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Grader – Instructions Accounting 2016 Project

Cost 16e E7-21 v2

Project Description:

bma05.e7.21 LO2

Steps to Perform:

StepInstructionsPoints Possible
1Prepare a performance report that uses a flexible budget and a static budget. (Always use cell references and formulas where appropriate to receive full credit.) a. Enter all amounts as positive values. Do NOT use parentheses or a minus sign for amounts to be subtracted. b. Use the ABS function when calculating variances, and use the drop-down selections for F (favorable) or U (unfavorable) when describing the variances. c. For variances with a zero amount, make sure to enter the result of “=0” in the appropriate cell and leave the drop-down to identify the variance as either F or U blank.40
Total Points40

Created On: 07/05/2019 1 Cost 16e E7-21 v2

INSTRUCTIONS

Flexible Budgets, Direct-Cost Variances, and Management Control
Flexible Budget
Sweeney Enterprises manufactures tires for the Formula I motor racing circuit. The company’s budgeted and actual amounts are as follows:
Budgeted for August 2017
Units to manufacture and sell3,600
Variable cost per tire$71
Total fixed costs$55,000
Budgeted selling price per tire$114
Actual Results for August 2017
Units manufactured and sold3,500
Selling price per tire$116
Total variable costs$280,000
Total fixed costs$51,000
Use the blue shaded areas on the ENTERANSWERS tab for inputs.
Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.
Requirement
Prepare a performance report that uses a flexible budget and a static budget.
a.Enter all amounts as positive values. Do NOT use parentheses or a minus sign for amounts to be subtracted.
b.Use the ABS function when calculating variances, and use the drop-down selections for F (favorable) or U (unfavorable) when describing the variances.
c.For variances with a zero amount, make sure to enter the result of “=0” in the appropriate cell and leave the drop-down to identify the variance as either F or U blank.
Saving & Submitting Solution
1Save file to desktop.
a.Create folder on desktop, and label COMPLETED EXCEL PROJECTS
b.Save your solution in the folder you just created; add -solution-date to end of file name
2Upload and submit your file to be graded.
a.Navigate back to the activity window – screen where you downloaded the initial spreadsheet
b.Click Choose button under step 3; locate the file you just saved and click Open
c.Click Upload button under step 3
d.Click Submit button under step 4
Viewing Results
1Click on Results tab in MyAccountingLab
2Click on the Assignment you were working on
3Click on Project link; this will bring up your Score Card
4Within Score Card window, click on Live Comments Report (lower right) to download spreadsheet with feedback

ENTERANSWERS

Prepare a performance report that uses a flexible budget and a static budget.
a. Enter all amounts as positive values. Do NOT use parentheses or a minus sign for amounts to be subtracted.
b. Use the ABS function when calculating variances, and use the drop-down selections for F (favorable) or U (unfavorable) when describing the variances.
c. For variances with a zero amount, make sure to enter the result of “=0” in the appropriate cell and leave the drop-down to identify the variance as either F or U blank.
(Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.)
Actual ResultsFlexible-Budget VarianceFlexible BudgetSales-Volume VariancesStatic Budget
Units sold
Revenues
Variable costs
Contribution margin
Fixed costs
Operating income

Sheet1

F
U