Phoenix Management helps rental property owners find renters and charges the owners one-half of the first...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Phoenix Management helps rental property owners find renters and charges the owners one-half of the first month's rent for this service. For August 2022, Phoenix expects to find renters for 100 apartments with an average first month's rent of $860. Budgeted cost data per tenant application for 2022 follow: • Professional labor: 1.5 hours at $20.00 per hour Credit checks: $58.00 Phoenix expects other costs, including the lease payment for the building, secretarial help, and utilities, to be $3,800 per month. On average, Phoenix is successful in placing one tenant for every three applicants. Actual rental applications in August 2022 were 270. Phoenix paid $8,900 for 400 hours of professional labor. Credit checks went up to $63 per application. Other costs in August 2022 (lease, secretarial help, and utilities) were $4,400. The average first monthly rentals for August 2022 were $960 per apartment unit for 90 units. Required: 1. (a) What is the master budget variance for August 2022? (b) What is the total flexible budget variance for the month? (c) What is the sales volume variance for the month? 2. Determine the professional labor rate and labor efficiency variances for August 2022. Phoenix Management helps rental property owners find renters and charges the owners one-half of the first month's rent for this service. For August 2022, Phoenix expects to find renters for 100 apartments with an average first month's rent of $860. Budgeted cost data per tenant application for 2022 follow: • Professional labor: 1.5 hours at $20.00 per hour Credit checks: $58.00 Phoenix expects other costs, including the lease payment for the building, secretarial help, and utilities, to be $3,800 per month. On average, Phoenix is successful in placing one tenant for every three applicants. Actual rental applications in August 2022 were 270. Phoenix paid $8,900 for 400 hours of professional labor. Credit checks went up to $63 per application. Other costs in August 2022 (lease, secretarial help, and utilities) were $4,400. The average first monthly rentals for August 2022 were $960 per apartment unit for 90 units. Required: 1. (a) What is the master budget variance for August 2022? (b) What is the total flexible budget variance for the month? (c) What is the sales volume variance for the month? 2. Determine the professional labor rate and labor efficiency variances for August 2022. Phoenix Management helps rental property owners find renters and charges the owners one-half of the first month's rent for this service. For August 2022, Phoenix expects to find renters for 100 apartments with an average first month's rent of $860. Budgeted cost data per tenant application for 2022 follow: • Professional labor: 1.5 hours at $20.00 per hour Credit checks: $58.00 Phoenix expects other costs, including the lease payment for the building, secretarial help, and utilities, to be $3,800 per month. On average, Phoenix is successful in placing one tenant for every three applicants. Actual rental applications in August 2022 were 270. Phoenix paid $8,900 for 400 hours of professional labor. Credit checks went up to $63 per application. Other costs in August 2022 (lease, secretarial help, and utilities) were $4,400. The average first monthly rentals for August 2022 were $960 per apartment unit for 90 units. Required: 1. (a) What is the master budget variance for August 2022? (b) What is the total flexible budget variance for the month? (c) What is the sales volume variance for the month? 2. Determine the professional labor rate and labor efficiency variances for August 2022. Phoenix Management helps rental property owners find renters and charges the owners one-half of the first month's rent for this service. For August 2022, Phoenix expects to find renters for 100 apartments with an average first month's rent of $860. Budgeted cost data per tenant application for 2022 follow: • Professional labor: 1.5 hours at $20.00 per hour Credit checks: $58.00 Phoenix expects other costs, including the lease payment for the building, secretarial help, and utilities, to be $3,800 per month. On average, Phoenix is successful in placing one tenant for every three applicants. Actual rental applications in August 2022 were 270. Phoenix paid $8,900 for 400 hours of professional labor. Credit checks went up to $63 per application. Other costs in August 2022 (lease, secretarial help, and utilities) were $4,400. The average first monthly rentals for August 2022 were $960 per apartment unit for 90 units. Required: 1. (a) What is the master budget variance for August 2022? (b) What is the total flexible budget variance for the month? (c) What is the sales volume variance for the month? 2. Determine the professional labor rate and labor efficiency variances for August 2022. Phoenix Management helps rental property owners find renters and charges the owners one-half of the first month's rent for this service. For August 2022, Phoenix expects to find renters for 100 apartments with an average first month's rent of $860. Budgeted cost data per tenant application for 2022 follow: • Professional labor: 1.5 hours at $20.00 per hour Credit checks: $58.00 Phoenix expects other costs, including the lease payment for the building, secretarial help, and utilities, to be $3,800 per month. On average, Phoenix is successful in placing one tenant for every three applicants. Actual rental applications in August 2022 were 270. Phoenix paid $8,900 for 400 hours of professional labor. Credit checks went up to $63 per application. Other costs in August 2022 (lease, secretarial help, and utilities) were $4,400. The average first monthly rentals for August 2022 were $960 per apartment unit for 90 units. Required: 1. (a) What is the master budget variance for August 2022? (b) What is the total flexible budget variance for the month? (c) What is the sales volume variance for the month? 2. Determine the professional labor rate and labor efficiency variances for August 2022. Phoenix Management helps rental property owners find renters and charges the owners one-half of the first month's rent for this service. For August 2022, Phoenix expects to find renters for 100 apartments with an average first month's rent of $860. Budgeted cost data per tenant application for 2022 follow: • Professional labor: 1.5 hours at $20.00 per hour Credit checks: $58.00 Phoenix expects other costs, including the lease payment for the building, secretarial help, and utilities, to be $3,800 per month. On average, Phoenix is successful in placing one tenant for every three applicants. Actual rental applications in August 2022 were 270. Phoenix paid $8,900 for 400 hours of professional labor. Credit checks went up to $63 per application. Other costs in August 2022 (lease, secretarial help, and utilities) were $4,400. The average first monthly rentals for August 2022 were $960 per apartment unit for 90 units. Required: 1. (a) What is the master budget variance for August 2022? (b) What is the total flexible budget variance for the month? (c) What is the sales volume variance for the month? 2. Determine the professional labor rate and labor efficiency variances for August 2022.
Expert Answer:
Answer rating: 100% (QA)
Budgets Particulars Actual Budget Flexible Budget Static Budget Revenue Variable Expenses Professional Labor Credit checks Total variable costs 90410 ... View the full answer
Related Book For
Cost management a strategic approach
ISBN: 978-0073526942
5th edition
Authors: Edward J. Blocher, David E. Stout, Gary Cokins
Posted Date:
Students also viewed these accounting questions
-
Phoenix Management helps rental property owners find renters and charges the owners one-half of the first months rent for this service. For August 2010, Phoenix expects to find renters for 100...
-
Rent Locaters Inc. helps owners of rental properties find renters and charges the owners one-half of the first month's rent for the service. For August 2019, Rent Locaters expects to find renters for...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Tell whether the given side lengths form a right triangle. 8, 10, and 14
-
Search the Internet for a nearby company that also has a website. Arrange an interview for your team with a managerial accountant, a controller, or another accounting/finance officer of the company....
-
3. Prepare an unadjusted trial balance as of October 31, 2016. How does grading work? Affordable Realty UNADJUSTED TRIAL BALANCE October 31, 20Y6 ACCOUNT TITLE Score: 40/47 DEBIT CREDIT 1 Cash 2...
-
For each of the following variables, identify whether you could use a pie chart, bar chart, histogram, or frequency polygon to visually display the data: a. Shoe size b. College major c. Favorite...
-
Examine the following pairs of puts, which differ only by exercise price. Determine whether either of them violates the rules regarding relationships between American options that differ only by...
-
10. A nickel (m = 5.00 g) is placed on the edge of a rotating disc with a radius of 0.41 m. At a particular instant, the component of the force acting on the coin causing it to have an acceleration...
-
What do you think of using Bud Light and Natural Light brands in naming the new hard seltzer products? Does this brand extension dilute the beer brands even if bolstering the new hard seltzers?
-
When a differential amplifier is operated single-ended, then O the output is not inverted O both inputs are connected together one input is grounded, and signal is applied to the other the output is...
-
What are some possible real-life representations of a 3D array?
-
After referring to the Internet or other references to obtain knowledge of hamish jiddiya, draft and discuss the journal entries to account for a hamish jiddiyah deposit of $5,000 and its refund...
-
Read the FTC Guides Concerning the Use of Endorsements and Testimonials for Advertising at www.ftc.gov/os/2009/10/091005revisedendorsementguides.pdf. How will the guides affect your own brand...
-
Identify a student organization that uses social media to promote its activities and membership opportunities. Briefly review the social media zones in use by the organization and define three SMART...
-
What are the aspects of social identity? How do individuals build their social identities? How are these identities relevant to marketers?
-
Compare the following pairs of functions f(n), g(n) in terms of order of magnitude. In each case determine whether f(n) = O(g(n)), f(n) = N(g(n)), and/or f(n) = (g(n)): (Give a brief justification...
-
For the data in Exercise 17-19, use the FIFO method to summarize total costs to account for, and assign these costs to units completed and transferred out, and to units in ending work in process....
-
Why do manufacturing personnel prefer operational productivity measures to financial productivity measures?
-
Joel Deaine, CEO of Deaine Enterprises, Inc. (DEI), is considering a special offer to manufacture a new line of womens clothing for a large department store chain. DEI has specialized in designer...
-
Triple-F Health Club (Family, Fitness, and Fun) is a not-for-profit family-oriented health club. The club's board of directors is developing plans to acquire more equipment and expand club...
-
Renkas Heaters selected data for October 2017 are presented here (in millions): Calculate the following costs: 1. Direct materials inventory 10/31/2017 2. Fixed manufacturing overhead costs for...
-
The following data are for Huang Wong Ping Retail Outlet Stores. The account balances (in thousands) are for 2017. 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2....
-
The Howell Corporation has the following account balances (in millions): Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2017. (For...
Study smarter with the SolutionInn App