First, a flexible budget is a budget in which some amounts will increase or decrease when the level of activity changes. 116,000 machine hours. . Dividing total cost of each category by the budgeted production level results in variable cost per unit of $0.50 for indirect materials, $0.40 for indirect labor, and $0.40 for utilities. 13. Download Full PDF Package. What is the primary difference between a static budget and a flexible budget? The $262,500 is 17,500 trucks times $15 per truck. Budgeted amounts for the actual activity level achieved. c. A.actual costs for the estimated activity level B.budgeted amounts for the actual activity level achieved C.actual costs for the budgeted activity level D.original budgeted amounts at the static budget activity level Accounting Business Managerial Accounting ADMS 1500 Answer & Explanation Meaning actual revenue that was more than expected, or actual expenses or costs that were less than expected.. An unfavorable budget variance is, well, the opposite. Flexible budgets use standard costs. Prepare a flexible budget report for Glenda for the month of July and provide possible reasons for the difference between the budgeted amount and the actual amount. A flexible budget is a budget that adjusts to the activity or volume levels of a company. The candles cost $5 and sell for $12. The flexible budget is created from formulas that represent assumptions made when the planning budget was created. Early in the chapter, you learned that a budget should be adjusted for changes in assumptions or variations in the level of operations. This Paper. $960,000 of sales in the flexible budget vs. $972,000 in actual sales is a $12,000 favorable variance, as additional sales increase net income. 7.9 Flexible Budgets. Explain the relationship between the sales-volume variance and the production-volume . The actual level of output is not known until the end of the budget period. A flexible budget is also known as a master budget. The static budget contains only fixed costs, while the flexible budget contains only variable costs. If so, the company can find the budgeted amounts at that level of . Question: Select the incorrect statement regarding flexible budgets. How much is budgeted total manufacturing costs in March?a. (Round unit costs to 2 decimal places, e.g. c. If a flexible budget report shows $348,000 for total budgeted manufacturing overhead costs for the month, what was the actual level of activity achieved during the month? The static budget is prepared for a single level of activity, while a flexible budget is adjusted for different activity levels. Read Paper. a. However, actual production may fall between the levels shown in the flexible budget. In a simple flexible budget, fixed costs stay constant whereas variable and semi-variable costs change according to a standard predetermined at the beginning of an accounting period. 7-5 Why might managers find a flexible-budget analysis more informative than a static-bud- get analysis? Actual costs for the budgeted activity level. A flexible budget variance is the difference between 1) an actual amount, and 2) the amount allowed by the flexible budget. However, a static budget remains at the original budgeted amount, regardless of any changes in revenue activity, production, or volume, while a flexible budget is designed to adjust budget totals . Student review 100% (1 rating) Thorough explanation The activity index used in preparing a flexible budget should not influence the variable costs that are being budgeted. As shown in the above table, the accurate allowance is computed to be $8,880. A fixed cost flexible budget variance is the variance between the actual and budgeted amounts for a fixed cost in a flexible budget. The actual indirect labor cost for the month was $96,712. The variable amounts are recalculated using the actual level of activity, which in the case of the income statement is sales units. (Hint: Indirect materials, indirect labor, utilitites, and maintenance are variable costs. $4,700 net income $4,200 net income $1,300 in total costs $800 in total costs $4,700 net income $1,300 in total costs The concept that focuses on important variances and ignores trivial ones is ______. (The static budget amounts do not change. Actual revenues or other activity measures are entered into the flexible budget once an accounting period has been completed, and it generates a budget that is specific to the inputs. Total budgeted fixed costs appearing on a flexible budget will be the same amount as total fixed costs on the master budget. Flexible budget variances are the differences between line items on actual financial . Actual production was 3,800 poles. Actual expenses are lower because the income before income taxes was lower. b. the comparison of actual results with planned objectives. There are three variable costs. In the most recent month, the company budgeted production of 3,500 poles. Flexible budgets separate variable costs from fixed costs; the variable costs put the flex in the flexible budget. We have noticed that the recovery rate (Budgeted hrs/Total expenses) at the activity level of 70 % is $0.61 per hr. The steps to developing a flexible budget are: Step 1: Identify the activity index and the relevant range of activity. Using the following information, prepare a flexible budget for the production of 80% and 100% activity. A flexible operating budget is a special kind of budget that provides detailed information about . A budget variance is the difference between the amount budgeted for revenue and expenses and the actual amount received or expended. It calculates different expenditure levels for variable costs, depending upon changes in actual revenue. Go via every competency and aim listed, and fee your performance. Administrative and marketing expenses for the month are projected to be $10,000 paid by EFT during the month. 14. A favorable budget variance is any actual amount differing from the budgeted amount that is good for the company. management by exception Select all that apply A flexible budget shows what budgeted amounts should have been at the actual level of activity. To prepare the flexible budget, the units will change to 17,500 trucks, and the actual sales level and the selling price will remain the same. Note that Beta's flexible budget shows the variable and fixed manufacturing overhead costs expected to be incurred at three levels of activity: 9,000 units, 10,000 units, and 11,000 units. In the original budget, making 100,000 units resulted in total variable costs of $130,000. Flexible Budgets. Download Download PDF. Actual sales were 7,500 units and actual costs are shown below. It is the most commonly-used type of budget, because it is easier to construct than a flexible budget. 40. A) Prepare a flexible overhead budget based on the following amounts produced. c. the valuation of inventories. Flexible budget is budget typically in the form of an income statement that is adjustable to any level of activity such as units produced or units sold. When the costs vary with the volume of activity, a flexible budget can be stretched as it includes a variable rate per unit of activity. Flexible Budget Variance: The difference between actual and flexible budget amounts for revenues and expenses. permanent budget. On-screen Show Company: UofW Other titles: Times New Roman Monotype Sorts BlankHO Direct Input Variances, and Management Control: I Overview Standard = Budget Variances Static and Flexible Budgets Example Useful Format to Calculate DM and DL Variances Price Variance: material Price Variance: labor Efficiency Variance: DM Efficiency Variance . 7-5 A flexible-budget analysis enables a manager to distinguish how much of the difference Unlike a static budget, which does not change from the amounts established when the budget was created, a flexible budget continuously "flexes" with a business's variations in costs. A flexible budget adjusts based on changes in actual revenue or other activities. b. A budget that adjusts with a change in volume and activity is a flexible budget. Always indicate whether a variance is favorable or unfavorable. Multiple Choice Question 60 What budgeted amounts appear on the flexible budget? The flexible budget is more sophisticated and useful than a static budget. 13. Match the comparisons made on the performance report. A variance may be favorable or unfavorable. . Flexible budgets often show budgeted amounts for every 10 per cent change in the level of operations, such as at the 70 per cent, 80 per cent, 90 per cent, and 100 per cent levels of capacity. A flexible budget adjusts for changes in the volume of output. 56,000 machine hours. To compute the value of the flexible budget, multiply the variable . >>$28,800 revenue >>$7,500 for supplies A flexible budget variance is the difference between the actual amount and the planned amount at the actual level of activity. The static budget contains only fixed costs, while the flexible budget contains only variable costs. A flexible budget created each period allows for a comparison of apples to apples because it will calculate budgeted costs based on the actual sales activity. See the answer One of the benefits of flexible budgeting is that it helps you to understand the reasons for your company's variances , the differences between actual and budgeted amounts. The budget is then compared to actual expenses for control purposes. 61. The flexible budget performance report takes the budgeted amount per unit and multiplies it by the actual number of units produced ($200 x 1,000) and compares this budgeted amount to the actual amount. They remain unchanged from the amounts established at the time that the static budget was prepared and approved.) The processing department has monthly budgeted manufacturing overhead of $180,000 plus $3.00 per machine hour. Total budgeted fixed costs appearing on a flexible budget will be the same amount as total fixed costs on the master budget. Flexible budget is budget typically in the form of an income statement that is adjustable to any level of activity such as units produced or units sold. Pros And Cons Of Flexible Budgets. It has columns for the actual and budgeted amounts and the differences, or variances, between these amounts. The variance that exists now is simply due to price. According to standards, each pole requires 4.6 machine- hours. Any unexpected market shifts may find a material essential to your production line suddenly costing more than three times the original budgeted amount. What is the primary difference between a static budget and a flexible budget? A flexible budget of the company is used to prepare the budgets that are the sales budget, direct materials budget, and the factory overhead budget that comprises or includes the master budget, among others. Question: What budgeted amounts appear on the flexible budget report? b. overhead budget.c. Licenses and Attributions It is also called a variable budget because it adjusts with the change in cost driver activities. In other words, the result is a budget that varies and… O Actual costs for the estimated activity level. Variance analysis is a tool for comparing some measures of performance to a plan, budget, or standard for that measure. 1 Full PDF related to this paper. The static budget is prepared for a single level of activity, while a flexible budget is adjusted for different activity levels. Step 2: Identify the variable costs, and determine the budgeted variable cost per unit of activity for each cost. 12. Download Download PDF. a. A flexible budget variance can be calculated by comparing a company's actual costs and revenue to corresponding figures in a flexible budget. o Original budgeted amounts at the static budget activity level. O A flexible budget is used to compare actual to budgeted amounts. Denny Hahn. Flexible Budgeting In An Activity. Actual revenues or other activity measures are entered into the flexible budget once an accounting period has been completed, and it generates a budget that is specific to the inputs. a. master budget . A flexible budget is a budget prepared for various levels of sales volume. The other budgeted costs are fixed costs.) $320,000 b. Jack's report would list flexible budget costs of $200,000 and actual costs of $250,000. Select the incorrect statement . Look at Beta Company's flexible budget below. Activity variance: Subtract planning budget from flexible budget. Does flexible budget include fixed costs? a. A flexible budget adjusts to changes in actual revenue levels. A) Prepare a flexible overhead budget based on the following amounts produced. TrueMasons' budgeted costs for 25,000 linear metres of block are: Fixed manufacturing costs $12,000 per monthVariable manufacturing costs $16.00 per linear metre True Masons installed 20,000 linear metres of block during March. O Standard prices and costs are used in preparing a flexible budget. A flexible budget is prepared before the master budget. flexible-budget variance, the fixed overhead spending variance, and the fixed overhead production-volume variance 5. A flexible budget is developed using budgeted revenues or cost amounts based on the actual output level in the budget period. A flexible budget variance is the difference between 1) an actual amount, and 2) the amount allowed by the flexible budget. Show variances between budgeted and actual amounts. The original budget assumed 17,000 Pickup Trucks would be sold at $15 each. Flexible budgets often show the estimated revenues and costs at multiple volume levels. Managers use a technique known as flexible budgeting to deal with budgetary adjustments. Actual results were 1,100 candles, gross revenues of $12,100, cost of goods sold of $3,850, and SGA of $8,200 resulting in an overall flexible (price and cost) variance of . Higher costs create unfavorable variance. Show how the 4-variance analysis approach reconciles the actual overhead incurred with the over-head amounts allocated during the period 6. However, actual production may fall between the levels shown in the flexible budget. The budget will change if there are more or fewer units sold. For example, (Figure) shows a static quarterly budget for 1,500 trainers sold by Big Bad Bikes. . Actual costs for the estimated activity level. A) a budget which starts from a zero base B) based on the level of expected output at the start of the budget period C The flexible budget uses the same selling price and cost assumptions as the original budget. Full PDF Package Download Full PDF Package. (Round unit costs to 2 decimal places, e.g. A variance from the budgeted amounts that has a negative effect on your . CHAPTER 7 FLEXIBLE BUDGETS, DIRECT-COST VARIANCES, AND MANAGEMENT CONTROL. Waterways produced 127,000 units in March rather than the budgeted number of units. Favorable vs. unfavorable budget variances. Learning Objective 2: Develop a flexible budget. What budgeted amounts appear on the flexible budget? A fixed budget is a financial plan that is not modified for variations in actual activity. A flexible budget is a recalculated master budget depending on the actual activity level attained within a certain period of time. The production-volume variance is $2,400 F. If the company had planned to spend $8,300 on equipment but actually spent $10,200 because of breakdowns, the flex budget would show the latter. O A flexible budget is also known as a master budget. What is a flexible budget? . d. approval of the budget by the stockholders. A flexible budget summarizes revenues and expenses for various levels of sales volume within a relevant range. This means their costs were $50,000 over what they . A flexible budget adjusts to changes in actual revenue levels. Chapter 7 Flexible Budgets, Direct-Cost Variances, and Management Control Solution Cost Accounting: A Managerial Emphasis, 16e (Horngren) 7.1 Objective 7.1 1) A master budget is _____. 2.25 . A flexible budget is prepared before the master budget. Original budgeted amounts at the static budget activity level. b. the comparison of actual results with planned objectives. Expert Answer 100% (50 ratings) Standard prices and costs are used in preparing a flexible budget. Flexible budgets often show budgeted amounts for every 10 per cent change in the level of operations, such as at the 70 per cent, 80 per cent, 90 per cent, and 100 per cent levels of capacity. . The master budget is prepared before to the start of the period, and the flexible budget is established at the conclusion of the term for control and review. However, a static budget remains at the original budgeted amount, regardless of any changes in revenue activity, production, or volume, while a flexible budget is designed to adjust budget totals . A flexible budget is a budget that adjusts or flexes with changes in volume or activity. The goal of this train is not to campaign for good ratings, but somewhat to share your notion of your efficiency together with your supervisor earlier than . 2.25 . Performance Report: (Step 1: Budget . When used in combination with the budgeted balance sheet, it also reveals scenarios that are not financially supportable (such as requiring large amounts of debt), which management can remedy by altering . It is more useful than a static budget which remains at one amount regardless of the volume of output. However, some businesses use flexible budgets, which vary the expense level with the dollar amount of sales. Flexible Budget: Importance and Methods of Preparation! The use of budgets in controlling operations A major element in budgetary control is a. the preparation of long-term plans. @ $2.20 FOH: Materials handling $6,200 Depreciation $2,600 Required: Prepare a flexible budget for 2,500 units, 3,000 . $412,000c. A short summary of this paper. The budgeted income statement is extremely useful for testing whether the projected financial results of a company appear to be reasonable. (Hint: Indirect materials, indirect labor, utilitites, and maintenance are variable costs. The budgeted indirect labor is $5.40 per machine-hour. $400,000 d. $332,000 d . The flexible budget performance report compares the company's actual results with the predicted results from the flexible budget. If the factory works 16000 hrs in a particular month, the allowances @ $0.61 will come put to be $9,760, which is not correct. Prepare a flexible budget performance report for July at activity level of 7,500 units. Question: Question 14 3 pts 14. Nina Company prepared the following fixed budget for July using 7,800 units for budgeted sales. In a simple flexible budget, fixed costs stay constant whereas variable and semi-variable costs change according to a standard predetermined at the beginning of an accounting period. @ $16.00 per hour VOH 0.5 hr. Another name for the static budget is a. master budget. The actual level of output is not known until the end of the budget period. Budget variances can be favorable (more revenue) or unfavorable . A budget report is prepared to show how actual results compare to the budgeted numbers. Budgeted amounts for the actual activity level achieved. Flexible-budget variance Production-volume variance The fixed manufacturing overhead spending variance and the fixed manufacturing flexible budget variance are the same--$1,516 U. Esquire spent $1,516 more than the $62,400 budgeted amount for June 2014. 14. The flexible budget for income before income taxes is $20,625, and 40% of that balance is $8,250. Prepare a monthly flexible manufacturing overhead budget for the expected range of activity, using increments of 1,000 direct labor hours. proportionately increase variable costs; keeppp fixed costs the same and compute flexible-budget variances . A flexible budget is developed using budgeted revenues or cost amounts based on the actual output level in the budget period. A variance is usually considered favorable if it improves net income and unfavorable if it decreases income. Flexible budgets show the budgeted amount of manufacturing overhead for various levels of output. This problem has been solved! b. Variance analysis is used for planning and control purposes, and can be used to evaluate revenues and costs. Comparison of actual results to the annual business plan is the first and most basic level of control and evaluation of operations. b. Waterways produced 127,000 units in March rather than the budgeted number of units. flexible-budget variance Æthe difference between an actual result and a flexible-budget amount… sales-volume variances Æeach sales-volume variance is the difference The budget is then compared to actual expenses for control purposes. What amounts should appear on the flexible budget? The other budgeted costs are fixed costs.) a. is prepared before the master budget. Flexible Budget: The basic idea of the flexible budget approach is that the budget is adjusted to show what revenues and costs should be for a specific level of activity. The activity index is direct labor hours. The actual machine-hours for the month were 17,800 machine-hours. Enter the email address you signed up with and we'll email you a reset link. Definition of Flexible Budget and Flexible Budget Variance. 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what budgeted amounts appear on the flexible budget?