AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost...
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AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas and actual results for the month of February. Revenue Technician wages Mobile lab operating expenses office expenses Advertising expenses Insurance Miscellaneous expenses Fixed Component per Month $ 8,600 $ 4,800 $ 2,600 $ 1,610 $ 2,870 $ 960 Variable Component per Actual Total for February $ 30,370 $ 8,450 $ 8,360 Job $ 276 $ 31 $3 $ 2,810 $ 1,680 $ 2,870 $ 505 52 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,800 plus $31 per job, and the actual mobile lab operating expenses for February were $8,360. The company expected to work 120 jobs in February, but actually worked 126 jobs. Required: Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activity variances for February (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Jobs Revenue Expenses: Technician wages Mobile lab operating expenses Office expenses Advertising expenses Insurance Miscellaneous expenses Total expense Net operating income AirQual Test Corporation Flexible Budget Performance Report For the Month Ended February 28 Actual Results 126 $ 30,370 8,450 8,360 2,810 1,680 2,870 505 24,675 $ 5,695 Flexible Budget Planning Budget AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas and actual results for the month of February. Revenue Technician wages Mobile lab operating expenses office expenses Advertising expenses Insurance Miscellaneous expenses Fixed Component per Month $ 8,600 $ 4,800 $ 2,600 $ 1,610 $ 2,870 $ 960 Variable Component per Actual Total for February $ 30,370 $ 8,450 $ 8,360 Job $ 276 $ 31 $3 $ 2,810 $ 1,680 $ 2,870 $ 505 52 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,800 plus $31 per job, and the actual mobile lab operating expenses for February were $8,360. The company expected to work 120 jobs in February, but actually worked 126 jobs. Required: Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activity variances for February (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Jobs Revenue Expenses: Technician wages Mobile lab operating expenses Office expenses Advertising expenses Insurance Miscellaneous expenses Total expense Net operating income AirQual Test Corporation Flexible Budget Performance Report For the Month Ended February 28 Actual Results 126 $ 30,370 8,450 8,360 2,810 1,680 2,870 505 24,675 $ 5,695 Flexible Budget Planning Budget
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Related Book For
Managerial Accounting
ISBN: 978-0697789938
13th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
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