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Question - K&B is a small management consulting firm. Last month, the firm billed fewer hours than expected, and, as expected, profits were lower than anticipated.
Reported Income Statement
Master Budget
Billable hoursa
7,220
9,100
Revenue
$672,000
$812,000
Professional salaries (all variable)
341,000
401,000
Other variable costs (e.g., supplies, computer services)
98,200
120,200
Fixed costs
205,400
200,400
Profit
$27,400
$90,400
aThese are hours billed to clients. They are fewer than the number of hours worked because there is nonbillable time (e.g., slack periods, time in training sessions) and because some time worked for clients is not charged to them.
Required: Prepare a flexible budget for K&B. Use billable hours as the measure of output (that is, units produced).
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