Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Aug 2017 My Price 12.00

Wings Flight School offers

Wings Flight School offers flying lessons at a small municipal airport. The school%u2019s owner and manager has been attempting to evaluate performance and control costs using a variance report that compares the planning budget to actual results. A recent variance report appears below:

 

Wings Flight School
Variance Report
For the Month Ended August 31
  Planning
Budget		 Actual
Results		 Variances
Lessons   200   210      
Revenue $ 45,000 $ 47,300 $ 2,300 F
 
 
Expenses:              
Instructor wages   12,400   12,910   510 U
Aircraft depreciation   11,400   11,970   570 U
Fuel   4,200   5,150   950 U
Maintenance   3,270   3,470   200 U
Ground facility expenses   2,440   2,350   90 F
Administration   4,410   4,340   70 F
 
 
Total expense   38,120   40,190   2,070 U
 
 
Net operating income $ 6,880 $ 7,110 $ 230 F
 
 

 

After several months of using such variance reports, the owner has become frustrated. For example, she is quite confident that instructor wages were very tightly controlled in August, but the report shows an unfavorable variance.

 

The planning budget was developed using the following formulas, where q is the number of lessons sold:

 

   
Revenue $225q
Instructor wages $62q
Aircraft depreciation $57q
Fuel $21q
Maintenance $ 670 + $13q
Ground facility expenses $1,640 + $4q
Administration $4,210 + $1q

 

Required:
2.

Complete the flexible budget performance report for the school for August. (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.)

 

Wings Flight School
Flexible Budget Performance Report
For the Month Ended August 31
  Activity Variances Revenue and Spending Variances
Revenue $   $  
 
 
 
Expenses:        
Instructor wages        
Aircraft depreciation        
Fuel        
Maintenance        
Ground facility expenses        
Administration        
 
 
 
Total expense        
 
 
 
Net operating income $   $

 

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 05:08 PM My Price 12.00

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