11 Jun Question ACC510 Accounting W 7 Assignment
Question
ACC510 Accounting W 7 Assignment
W7 Assignment
Complete homework exercises in Word or Excel.
Chapter 10: Exercises 1, 2, 3, 4
Chapter 11: Exercises 1, 2, 3, 8
EXERCISE 10–1 Prepare a Flexible Budget [LO 10–1]
Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area.The company’s planning budget for May appears below:
| Puget Sound Divers Planning Budget For the Month Ended May 31 | |
| Budgeted diving-hours (q). . . . . . . . . . . . . . . . . . . | 100 |
| Revenue ($365.00q). . . . . . . . . . . . . . . . . . . . . . . | $36,500 |
| Expenses: | |
| Wages and salaries ($8,000 + $125.00q) . . . . . . | 20,500 |
| Supplies ($3.00q). . . . . . . . . . . . . . . . . . . . . . . | 300 |
| Equipment rental ($1,800 + $32.00q) . . . . . . . . | 5,000 |
| Insurance ($3,400). . . . . . . . . . . . . . . . . . . . . . | 3,400 |
| Miscellaneous ($630 + $1.80q). . . . . . . . . . . . . . | 810 |
| Total expense. . . . . . . . . . . . . . . . . . . . . . . . . . . | 30,010 |
| Net operating income. . . . . . . . . . . . . . . . . . . . . . | $ 6,490 |
Required:
During May, the company’s activity was actually 105 diving-hours. Prepare a flexible budget for that level of activity.
EXERCISE 10–2 Prepare a Report Showing Activity Variances [LO 10–2]
Flight Cafe; is a company that prepares in-flight meals for airlines in its kitchen located next to the local airport. The company’s planning budget for July appears below:
| Flight Café Planning Budget For the Month Ended July 31 | |
| Budgeted meals (q). . . . . . . . . . . . . . . . . . . . . . . . | 18,000 |
| Revenue ($4.50q) . . . . . . . . . . . . . . . . . . . . . . . . . | $ 81,000 |
| Expenses: | |
| Raw materials ($2.40q). . . . . . . . . . . . . . . . . . . . | 43,200 |
| Wages and salaries ($5,200 + $0. 30q) . . . . . . . . | 10,600 |
| Utilities ($2,400 + $0. 05q). . . . . . . . . . . . . . . . . | 3,300 |
| Facility rent ($4,300). . . . . . . . . . . . . . . . . . . . . . | 4,300 |
| Insurance ($2,300). . . . . . . . . . . . . . . . . . . . . . . | 2,300 |
| Miscellaneous ($680 + $0. 10q). . . . . . . . . . . . . . | 2,480 |
| Total expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 66,180 |
| Net operating income. . . . . . . . . . . . . . . . . . . . . . . | $ 14,820 |
In July, 17,800 meals were actually served. The company’s flexible budget for this level of activity appears below:
| Flight Café Flexible Budget For the Month Ended July 31 | |
| Budgeted meals (q). . . . . . . . . . . . . . . . . . . . . . . . | 17,800 |
| Revenue ($4. 50q). . . . . . . . . . . . . . . . . . . . . . . . . | $80,100 |
| Expenses: | |
| Raw materials ($2. 40q). . . . . . . . . . . . . . . . . . . | 42,720 |
| Wages and salaries ($5,200 + $0. 30q). . . . . . . . | 10,540 |
| Utilities ($2,400 + $0. 05q). . . . . . . . . . . . . . . . . | 3,290 |
| Facility rent ($4,300). . . . . . . . . . . . . . . . . . . . . . | 4,300 |
| Insurance ($2,300). . . . . . . . . . . . . . . . . . . . . . . | 2,300 |
| Miscellaneous ($680 + $0. 10q). . . . . . . . . . . . . . | 2,460 |
| Total expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 65,610 |
| Net operating income. . . . . . . . . . . . . . . . . . . . . . . | $14,490 |
Page 460
Required:
1. Prepare a report showing the company’s activity variances for July.
2. Which of the activity variances should be of concern to management? Explain.
EXERCISE 10–3 Prepare a Report Showing Revenue and Spending Variances [LO 10–3]
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 8,000 pounds of oysters in August. The company’s flexible budget for August appears below:
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