1Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showingvariances between budgeted and actual results. (Indicate the effect of the variance by selecting favorable, unfavorable, or novariance.)Sales (units produced and sold)Sales (in dollars)Variable costsFixed costsFixed Budget1,350Actual Results1,550$ 1,050 per unit$ 420 per unit$ 1,678,000$ 652,000$ 147,500$ 137,000For Month Ended May 31SalesVariable costsContribution marginFixed costsIncomeLEWIS COMPANYFlexible Budget Performance ReportFlexible Budget Actual Results(1,550 units) (1,550 units)VariancesFavorable/Unfavorable

Step 1: Understanding of flexible budget:- Flexible budget is as name suggest indicates sales,…

Answered: 1 Lewis Company reports the following…

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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The following is data collected by Bees Co. for the month of June Static budget data: Sales Variable costs 11,000 units $38/unit $27 per unit $23,100 Total fixed costs Actuel results: 619 Sales Variable costs Total fixed costs 12,000 units $37/unit $28 per unit $22,100 Required: Prepare the flexible budgets and show the flexible budget variances by completing the table given below. Indicate the effect of each varionce by selecting "F for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero voriance). Flexible Favourable Unfavourable Static Flexible Budget Variance Actual Budget Budget Sales (units) Revenue ($) Variable expenses (S) Fixed expenses (5) Income (S) 11,000 418,000 297,000 23.100 97,100 (Clck to select) (Cick to select) v (Cick to select) (Click to select)
Question 4- Variance Analysis Required: The owners can see that the company sold a different amount of units than budgeted. They have asked vou to determine the flexible budget amounts and calculate the variances when comparing the flexible budget to the actual results S marksl. Flexible Budget Report Variance (show Static Flexible or Budget Budget Actual as positive Unfavorable Amount Amount Results amount) (U) Sales in Linits 6,500 6,200 Sales $ 650,000 650,000 Variable Cost 260,000 275,500 Foed Cost 26,000 25,000 Jet Operating Income 364 000 349,500
Blossom Industries has the following actual and master budget information for its two product lines: Volume in Units Unit Contribution Margin Actual Results Sales quantity variance Gizmos Gadgets 1,110 $4 Sales quantity variance Gadgets $ Total sales quantity variance $ Gizmos $ 1,830 $7 Master Budget Compute the Sales Quantity Variances for the Gadgets, Gizmos, and in Total. (Round intermediate calculations to 4 decimal places, eg. 2.3337 and final answers to O decimal places, e.g. 2,555.) Gadgets 1,310 $3 Gizmos 1,730 $8 V
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The following information is available for Brownstone Products Company for the month of July: Master Budget Units Sales revenue Variable manufacturing costs Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrative expenses Actual 3,900 $ 59,500 10,100 12,000 6,600 8,100 3,200 $ 60,000 16,000 13,200 8,000 9,300 Required: 1. What was the master budget variance for July? Was this variance favorable or unfavorable? 2. Compute the July sales volume variance and the flexible-budget variance for the month, both in terms of contribution margin and in terms of operating income. 4. Prepare pro-forma budgets for activities within its relevant range of operations. Prepare a flexible budget for each of the following two output levels: a. 3,780 units. b. 4,180 units. Complete this question by entering your answers in the tabs below. > Answer is complete but not entirely correct.
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Selected data for March for Irvington, Incorporated follows. The variable material sales activity variance is $23,040 U. Flexible budget based on actual sales of 9,958 units: Revenue Materials Labor Variable overhead Fixed costs (manufacturing and administrative) Required: a. How many units were budgeted for March in the master budget? b. Recreate the master budget for March. Complete this question by entering your answers in the tabs below. Required A Required B How many units were budgeted for March in the master budget? Budgeted sales units $ 300,440 99,840 78,000 50,960 41,120
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Lewis Company reports the following foxed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs For Month Ended May 31 Fixed Budget 1,380 $ 1,200 per unit $4809 per unit $152,000 LEWIS COMPANY Flexible Badget Performance Report Flexible Budget Actual Results Variances (1.500 units) (1,500 units) Actual Results 1,500 $ 1,961,000 $799,000 $ 140,000 Favorable/Unfavorable

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