Phoenix Company's 2019 master budget included the following fixed budget report It is based on an expected production and svolume of 17,000 units.PHOENIX COMPANYFixed Budget ReportFor Year Ended December 31, 2019SalesCost of goods soldDirect materialsDirect laborMachinery repairs (variable cost)Depreciation-Plant equipment (straight-line)Utilities (S68, 000 is variable)Plant management salariesGross profitSelling expensesPackagingShippingSales salary (fixed annuel amount)General and administrative expensesAdvertising expenseSalariesEntertainment expenseIncome from operations$3,400,000$1,020,000255,00085,000330, 000218, 000215,000 2,123, 0001,277,000102,000136,000270,000508,000131,000241,000100, 000472,000$ 297,000Phoenix Company's actual income statement for 2019 follows.PHOENIX COMPANYStatement of Income from OperationsFor Year Ended December 31, 2019Seles (20,000 units)Cost of goods soldDirect neterialsDirect laborHachinery repairs (variable cost)Depreciation-Plant equipment (straight-line)utilities (4ixed cost is $147, 500)Plant managenent selariesGross profitSelling expensesPackagingShippingSales salary (annual)General and administrative expensesAdvertising expenseSalariesEntertainment expenseIncome from operations$4,078,000$1,216,000308,00092, 000330,000227,800226,0002,399, 0001,679,000117,000153,000288,000558, 00140,000241,000103, 500484,500$ 36,500Required:1. Prepare a flexible budget performance report for 2019. (Indicate the effect of each varlance by selecting for favorable,unfavorable, and No varlance.)PHOENIX COMPANYFlexible Budget Performance ReportFor Year Ended December 31, 2019Flexible Budget Actual Results Variances Fav. / Unfav.Variable costsFued costs

Comparison and Analysis of actual result with flexible results help in evaluation and making…

. Prepare a flexible budget performance report for 2019. (Indicate the effect of each varlance by selec unfavorable, and No varlance.) PHOENIX COMPANY Flexible Budget Pertormance Report For Year Ended December 31, 2019 Flexible Budget Actual Results Variances Fav. / Unfav. Variable costs Fired costs

. Prepare a flexible budget performance report for 2019. (Indicate the effect of each varlance by selec unfavorable, and No varlance.) PHOENIX COMPANY Flexible Budget Pertormance Report For Year Ended December 31, 2019 Flexible Budget Actual Results Variances Fav. / Unfav. Variable costs Fired costs

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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! Required information [The following information applies to the questions displayed below.] Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,300 units. Sales Costs Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries. Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment Income PHOENIX COMPANY Fixed Budget For Year Ended December 31 Sales (18,300 units) Costs Income Direct materials Direct labor Sales staff commissions Depreciation-Machinery Phoenix Company reports the following actual results. Actual sales were 18,300 units. Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment $ 3,060,000 979,200 229,500 76,500 300,000 200,000 229,500 250,000 450, 300 192,000 $ 153,000 $ 3,705,750 $ 1,185,840 281,820 82,350 300,000 214,000 266, 265 267,000 458,300…
determine the following: Cost volume variance Price variance
Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($340.00q) Expenses: Wages and salaries ($3,300 + $91.00q) Fuel ($32.00q) Airport fees ($850 + $31.00q) Aircraft depreciation ($10.00q) Office expenses ($210+ $1.00q) Total expenses Net operating income Actual Results 55 $ 16,100 8,263 1,926 2,410 550 433 13,582 $ 2,518 Flexible Planning Budget Budget 53 $ 18,020 55 $ 18,700 8,305 1,760 2,555 550 265 13,435 $ 5,265 8,123 1,696 2,493 530 263 13,105 $ 4,915 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount.
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