AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas and actual results for the month of February: Fixed Component Variable Component Actual Total
per Month per Job for February
Revenue $276 $35,890
Technician wages $8,600 $8,450
Mobile lab operating expenses $4,600 $34 $9,200
Office expenses $2,800 $3 $3,070
Advertising expenses $1,580 $1,650
Insurance $2,890 $2,890
Miscellaneous expenses $930 $1 $375
The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,600 plus $34 per job, and the actual mobile lab operating expenses for February were $9,200. The company expected to work 140 jobs in February, but actually worked 150 jobs.
Required:
Complete the flexible budget performance report showing AirQual Test Corporation’s revenue and spending variances and activity variances for February.

AirQual Test Corporation

Flexible Budget:

                                           Fixed     Variable  Actual   Flexible  Variance

Revenue                                             $276 $35,890  $41,400  ($5,510)  U

Technician wages             $8,600                $8,450      8,600        150   F    

Mobile lab operating exp. $4,600      $34  $9,200      9,700        500   F

Office expenses                $2,800         $3  $3,070     3,250         180   F

Advertising expenses        $1,580                $1,650      1,580          (70)  U

Insurance                           $2,890              $2,890      2,890          0   N/A

Miscellaneous expenses     $930         $1     $375       1,080        705   F

Total                                                           $10,255   $14,300   $4,045   U

Explanation:

a) Data and Calculations:

                                           Fixed     Variable  Actual

Revenue                                             $276 $35,890  

Technician wages             $8,600                $8,450  

Mobile lab operating exp. $4,600      $34  $9,200  

Office expenses                $2,800         $3  $3,070  

Advertising expenses        $1,580                $1,650  

Insurance                           $2,890              $2,890  

Miscellaneous expenses     $930         $1     $375

Expected number of jobs to be worked = 140

Actual number of jobs worked = 150

Flexible costs:

Revenue = $276 * 150 = $41,400

Mobile lab operating expense:

Fixed element = $4,600

Variable element = $34 * 150 = $5,100

Total flexible budget = $9,700

Office Expenses:

Fixed element = $2,800

Variable element =  $3 * 150 = $450

Total flexible budget =  $3,250

Miscellaneous expenses:

Fixed element = $930

Variable element = $1 * 150 = $150

Total flexible budget = $1,080

Spending Variances:

Technician wages             $8,600                $8,450      8,600        150   F      

Advertising expenses        $1,580                $1,650      1,580          (70)  U

Insurance                           $2,890              $2,890      2,890          0   N/A

Spending variances = $80 F

Activity Variances:

Mobile lab operating exp. $4,600      $34  $9,200      9,700        500   F

Office expenses                $2,800         $3  $3,070     3,250         180    F

Miscellaneous expenses     $930         $1     $375       1,080        705    F

Total activity variances = $1,385 F

(i know i'm late but the answer's "things about yourself" because you want to list things you're capable of, why you want to open up the business, the amount of money you're putting into it,etc.) i'm guessing you take online school small business, the answers to the quizzes are all over quizlet. just look up your question and type quizlet after it and it'll pop up.