Refer to the data in Exercise 17-38. 

Data in Exercise 17-38.

Kentford Associates is a small professional services firm. Last month, Kentford billed more hours than expected, and profits reflected this.

^a These are hours billed to clients. They are fewer than the number of hours worked because there is nonbillable time (e.g., slack periods, time in training sessions) and because some time worked for clients is not charged to them.

Required

Prepare a profit variance analysis for Kentford Associates like the one in Exhibit 16.5 of the previous chapter.  

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Billable hours.. Revenue.... Professional salaries (all variable). Other variable costs (e.g., supplies, computer services).. Fixed costs Profit. ... Reported Income Statement Master Budget 5,805 5,400 $1,124,000 $1,080,000 524,000 500,000 156,000 140,000 260,000 275,000 $ 184,000 $ 165,000