Flexible Budget Analysis

Ny-eve Consulting Group”s accountant has produced the following budget, actual, and variance report, showing that profits were behind expectations by almost $18,000.

Ny-eve Consulting Group: Variance Report

Budget

Actual

Variance

Hours sold Average price/hour

1,200

$100

1,100

$90

Revenue

$120,000

$99,000

$(21,000)

Direct labour hours

1,200

1,150

Average salary cost

$40

$38.50

Direct labour cost

$48,000

$44,275

$3,725

Variable overhead costs

“Travel: 5% of revenue

$6,000

$5,200

$800

Fixed overhead costs

$35,000

$36,500

$(1,500)

Total costs

$89,000

$85,975

$3,025

Operating profit

$31,000

$13,025

$(17,975)

What does the report tell the reader? What is its limitation?
Construct a flexible budget and determine the variances. How does that provide more information to users?

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