Main Street Muffins sells its muffins to restaurants and coffee houses for an average selling price of Main Street Muffins sells its muffins to restaurants and coffee houses for an average selling price of $26 per case. The following information relates to the budget for Main Street Muffins for this year (all figures are annual totals unless otherwise noted):- View the budget information.- View the actual expenses (in total) from this year.- Read the requirement.(Enter the variances as positive numbers. Label each variance as favorable (F) or unfavorable (U), in the input field after the amount you enter. If the variance is 0, make sure to enter in a "0". A variance of zero is considered favorable.)---Main Street Muffins Flexible Budget Performance Report - Sales and Operating Expenses For the Year Ended December 31| | Flexible Budget | Flexible Budget | Master Budget ||-----------------------|------------------|--------------------|----------------|| | 9,500 cases | 9,500 cases | 9,100 cases || | Variance | Volume Variance | ||-----------------------|------------------|--------------------|----------------|| **Sales Revenue** | | | || ($26 per case) | | | |(Note: There are input fields for variances under the flexible budget columns.) **Budget Information:**- **Budgeted Sales in Cases:** 9,100 cases- **Packaging Cost per Case:** $1- **Shipping Expense per Case:** $2- **Sales Commission Expense:** 5% of sales price- **Salaries Expense:** $6,500- **Office Rent:** $3,900- **Depreciation:** $2,500- **Insurance Expense:** $1,800- **Office Supplies Expense:** $900**Actual Expenses:**- **Packaging Cost:** $10,800- **Shipping Expense:** $19,500- **Sales Commission Expense:** $12,760- **Salaries Expense:** $7,300- **Office Rent:** $3,900- **Depreciation:** $2,500- **Insurance Expense:** $1,800- **Office Supplies Expense:** $1,800*Note: During the year, Main Street Muffins actually sold 9,500 cases, resulting in total sales revenue of $255,200.***Requirement:**Construct a flexible budget performance report for Main Street Muffins for the year. Be sure to indicate whether each variance is favorable (F) or unfavorable (U).

The main purpose of Standard costing is to compare your actual performance with these standards and…

Budget information Budgeted sales in cases... Packaging cost per case. S Shipping expense per case... Sales commission expense Salaries expense Office rent.. $ Depreciation $ Insurance expense. $ Office supplies expense... $ Print 9,100 cases 1 Done 2 5% of sales price 6,500 3,900 2,500 1,800 900 X Actual expenses Packaging cost.. Shipping expense.. Sales commission expense.. Salaries expense... Office rent.. $ 10,600 $ 19,500 $ 12,760 $ 7,300 3,900 $ Depreciation $ 2,500 Insurance expense $ 1,600 1,600 Office supplies expense $ During the year, Main Street Muffins actually sold 9,500 cases, resulting in total sales revenue of $255,200. X Requirement Construct a flexible budget performance report for Main Street Muffins for the y Be sure to indicate whether each variance is favorable (F) or unfavorable (U). Print Done

Budget information Budgeted sales in cases... Packaging cost per case. S Shipping expense per case... Sales commission expense Salaries expense Office rent.. $ Depreciation $ Insurance expense. $ Office supplies expense... $ Print 9,100 cases 1 Done 2 5% of sales price 6,500 3,900 2,500 1,800 900 X Actual expenses Packaging cost.. Shipping expense.. Sales commission expense.. Salaries expense... Office rent.. $ 10,600 $ 19,500 $ 12,760 $ 7,300 3,900 $ Depreciation $ 2,500 Insurance expense $ 1,600 1,600 Office supplies expense $ During the year, Main Street Muffins actually sold 9,500 cases, resulting in total sales revenue of $255,200. X Requirement Construct a flexible budget performance report for Main Street Muffins for the y Be sure to indicate whether each variance is favorable (F) or unfavorable (U). Print Done

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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