Please help me.I need fast solution. Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $177,300budgeted expenses include $119,880 in variable expenses for desks and $21,420 in variable expenses for chairs, as well as $36,000of fixed expenses. Actual fixed expenses total $37,200.Fixed BudgetActualResultsVariancesDesk sales (in units)1481546371Chair sales (in units)Desk salesChair salesTotal expenses$ 196,84036,540177,300$ 203,28042,245186,520$ 6,440 F5,705 F9,220 UIncome$ 56,080$ 59,005$ 2,925 FRequired:Prepare a flexible budget performance report that shows variances between budgeted results and actual results. (Indicate the effectof each variance by selecting favorable, unfavorable, or no variance.)For Quarter Ended June 30Desk salesChair salesVariable expensesContribution marginFixed expensesIncomeBUSINESS SOLUTIONSFlexible Budget Performance ReportFlexible Budget Actual ResultsVarianceFavorable/Unfavorable$204,820 $ 203,280 $1,540Favorable41,18042,2451,065Favorable148,880149,320440Unfavorable36,00037,2001,200No variance$61,120$2,115

BUSINESS SOLUTIONSFlexible Budget Performance ReportFor Quarter Ended June 30Flexible Budget Actual…

Answered: Business Solutions's second-quarter…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $178,970 budgeted expenses include $120,800 in variable expenses for desks and $19,170 in variable expenses for chairs, as well as $39,000 of fixed expenses. Actual fixed expenses total $40,400. Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income. For Quarter Ended June 30 Desk sales Chair sales Variable expenses Contribution margin Fixed Budget Fixed expenses Income 151 71 Actual Results 157 79 $ 202,340 $ 208,810 36,210 41,475 178,970 187,670 Variances Required: Prepare a flexible budget performance report that shows variances between budgeted results and actual results. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) $6,470 F 5,265 P 8,700 U $ 59,580 $ 62,615 $ 3,035 F BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance…
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