $ 11,100 $ 40 F After several months of using these reports, the owner has become frustrated. For example, she is quite confident that instructor wages were very tightly controlled in July, but the report shows an unfavorable variance.…

TipTop Flight School offers flying lessons at a small municipal airport. The school’s owner and manager has been attempting to evaluate performance and control costs using a variance report that compares the planning budget to actual results. A recent variance report appears below: TipTop Flight SchoolVariance ReportFor the Month Ended July 31 Actual Results Planning Budget Variances Lessons 175 170 Revenue $ 36,640 $ 35,700 $ 940 F Expenses: Instructor wages 8,640 8,500 140 U Aircraft depreciation 6,300 6,120 180 U Fuel 2,410 1,870 540 U Maintenance 2,030 1,890 140 U Ground facility expenses 1,660 1,690 30 F Administration 3,340 3,430 90 F Total expense 24,380 23,500 880 U Net operating income $ 12,260 $ 12,200 $ 60 F After several months of using these reports, the owner has become frustrated. For example, she is quite confident that instructor wages were very tightly controlled in July, but the report shows an unfavorable variance. The…

Answer 2

Question

Chapter 9, Problem 9.20P

1.

To determine

Introduction:

Variance:

Variance refers to the difference between planned and actual performance which represents the overall positive or negative output or performance of the company.

Whether the owner should feel frustrated with the variance report.

2.

To determine

Introduction:

Flexible budget performance report:

Under a flexible budget, to compare the actual performance (revenues and costs) with the budgeted performance (revenues and costs) a flexible budget performance report is used by a business enterprise at several levels of activity.

To Prepare: The Flexible Budget Performance Report for school for the month of July.

3.

To determine

Introduction:

Variance:

Variance refers to the difference between planned and actual performance which represents the overall positive or negative output or performance of the company.

To evaluate: The performance of the school for the month of July.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 9, Problem 9.20P

1.

To determine

Introduction:

Variance:

Variance refers to the difference between planned and actual performance which represents the overall positive or negative output or performance of the company.

Whether the owner should feel frustrated with the variance report.

2.

To determine

Introduction:

Flexible budget performance report:

Under a flexible budget, to compare the actual performance (revenues and costs) with the budgeted performance (revenues and costs) a flexible budget performance report is used by a business enterprise at several levels of activity.

To Prepare: The Flexible Budget Performance Report for school for the month of July.

3.

To determine

Introduction:

Variance:

Variance refers to the difference between planned and actual performance which represents the overall positive or negative output or performance of the company.

To evaluate: The performance of the school for the month of July.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 9, Problem 9.20P

1.

To determine

Introduction:

Variance:

Variance refers to the difference between planned and actual performance which represents the overall positive or negative output or performance of the company.

Whether the owner should feel frustrated with the variance report.

2.

To determine

Introduction:

Flexible budget performance report:

Under a flexible budget, to compare the actual performance (revenues and costs) with the budgeted performance (revenues and costs) a flexible budget performance report is used by a business enterprise at several levels of activity.

To Prepare: The Flexible Budget Performance Report for school for the month of July.

3.

To determine

Introduction:

Variance:

Variance refers to the difference between planned and actual performance which represents the overall positive or negative output or performance of the company.

To evaluate: The performance of the school for the month of July.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 9, Problem 9.20P

1.

To determine

Introduction:

Variance:

Variance refers to the difference between planned and actual performance which represents the overall positive or negative output or performance of the company.

Whether the owner should feel frustrated with the variance report.

2.

To determine

Introduction:

Flexible budget performance report:

Under a flexible budget, to compare the actual performance (revenues and costs) with the budgeted performance (revenues and costs) a flexible budget performance report is used by a business enterprise at several levels of activity.

To Prepare: The Flexible Budget Performance Report for school for the month of July.

3.

To determine

Introduction:

Variance:

Variance refers to the difference between planned and actual performance which represents the overall positive or negative output or performance of the company.

To evaluate: The performance of the school for the month of July.

Answer 6

Chapter 9, Problem 9.20P

1.

To determine

Introduction:

Variance:

Variance refers to the difference between planned and actual performance which represents the overall positive or negative output or performance of the company.

Whether the owner should feel frustrated with the variance report.

Answer 7

Chapter 9, Problem 9.20P

1.

To determine

Introduction:

Variance:

Variance refers to the difference between planned and actual performance which represents the overall positive or negative output or performance of the company.

Whether the owner should feel frustrated with the variance report.

Answer 8

2.

To determine

Introduction:

Flexible budget performance report:

Under a flexible budget, to compare the actual performance (revenues and costs) with the budgeted performance (revenues and costs) a flexible budget performance report is used by a business enterprise at several levels of activity.

To Prepare: The Flexible Budget Performance Report for school for the month of July.

Answer 9

2.

To determine

Introduction:

Flexible budget performance report:

Under a flexible budget, to compare the actual performance (revenues and costs) with the budgeted performance (revenues and costs) a flexible budget performance report is used by a business enterprise at several levels of activity.

To Prepare: The Flexible Budget Performance Report for school for the month of July.

Answer 10

3.

To determine

Introduction:

Variance:

Variance refers to the difference between planned and actual performance which represents the overall positive or negative output or performance of the company.

To evaluate: The performance of the school for the month of July.

Answer 11

3.

To determine

Introduction:

Variance:

Variance refers to the difference between planned and actual performance which represents the overall positive or negative output or performance of the company.

To evaluate: The performance of the school for the month of July.

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 9 - Prob. 9.1Q Ch. 9 - Prob. 9.2Q Ch. 9 - Prob. 9.3Q Ch. 9 - Prob. 9.4Q Ch. 9 - Prob. 9.5Q Ch. 9 - Prob. 9.6Q Ch. 9 - Prob. 9.7Q Ch. 9 - Prob. 9.8Q Ch. 9 - Prob. 9.9Q Ch. 9 - Prob. 9.10Q

Variance: Variance refers to the difference between planned and actual performance which represents the overall positive or negative output or performance of the company. Whether the owner should feel frustrated with the variance report.

Solution Summary: The author explains that a flexible budget performance report is used to evaluate the overall positive or negative output or performance of the company.

Videos

Introduction:

Variance:

Variance refers to the difference between planned and actual performance which represents the overall positive or negative output or performance of the company.

Whether the owner should feel frustrated with the variance report.

Introduction:

Variance:

Variance refers to the difference between planned and actual performance which represents the overall positive or negative output or performance of the company.

To evaluate: The performance of the school for the month of July.

Want to see the full answer?

Chapter 9 Solutions

Variance: Variance refers to the difference between planned and actual performance which represents the overall positive or negative output or performance of the company. Whether the owner should feel frustrated with the variance report.

Solution Summary: The author explains that a flexible budget performance report is used to evaluate the overall positive or negative output or performance of the company.

Videos

Introduction: Variance: Variance refers to the difference between planned and actual performance which represents the overall positive or negative output or performance of the company. Whether the owner should feel frustrated with the variance report.

Introduction: Variance: Variance refers to the difference between planned and actual performance which represents the overall positive or negative output or performance of the company. To evaluate: The performance of the school for the month of July.

Want to see the full answer?

Chapter 9 Solutions

Introduction:

Variance:

Variance refers to the difference between planned and actual performance which represents the overall positive or negative output or performance of the company.

Whether the owner should feel frustrated with the variance report.

Introduction:

Variance:

Variance refers to the difference between planned and actual performance which represents the overall positive or negative output or performance of the company.

To evaluate: The performance of the school for the month of July.