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Find renters and charges the owners one-half

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Reference no: EM133140560

Phoenix Management helps rental property owners find renters and charges the owners one-half of the first month's rent for this service. For August 2022, Phoenix expects to find renters for 100 apartments with an average first month's rent of $820. Budgeted cost data per tenant application for 2022 follow:

  • Professional labor: 1.5 hours at $20.00 per hour
  • Credit checks: $56.00

Phoenix expects other costs, including the lease payment for the building, secretarial help, and utilities, to be $3,600 per month. On average, Phoenix is successful in placing one tenant for every three applicants.

Actual rental applications in August 2022 were 240. Phoenix paid $9,000 for 350 hours of professional labor. Credit checks went up to $60 per application. Other costs in August 2022 (lease, secretarial help, and utilities) were $3,700. The average first monthly rentals for August 2022 were $980 per apartment unit for 80 units.

1. (a)the master budget variance for August 2022? (b) the total flexible budget variance for the month? (c) the sales volume variance for the month?

2. Determine the professional labor rate and labor efficiency variances for August 2022.

Reference no: EM133140560

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