Complete a flexible budget performance report for Janice Inc. Label each varianc

Question

Complete a flexible budget performance report for Janice Inc. Label each variance as favorable (F) or unfavorable (U). What should be brought to management’s attention regarding the flexible budget performance report?

planning budget actual results variance patient visits 2600 2700 revenue 52.90 q 137540 145190 7650 F expense personnel expense (35,100+17.40q) 80340 79710 730 F medical supplies (1,000+ 6.40q) 17740 18660 920 U occupancy expenses (9,700+2.30q) 15780 16680 1000 U administrative expenses (5,200 + .30q) 5980 5880 100 F total expense 119840 120830 1090 U net operating income 17800 24360 6560 F

Explanation / Answer

Particulars Cost formula Actual Spending variance Flexible budget Activity variance Planning budget Patients 2700 2700 2600 Revenue 21.60q 145190 2360 F 142830 5290 F 137540 Expenses Personal expenses 22600+6.60q 79710 2370 F 82080 1740 U 80340 Medical supplies 1000+2.60q 18660 380 U 18280 540 U 17740 Occupancy expense 6000+.90q 16680 770 U 15910 130 U 15780 Administrative expense 4300+.30q 5880 130 F 6010 30 U 5980 Total expense 120930 1350 F 122280 2440 U 119840 Net income 24260 3710 20550 2850 17700

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