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Flexible Budget

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ACCCB 543

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PERFORMANCE EVALUATION, STUDENT’S NAME DATE COURSE SUMMARY OF THE RESULTS OF THE SALES VOLUME AND VARIABLE COST VOLUME VARIANCES COMPUTATIONS BASED ON THE COMPARISON BETWEEN THE MASTER BUDGET AND THE FLEXIBLE BUDGE  The $4,810 ($25,110 - $20,300) variance from meal cost resulted from:  Increased attendance SUMMARY OF THE RESULTS OF THE FLEXIBLE BUDGET VARIANCES COMPUTATIONS BASED ON THE COMPARISON BETWEEN THE FLEXIBLE BUDGET AND THE ACTUAL RESULTS  The flexible budget variance computation outcome of $1,620 resulted from  Adding the dessert THE FAVORABLE OR UNFAVORABLE BUDGET VARIANCES  A favorable budget variance indicates gains  An unfavorable budget variance indicates losses or shortfalls.  Overall variance is -5800 (Edmonds et al., 2019) WHY ANYONE SHOULD BE CONCERNED WITH MEETING THE BUDGET.  Budgeting is a form of cost control  Concern is in cost control efficiency, not profit RECOMMENDATIONS FOR WHAT CAN BE DONE DIFFERENTLY TO STAY ON BUDGET FOR FUTURE LUNCHEONS.  Incorporate fixed costs that are commonly used in the organization  Analyze budgets on an annual-to-annual basis  Consider the fluctuating variable expenses REFERENCES  Graybeal, P., Franklin, M., & Cooper, D. (2018, July 24). Describe how companies use variance analysis. Principles of Accounting Volume 2 Managerial Accounting. Retrieved January 27, 2022, from https://opentextbc.ca/principlesofaccountingv2openstax/chapter/describe-how-companies- ...
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