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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:
Quilcene Oysteria Flexible Budget For the Month Ended August 31
Actual pounds (q). . . . . . . . . . . . . . . . . . . . . . . .
8,000
Revenue ($4. 00q). . . . . . . . . . . . . . . . . . . . . . . .
$32,000
Expenses:
Packing supplies ($0. 50q). . . . . . . . . . . . . . .
4,000
Oyster bed maintenance ($3,200). . . . . .
3,200
Wages and salaries ($2,900 + $0. 30q)..
5,300
Shipping ($0.80q). . . . . . . . . . . . . . . . . . . . .
6,400
Utilities ($830). . . . . . . . . . . . . . . . . . . . . . . .
830
Other ($450 + $0. 05q). . . . . . . . . . . . . . . .
850
Total expense. . . . . . . . . . . . . . . . . . . . . . . . . . .
20,580
Net operating income. . . . . . . . . . . . . . . . . . .
$11,420
The actual results for August appear below:
Quilcene Oysteria Income Statement For the Month Ended August 31
Actual pounds. . . . . . . . . . . . . . . . . . . . . . . . . . .
8,000
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$35,200
Expenses:
Packing supplies. . . . . . . . . . . . . . . . . . . . . . .
4,200
Oyster bed maintenance. . . . . . . . . . . . . . . . .
3,100
Wages and salaries . . . . . . . . . . . . . . . . . . . .
5,640
Shipping. . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,950
Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . .
810
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
980
Total expense. . . . . . . . . . . . . . . . . . . . . . . . .
21,680
Net operating income. . . . . . . . . . . . . . . . . . . .
$13,520
Required:
Prepare a report showing the company’s revenue and spending variances for August.
EXERCISE 10–4 Prepare a Flexible Budget Performance Report [LO 10–4]
Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company’s operations in July appear below:
Page 461
Vulcan Flyovers Operating Data For the Month Ended July 31
Actual Results
Flexible Budget
Planning Budget
Flights (q). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
48
48
50
Revenue ($320.00q) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$13,650
$15,360
$16,000
Expenses:
Wages and salaries ($4,000 + $82.00q). . . . . . . . . . . . . . . . . .
8,430
7,936
8,100
Fuel ($23.00q) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,260
1,104
1,150
Airport fees ($650 + $38.00q). . . . . . . . . . . . . . . . . . . . . . . . .
2,350
2,474
2,550
Aircraft depreciation ($7. 00q). . . . . . . . . . . . . . . . . . . . . . . . .
336
336
350
Office expenses ($190 + $2. 00q). . . . . . . . . . . . . . . . . . . . . . .
460
286
290
Total expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12,836
12,136
12,440
Net operating income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 814
$ 3,224
$ 3,
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