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AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost...

Question

AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost...

AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas

Huip Save & Exit Submit AirQual Test Corporation Flexible Budget Performance Report For the Month Ended February 28 Actual Re

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 Fixed Component per Month Revenue Technician wages Mobile lab operating expenses Office expenses Advertising expenses Insurance Miscellaneous expenses $ 6,400 $ 2,900 $ 2,600 $ 970 $ 1,680 $ See Variable Actual Total Component per Job for February $360 $ 18,950 $ 6,450 $ 35 $ 4,530 $ 2 $ 3,50 $ 995 $ 1,680 $ 465 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $2,900 plus $35 per job, and the actual mobile lab operating expenses for February were $4,530. The company expected to work 50 jobs in February, but actually worked 52 jobs. Required: Prepare a flexible budget performance report showing Air Qual 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.) AirQual Test Corporation < Prev 2 of 2 Next > 5:08 PM search O LO 9 w e 11/2/2019
Huip Save & Exit Submit AirQual Test Corporation Flexible Budget Performance Report For the Month Ended February 28 Actual Results Flexible Budget Planning Jobs Budget 52 $ 18,950 Revenue Expenses: Technician wages Mobile lab operating expenses Office expenses Advertising expenses Insurance Miscellaneous expenses Total expense Net operating income 6,450 4,530 3,050 995 1,680 465 17,170 1.780 $ < Prev 2 of 2 Next > iSS:09 PM O

Answers

AirQual Test Corporation
Flexible Budget Performance Report
For the Month Ended February 28
Actual Results Revenue and Spending Variance Flexible Budget Activity Variance Planning Budget
Jobs 52 52 50
Revenue $18950 (18720-18950)= 230 F ($360*52)= $18720 (18000-18720)= 720 F ($360*50)= $18000
Expenses:
Technician wages 6450 (6400-6450)= 50 U 6400 0 NONE 6400
Mobile lab operating expenses 4530 (4720-4530)= 190 F ($2900+$35*52)= 4720 (4650-4720)= 70 U ($2900+$35*50)= 4650
Office expenses 3050 (2704-3050)= 346 U ($2600+$2*52)= 2704 (2700-2704)= 4 U ($2600+$2*50)= 2700
Advertising expenses 995 (970-995)= 25 U 970 0 NONE 970
Insurance 1680 0 NONE 1680 0 NONE 1680
Miscellaneous expenses 465 (656-465)= 191 F ($500+$3*52)= 656 (650-656)= 6 U ($500+$3*50)= 650
Total expense $17170 40 U $17130 80 U $17050
Net operating income $1780 190 F $1590 640 F $950


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