Variance and revenue spending variance problem, Accounting Basics

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Variance and revenue spending variance problem

Flexible Budget Performance Report. Corporation provides an on site air quality testing service. The following data is provided concerning its operations.

Fixed Component Variable component Per job Actual Total for Feb

Per month

Revenue 360 18950
Technician Wages 6400 6450
Mobile lab
Operating Expenses 2900 35 4530
Office Expenses 2600 2 3050
Advertising Expenses 970 995
Insurance 1680 1680
Misc Expenses 500 3 465

This company uses the number of jobs as it's measure of activity. For example mobile lab operating expenses should be 2900 plus 35 per job. The actual mobile lab operating expenses for February were 4530. The company expected to work 50 jobs in Feb but worked 52 jobs instead.

Prepare a flexible budget performance report showing the corporation's activity variance and revenue spending variance for Feb.

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Accounting Basics: Variance and revenue spending variance problem

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Accounting Basics: Variance and revenue spending variance problem

Reference No:- TGS081456

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Recent Questions Asked Accounting Basics

Q : Unamortized bond discount problem

Q : Problem based on marginal tax bracket

Q : Company change in profits if the order is accepted

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Q : Variance and revenue spending variance problem

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Ask an Expert for Answer!!

Accounting Basics: Variance and revenue spending variance problem

Reference No:- TGS081456

Recent Questions Asked Accounting Basics

Q : Unamortized bond discount problem

Q : Problem based on marginal tax bracket

Q : Company change in profits if the order is accepted

Q : Equipment that will be used in business operations

Q : Variance and revenue spending variance problem

Q : Average issue price of each type of preferred stock

Q : Total costs to be assigned to inventory

Q : Stand-alone revenue-allocation method

Q : What transactions might fall under a dual method

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