**Flexible Budget Performance Report for Month Ended June 30**This report outlines the performance against the budget for a company with a budgeted selling price of $81 per unit and variable costs of $35 per unit. The table provides figures for a flexible budget and actual results, with variance calculations indicating favorable or unfavorable performance.| **Category** | **Flexible Budget(11,400 units)** | **Actual Results(11,400 units)** | **Variances** | **Favorable/Unfavorable** ||----------------------------|---------------------------------------|---------------------------------------|---------------|----------------------------|| Sales | | | $21,600 | Favorable || Variable Costs | | $357,000 | | || Contribution Margin | $524,400 | | | || Fixed Costs | $276,000 | $291,000 | | || Income | | | | |**Explanation:**- **Sales:** A favorable variance of $21,600 is noted, indicating better performance in actual sales compared to the flexible budget.- **Variable Costs & Contribution Margin:** The details are not completely filled in this table, suggesting further calculation is necessary to identify variances.- **Fixed Costs:** Comparison shows actual fixed costs were $291,000, needing evaluation against the flexible budgeted amount of $276,000.- **Income:** Final income variance is pending further calculation. This setup aids in evaluating financial performance, determining areas of efficiency, and identifying potential cost-saving opportunities.

FLEXIBLE BUDGETA flexible budget is a budget that is prepared for different levels of activity or capacity utilization or volume of output. If the budgets are prepared in such a way so as to change in accordance with the volume of output, they are called flexible budgets.The flexible Budget consists of various budgets for different levels of activity.The flexible Budget provides a meaningful basis for comparison of actual performance against the budgeted targets. Flexible Budget (11,400 Units)Actual Budget (11,400 Units)Favorable & Unfavorable ABA - BSales ($81*11,400)$923,400(923,400+21,600)$945,000$21,600Favorable Less :— Variable Cost ($35*11,400)$399,000$357,000$42,000Favorable Contribution Margin $524,400$588,000$63,600Favorable Less :— Fixed Cost $276,000$291,000$15,000Unfavorable Income $248,400$297,000$48,600Favorable Therefore,Flexible Budget (11,400 Units)Actual Budget (11,400 Units)Favorable & Unfavorable ABA - BSales ($81*11,400)$923,400(923,400+21,600)$945,000$21,600Favorable Less :— Variable Cost ($35*11,400)$399,000$357,000$42,000Favorable Contribution Margin $524,400$588,000$63,600Favorable Less :— Fixed Cost $276,000$291,000$15,000Unfavorable Income $248,400$297,000$48,600Favorable

Business

Accounting

Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unf The company budgets a selling price of $81 per unit and variable costs of $35 per unit. (Indicate the effect of each varian selecting favorable, unfavorable, or no variance.) For Month Ended June 30 Sales Variable costs Contribution margin Fixed costs Income Flexible Budget Performance Report Flexible Budget Actual Results (11,400 units) (11,400 units) 524,400 276,000 357,000 291,000 Variances Favorable/Unfavorable $ 21,600 Favorable

Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unf The company budgets a selling price of $81 per unit and variable costs of $35 per unit. (Indicate the effect of each varian selecting favorable, unfavorable, or no variance.) For Month Ended June 30 Sales Variable costs Contribution margin Fixed costs Income Flexible Budget Performance Report Flexible Budget Actual Results (11,400 units) (11,400 units) 524,400 276,000 357,000 291,000 Variances Favorable/Unfavorable $ 21,600 Favorable

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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
! 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…
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.
Please do not give solution in image format ?
Please do not give solution in image format thanku and please give all answers
None
Do not give image format
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
The following data were collected by Pete Inc. for the month of May: Static budget data: Sales Variable costs Total fixed costs Actual results: Sales Variable costs Total fixed costs Sales (units) Revenue Variable expenses Contribution margin 11,500 units @ 40/unit $28.00 per unit $ 24,150 Required: 1, 2 & 3. Prepare the static and flexible budgets and show the variances by completing the table given below. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Fixed expenses Income 12,600 units @ $39/unit $30.00 per unit $ 23,050 Actual Pete Inc. Static Budget Performance Report For the Month Ended May 31 Flexible Budget Flexible Budget Variance Sales Volume Variance Static Budget Static Variance
Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavorable. The company budgets a selling price of $87 per unit and variable costs of $33 per unit. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. For Month Ended June 30 Sales Variable costs Contribution margin Fixed costs Income Flexible Budget Performance Report Flexible Budget (12,500 units) 675,000 287,000 Actual Results (12,500 units) 308,000 302,000 Variances Favorable or Unfavorable S 52,500 Favorable