please dont provide answer in image format thank you Required 1 Required 2During the year, the company manufactured and sold 55,000 units of product. Prepare a flexible budget for this level ofoutput. (Do not round intermediate calculations.)SalesLess: Cost of goods sold:Direct materialsDirect laborManufacturing overhead:VariableFixedGross profitLess: Operating expenses:Selling expenses:Sales commissionsRentInsuranceGeneral expenses:SalariesRentDepreciationOperating incomeCRANE CORPORATIONFlexible BudgetRequired 1 Required 2SalesLess: Cost of goods sold:Direct materialsDirect laborSelling expenses:Manufacturing overhead:VariableFixedGross profitLess: Operating expenses:CRANE CORPORATIONFlexible BudgetGeneral expenses:SalariesRentNow suppose that the actual level of output was 65,100 units. Prepare a flexible budget for this output level. (Do not roundintermediate calculations.)Sales commissionsRentInsuranceDepreciationOperating income$$$$00000000 Crane Corporation's master budget for the year is shown below:Sales (60, 100 units)Cost of goods sold:Direct materialsDirect laborOverhead (variable overhead applied at 45% ofdirect labor cost)Gross profitSelling expenses:Sales commissions (all variable)Rent (all fixed)Insurance (all short-term fixed)General expenses:Salaries (all short-term fixed)Rent (all short-term fixed)Depreciation (all short-term fixed)Operating income$ 174,290456,760241,000$ 162,27041,00031,00092,50077,50051,000$ 1,923, 200872, 050$ 1,051, 150455, 270$ 595,880Required:1. During the year, the company manufactured and sold 55,000 units of product. Prepare a flexible budget for this level of output.2. Now suppose that the actual level of output was 65,100 units. Prepare a flexible budget for this output level.

Budgeting is a process of estimation of future income and expenditure for a particular period. there…

Crane Corporation's master budget for the year is shown below: Sales (60, 100 units) Cost of goods sold: Direct materials. Direct labor Overhead (variable overhead applied at 45% of direct labor cost) Gross profit Selling expenses: Sales commissions (all variable) Rent (all fixed) Insurance (all short-term fixed) General expenses: Salaries (all short-term fixed) Rent (all short-term fixed) Depreciation (all short-term fixed) Operating income $ 174,290 456,760 241,000 $ 162,270 41,000 31,000 92,500 77,500 51,000 $ 1,923, 200 872, 050 $ 1,051, 150 455, 270 $ 595,880 Required: 1. During the year, the company manufactured and sold 55,000 units of product. Prepare a flexible budget for this level of output. 2. Now suppose that the actual level of output was 65,100 units. Prepare a flexible budget for this output level.

Crane Corporation's master budget for the year is shown below: Sales (60, 100 units) Cost of goods sold: Direct materials. Direct labor Overhead (variable overhead applied at 45% of direct labor cost) Gross profit Selling expenses: Sales commissions (all variable) Rent (all fixed) Insurance (all short-term fixed) General expenses: Salaries (all short-term fixed) Rent (all short-term fixed) Depreciation (all short-term fixed) Operating income $ 174,290 456,760 241,000 $ 162,270 41,000 31,000 92,500 77,500 51,000 $ 1,923, 200 872, 050 $ 1,051, 150 455, 270 $ 595,880 Required: 1. During the year, the company manufactured and sold 55,000 units of product. Prepare a flexible budget for this level of output. 2. Now suppose that the actual level of output was 65,100 units. Prepare a flexible budget for this output level.

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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