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Please Help. 7. Answer the following questions: a. What...

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Accounting

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7. Answer the following questions: a. What is the master budget variance for Shipping exp.? $ %,U or F? What does it mean? b. What is the master budget variance for Lease Exp? \$ %,U or F ? What does it mean? 8. Use management by exception to determine which variances to investigate. HINT: In column K, use the "If function", along with "Absolute value function" to find the variances that are larger than the decision rule. Also, since the decision rule is in B2L and you want Excel to always compare to B21, you need to make it an absolute reference: $B$21. For example, =IF(ABS(K7)>($BS21), "yes", "no" ). 9. Now check to see if everything ripples through the budget if you change an assumption. Try changing the assumed sales volume to 20,500 and Shipping expense to $2.10 per case. You should have a new total variance for operating income of $21,287,9.8% variance, F. 10. Change the sales volume assumption back to $20,000 and the shipping expense assumption back to $2.00

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