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1. Cell reference all of the line items (account names) from the master budget into the Flexible Budget Performance report. 2. Cell reference all of the actual figures from the master budget to the actual column of the Elexible Budget Performance report. 3. Formulate the Master Budget figures by referencing (e.g., =G7) the appropriate cells in the first performance report. By doing so, if any assumptions change, they will ripple through BOTH perfomance reports. 4. Build the Flexible Budget by using the ACTUAL SALES VOLUME achieved along with the original budget assumptions. This is very similar to building a master budget, except you are using actual sales volume. Assume the actual sales volume achieved is in the same relevant range as the original budget assumptions. Try using the "accounting" or "currency" settings to get dollar signs, commas, and brackets on negative numbers. Add underlines and double underlines as needed. 5. Head the appropriate column for the Volume Variance and then use Excel formulas to populate the cells in that column (e.g., +H3333). Once you get the first cell done, copy and paste the 5. Head the appropriate column for the Volume Variance and then use Excel formulas to populate the cells in that column (e.g., +H33J33 ). Once you get the first cell done, copy and paste the formula to the other cells. 6. Head the appropriate column for the Spending Variance and then use Excel formulas to populate the cells in that column (e.g. +F33H33). Again, copy and paste the formulas to the other cells. 7. Format the report appropriately (Dollar signs, underscores, double underscores, etc., ) Use the following check figures to check your formulas so far: Lease on Diatn center $15,500$(1,500)$17,000$ - $17,000 Shipping Expense $44,213$1293 \$42,920 \$2,920 $40,000 8. To save time, we won't add the U and F designations to the flexible budget performance report. However, you'll need to mentally figure out which way they go. The interpretation of the volume variance is a little problematic because it compares two budgets, rather than budget vs. actual. For the purposes of this assignment, fill in the "volume variance" for variable costs as the difference between the flexible budgeted amount and the master budget amounts. HINT. Think of the MASTER BUDGET as the company ' target when determining whether the volume variance should be designated as a U or F. Kelsey's Frozen Confectionaries Fexible Budget Performance Report For the month ended June 30 ACTUAL FLEXIBLEBUDGETMASTERBUDGET 1. Cell reference all of the line items (account names) from the master budget into the Flexible Budget Performance report. 2. Cell reference all of the actual figures from the master budget to the actual column of the Elexible Budget Performance report. 3. Formulate the Master Budget figures by referencing (e.g., =G7) the appropriate cells in the first performance report. By doing so, if any assumptions change, they will ripple through BOTH perfomance reports. 4. Build the Flexible Budget by using the ACTUAL SALES VOLUME achieved along with the original budget assumptions. This is very similar to building a master budget, except you are using actual sales volume. Assume the actual sales volume achieved is in the same relevant range as the original budget assumptions. Try using the "accounting" or "currency" settings to get dollar signs, commas, and brackets on negative numbers. Add underlines and double underlines as needed. 5. Head the appropriate column for the Volume Variance and then use Excel formulas to populate the cells in that column (e.g., +H3333). Once you get the first cell done, copy and paste the 5. Head the appropriate column for the Volume Variance and then use Excel formulas to populate the cells in that column (e.g., +H33J33 ). Once you get the first cell done, copy and paste the formula to the other cells. 6. Head the appropriate column for the Spending Variance and then use Excel formulas to populate the cells in that column (e.g. +F33H33). Again, copy and paste the formulas to the other cells. 7. Format the report appropriately (Dollar signs, underscores, double underscores, etc., ) Use the following check figures to check your formulas so far: Lease on Diatn center $15,500$(1,500)$17,000$ - $17,000 Shipping Expense $44,213$1293 \$42,920 \$2,920 $40,000 8. To save time, we won't add the U and F designations to the flexible budget performance report. However, you'll need to mentally figure out which way they go. The interpretation of the volume variance is a little problematic because it compares two budgets, rather than budget vs. actual. For the purposes of this assignment, fill in the "volume variance" for variable costs as the difference between the flexible budgeted amount and the master budget amounts. HINT. Think of the MASTER BUDGET as the company ' target when determining whether the volume variance should be designated as a U or F. Kelsey's Frozen Confectionaries Fexible Budget Performance Report For the month ended June 30 ACTUAL FLEXIBLEBUDGETMASTERBUDGET

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