please help me to solve this problem and please do not give answer in image formate You are required to complete the last column of the flexed budget by calculating the variance amount; statewhether the variance is favourable or unfavourable; and the causal factor for each variance.(Flexed BudgetActualFlexed BudgetVariances amounts,(Favourable, F) orUnfavourable (U) andthe causal factor forthe varianceSales(1,500 units *$2200 =$3,300,000€1,500 units*$2500 =$3,750,000Direct material costs 1,500 units *$800 =$1,230,000$1,200,000€Direct labour cost$270,0001,500 units *$190 =$285,000Salaries$450,000€$440,000+¹Rent and depreciationP2$420,000$425,000€Insurance and rates$108,000€$100,000€¹JPart B: Cash BudgetsYou have been asked to prepare a cash budget for June and July 2022 for Dragon Limited with the followinginformation:1. Opening cash as of 1st June 2022 is $4,000 in balance.2. Total expected sales for June are $500,000 and $600,000 for July. The sales for May are $450,000+3. Sales are made up of 50% cash and 50% on credit.4. The receipts for credit sales are: 80% in the same month of sales and the remainder 20% in the followingmonth.5. Other cash incomes received are: Rent per month $2,500, and interest received at end of July $500.7.6. Borrow an additional $47,000 from BNZ in June and use part of the funds to pay $22,000 dividends in July.Bought inventory on credit: $350,000 in June and $460,000 in July. 60% of the payment to supplier in madein the same month of purchase and the remainder 40% in the following month. The inventory purchased inMay was $190,000.8.Cash expenses: Salaries and wages $55,000 per month, rates $4,000 per month, operating expenses of$10,000 for June and $50,000 for July; interest on loan $1,000 for June and $1,400 for July.9.Purchase of a new equipment in June for $20,000. It has a residual value of $5,000 at the end of 2 years.Depreciate using straight line basis.10. Sold an old equipment for $5,000 in June. The balance sheet shows the cost of this equipment at $18,000with an accumulated depreciation of $16,000.4Required:Prepare the cash budget for June and July 2022 for Dragon Limited and show the closing cash position forthese two periods.4لهJ16ET₁T. T. T.

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You are required to complete the last column of the flexed budget by calculating the variance amount; state whether the variance is favourable or unfavourable; and the causal factor for each variance. ( Flexed Budget Actual Flexed Budget Variances amounts, (Favourable, F) or Unfavourable (U) and the causal factor for the variance Sales 1,500 units $2200 = $3,300,000 1,500 units $2500 = $3,750,000 Direct material costs 1,500 units *$800 = $1,230,000 $1,200,000 Direct labour cost 1,500 units *$190 = $270,000+ $285,000+ Salaries $450,000 $440,000€ $425,000+¹ Rent and depreciation $420,000 Insurance and rates $108,000 $100,000+ t J tt 14

You are required to complete the last column of the flexed budget by calculating the variance amount; state whether the variance is favourable or unfavourable; and the causal factor for each variance. ( Flexed Budget Actual Flexed Budget Variances amounts, (Favourable, F) or Unfavourable (U) and the causal factor for the variance Sales 1,500 units $2200 = $3,300,000 1,500 units $2500 = $3,750,000 Direct material costs 1,500 units $800 = $1,230,000 $1,200,000 Direct labour cost 1,500 units $190 = $270,000+ $285,000+ Salaries $450,000 $440,000€ $425,000+¹ Rent and depreciation $420,000 Insurance and rates $108,000 $100,000+ t J tt 14

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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