20,400 units for the year ending December 31. A flexible budget for 20,400 units of production reflects sales of $510,000; variable costs of $61,200; and fixed costs of $142,000. Assume that actual sales for the year are $615,500 (26,500 units), actual variable costs for the year are $113,900, and actual fixed costs for the year are $131,000. Prepare a flexible budget performance report for the year.
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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Brodrick Company expects to produce
20,400 units for the year ending December
31. A flexible budget for 20,400 units of
production reflects sales of $510,000;
variable costs of $61,200; and fixed costs of
$142,000.
Assume that actual sales for the year are
$615,500 (26,500 units), actual variable
costs for the year are $113,900, and actual
fixed costs for the year are $131,000.
Prepare a flexible budget performance
report for the year.
Contribution margin
BRODRICK COMPANY
Flexible Budget Performance Report
For Year Ended December 31
Flexible Budget Actual Results Variances
$
0
0 $
0
0
Favorable/
Unfavorable](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F01354a5b-40f6-44c3-bbdd-77fe2239b81b%2F63d1028d-e6c6-46ce-ba2a-71d5fe29aa55%2Ffqy6ghl_processed.jpeg&w=3840&q=75)
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