1. Fixed Budgets, Flexible Budgets and the Flexible Budget Performance Report- following information for August 2022. a. Sales Variable Costs Fixed Costs (total) Units produced and sold C Budgeted $80 per unit $57 per unit $305,000 total 16,000 Actual $1,320,800 total $937,250 total $303,200 total 16,400 Prepare a flexible budget for August 2022 at the following levels of activity: 14,000 units; 15,000 units; 17,000 units. ( b. Prepare a 'Flexible Budget Performance Report' for August 2022 at the actual level of activity of 16,400 units, showing variances between the flexible budget (@16,400 units) and actual results at 16,400 units. List variable and fixed expenses separately, and indicate variances as favorable (F) or unfavorable (U). YaHo, Inc. reports the Calculate the Sales Price Variance for August 2022. Indicate whether this variance is favorable (F) or unfavorable (U). (0)
1. Fixed Budgets, Flexible Budgets and the Flexible Budget Performance Report- following information for August 2022. a. Sales Variable Costs Fixed Costs (total) Units produced and sold C Budgeted $80 per unit $57 per unit $305,000 total 16,000 Actual $1,320,800 total $937,250 total $303,200 total 16,400 Prepare a flexible budget for August 2022 at the following levels of activity: 14,000 units; 15,000 units; 17,000 units. ( b. Prepare a 'Flexible Budget Performance Report' for August 2022 at the actual level of activity of 16,400 units, showing variances between the flexible budget (@16,400 units) and actual results at 16,400 units. List variable and fixed expenses separately, and indicate variances as favorable (F) or unfavorable (U). YaHo, Inc. reports the Calculate the Sales Price Variance for August 2022. Indicate whether this variance is favorable (F) or unfavorable (U). (0)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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Transcribed Image Text:1. Fixed Budgets, Flexible Budgets and the Flexible Budget Performance Report
following information for August 2022.
Sales
Variable Costs
Fixed Costs (total)
Units produced and sold
Budgeted
$80 per unit
$57 per unit
$305,000 total
16,000
Actual
$1,320,800 total
$937,250 total
$303,200 total
16,400
YaHo, Inc. reports the
Prepare a flexible budget for August 2022 at the following levels of activity: 14,000 units; 15,000 units;
17,000 units. (
b. Prepare a 'Flexible Budget Performance Report' for August 2022 at the actual level of activity of 16,400
units, showing variances between the flexible budget (@16,400 units) and actual results at 16,400 units.
List variable and fixed expenses separately, and indicate variances as favorable (F) or unfavorable (U).
C. Calculate the Sales Price Variance for August 2022. Indicate whether this variance is favorable (F) or
unfavorable (U). (0
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