Hi there, can you please help me with the following, I just want to make sure I am on the right track and make changes as apporpriate. CoGo Trading a subsidiary of Best Fit Ltd has just prepared the final results for the year ended 30 June 2021. To evaluate the performance of the business and to inform relevant stakeholders, you are required to prepare a performance report showing: Appropriate variances for revenue and cost items (dollar amount and percentage) Indicating whether variances are favourable or unfavourable Identify variances that are significant (alert any variances exceeding 5%) for the organisation for further investigation and direction by the supervisor. Complete the Performance Report above outlining the variances (both in dollars and percentages). CoGo Trading Performance Report for the year ended 30 June 2021 Revenue Costs Variable Cost of Sales Sales Commissions Sales Discounts Other Sales Expenses Fixed Advertising Depreciation Electricity Insurance Rent Salaries & Wages Total Costs Net Income Budget Actual $ 390,000 $ 400,000 $164,000 $ 160,000 $ 19,500 $ 20,000 $ 8,600 $ $ 11,400 $ $ 203,500 $200,000 $ 16,000 $ 4,000 $ 6,560 $ $ 2,000 $ $ 8,000 $ $ 34,700 $ $ 71,260 $ 8,000 12,000 $ $ 16,000 4,000 6,000 2,000 8,000 32,000 68,000 $ 274,760 $ 268,000 $ 115,240 $ 132,000
Hi there, can you please help me with the following, I just want to make sure I am on the right track and make changes as apporpriate. CoGo Trading a subsidiary of Best Fit Ltd has just prepared the final results for the year ended 30 June 2021. To evaluate the performance of the business and to inform relevant stakeholders, you are required to prepare a performance report showing: Appropriate variances for revenue and cost items (dollar amount and percentage) Indicating whether variances are favourable or unfavourable Identify variances that are significant (alert any variances exceeding 5%) for the organisation for further investigation and direction by the supervisor. Complete the Performance Report above outlining the variances (both in dollars and percentages). CoGo Trading Performance Report for the year ended 30 June 2021 Revenue Costs Variable Cost of Sales Sales Commissions Sales Discounts Other Sales Expenses Fixed Advertising Depreciation Electricity Insurance Rent Salaries & Wages Total Costs Net Income Budget Actual $ 390,000 $ 400,000 $164,000 $ 160,000 $ 19,500 $ 20,000 $ 8,600 $ $ 11,400 $ $ 203,500 $200,000 $ 16,000 $ 4,000 $ 6,560 $ $ 2,000 $ $ 8,000 $ $ 34,700 $ $ 71,260 $ 8,000 12,000 $ $ 16,000 4,000 6,000 2,000 8,000 32,000 68,000 $ 274,760 $ 268,000 $ 115,240 $ 132,000
Chapter9: Responsibility Accounting And Decentralization
Section: Chapter Questions
Problem 5PA: Financial information for BDS Enterprises for the year-ended December 31, 20xx, was gathered from an...
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Transcribed Image Text:Hi there, can you please help me with the following, I just want to make sure I am on the right track and make changes as apporpriate.
CoGo Trading a subsidiary of Best Fit Ltd has just prepared the final results for the year ended 30 June 2021.
To evaluate the performance of the business and to inform relevant stakeholders, you are required to prepare a performance report showing:
Appropriate variances for revenue and cost items (dollar amount and percentage) Indicating whether variances are favourable or unfavourable
Identify variances that are significant (alert any variances exceeding 5%) for the organisation for further investigation and direction by the
supervisor.
Complete the Performance Report above outlining the variances (both in dollars and percentages).
CoGo Trading
Performance Report for the year ended 30 June 2021
Revenue
Costs
Variable
Cost of Sales
Sales Commissions
Sales Discounts
Other Sales Expenses
Fixed
Advertising
Depreciation
Electricity
Insurance
Rent
Salaries & Wages
Total Costs
Net Income
Actual
$ 390,000
$164,000 $ 160,000
$ 19,500 $
Budget
$400,000
8,600 $
$
$ 11,400 $
$ 203,500 $
$
$
$
16,000 $
4,000 $
6,560 $
$
$
$
$ 71,260 $
2,000 $
8,000 $
34,700 $
20,000
8,000
12,000
200,000
16,000
4,000
6,000
2,000
8,000
32,000
68,000
$ 274,760 $ 268,000
$ 115,240 $ 132,000
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