Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. static and flexible budgets graham corporation use

Static and Flexible Budgets Graham Corporation used the following data to evaluate its current operating...

90.2K

Verified Solution

Question

Accounting

Static and Flexible Budgets Graham Corporation used the following data to evaluate its current operating system. The company sells items for $10 each and used a budgeted selling price of $10 per unit.

Actual Budgeted
Units sold 685,000 700,000
Variable costs 1,850,000 2,100,000
Fixed costs 1,525,000 1,485,000

a. Prepare the actual income statement, flexible budget, and static budget.

Do not use negative signs with any of your answers below.

Actual Results Flexible Budget Static Budget
Units sold Answer Answer Answer
Revenues $Answer $Answer $Answer
Variable costs Answer Answer Answer
Contribution margin Answer Answer Answer
Fixed costs Answer Answer Answer
Operating income $Answer $Answer $Answer

For questions b., c., and d., do not use negative signs with your answers. Select either U for Unfavorable or F for Favorable using the drop down box next to each of your variance answers.

b. What is the static-budget variance of revenues?

$Answer AnswerFU

c. What is the flexible budget variance for variable costs?

$Answer AnswerFU

d. What is the flexible budget variance for fixed costs?

$Answer AnswerFU

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A rectangle measures 450 feet by 215 feet Find its area 450 feet 215 feet...

Basic Math
Q

If an ion fragments in the drift tube of a TOF, how would you know? Keyboard...

Chemistry
Q

1. The alpine sky pilot, Polemonium viscosum is a common flowering plant in the Rocky Mountains....

Biology
Q

The following system is a small power generating plant which contains a boiler, a superheater, a...

Mechanical Engineering
Q

III 1 2 3 4 5 e a Which members of the family above are...

Biology
Q

A man weighing 60 kg climbs up a stair case carrying a 20 kg load...

Physics
Q

Two dots are 1 mm apart on a screen They are seen by eye of...

Physics
Q

Write a quadratic function to represent a parabola with roots of 5 and 7 that...

Geometry
Q

What is the product z?z? in polar form? z?=3cis(?/2) z?=6cis(?/4)a. 18 cis(3?/4)b. 3cis(3?/4)c....

Algebra
Q

Adams Company reports the following balance sheet accounts as of December 31. Salaries payable $...

Accounting
Q

Mickley Corporation produces two products, Alpha6s and Zeta7s, which pass through two operations, Sintering and...

Accounting
Q

Please answer question 3 ONLY Question [1]: For each of the following pure exchange...

Accounting