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Controllable variance funfavorable) 8,000 Required 1. Prepare journal entries dated June 30 to record the company's costs and variances for the month. (Do not prepare the journal entry to close the variances.) Analysis Component 2. Identify the variances that would attract the attention of a manager who uses management by excep tion. Describe what action(s) the manager should consider. Check (1) De Workin Process inventory for overhead $230,000 SERIAL PROBLEM Business Solutions P1 This serial probleme began in Chapter I and continues through most of the book. If previous chapter seg- ments were not completed the serial problem can begin at this point SP: Business Solutions's second-quarter 2020 fixed budget performance report for its computer furni- ture operations follows. The $156,000 budgeted expenses include $108,000 in variable expenses for desks and $18,000 in variable expenses for chairs, as well as $30,000 fixed expenses. The actual expenses include $31,000 fixed expenses. Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately. Fixed Budget Actual Results Variances Desk sales in units) Chair sales in units 144 72 150 80 Desk sales Chair sales Total expenses Income from operations $180,000 36,000 156.000 $ 60,000 $186,000 41,200 163,880 $ 63,320 $6,000 F 5.200 F 7.880 U $3.320 F Alesander image/Shutterstock Check Variances Fixed expenses. $1.000 Accounting Analysis AA 8-1 Flexible budgets and standard costs emphasize the importance of a similar unit of measure for COMPANY meaningful analysis. When Apple compiles GAAP financial reports, it applies the same unit of mea ANALYSIS count al

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