DataActualFlexible BudgetFlexibleSales-VolumeResultsVariance(2)BudgetVariancesStatic Budget(1)= (1) - (3)(3)(4)=(3)-(5)(5)12.00014,000Units soldRevenue (sales)Variable costs1,260,000Direct materials621,600Direct manufacturing labor198,000Variable manufacturing overhead130,500Total variable costs950,100Contribution margin309,900Fixed costs285,000Operating income24,900о1,442,000720,000192,000144,0001,056,000386,000276,000110,000Requirement: Using the data above, prepare the flexible budget and relevant variancesSteps to develop a flexible budget1. Identify the actual quantity of output - use that for the flexible budget.2. Calculate the flexible budget for revenues based on the budgeted selling price and actualquantity of output.3. Calculate the flexible budget variable costs based on the budgeted variable cost per outputunit, actual quantity of output.4. Calculate the flexible budget fixed costs based on budgeted fixed costs.

The objective of this question is to prepare a flexible budget and calculate the relevant variances…

Answered: Data Actual Flexible Budget Flexible…

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

Flexible Analysis Report Actual Flexible Sales-Volume Static Budget Results Budget Variances Budget Variance 18,500 A) B) C) 20,000 Units Sold D) $185,000 Fav E) F) G) Revenues H $92,500 Un I) $90,000 Fav J) Variable Costs K) $50,000 Fav L) M) $500,000 Fixed Costs N) O) P) Q) R) Operating Income A) B) C) D) E) F) G) H) I) J) K) L) M) N) O) P) Q) Q)
None
S TB MC Qu. 16-41 (Algo) James Manufacturing had the following... James Manufacturing had the following information available for July: Actual Results 13,300 Units Sales revenue Less: Variable manufacturing costs Variable marketing and administrative Contribution margin What was James's flexible budget contribution margin for July? ere to search Multiple Choice $52,600 $50 750 O $ 90,750 ? $ 52,600 ? Sales Activity Variance 3,350 U ? $ 4,150 F $ 6,150 U Master Budget ? ? $ 123,900 $30,300 ? 37°F Cloudy ^-4
Contribution Margin Variance Iliff, Inc., produces and sells two types of countertop ovens—the toaster oven and the convection oven. Budgeted and actual data for the two models are shown below. Budgeted Amounts: ToasterOven ConvectionOven Total Sales: ($100 × 26,000) $2,600,000 ($145 × 16,000) $2,320,000 $4,920,000 Variable expenses 455,000 750,000 1,205,000 Contribution margin $2,145,000 $1,570,000 $3,715,000 Actual Amounts: ToasterOven ConvectionOven Total Sales: ($80 × 24,500) $1,960,000 ($165 × 13,500) $2,227,500 $4,187,500 Variable expenses 500,000 703,400 1,203,400 Contribution margin $1,460,000 $1,524,100 $2,984,100 Required: 1. Calculate the contribution margin variance.
Don't give answer in image format
A Read aloud | V Draw Highlight Problem 18.32 Contribution Margin Variance, Contribution Margin Volume Varlance, Market Share Variance, Market Size Variance Objective 5 - Compute the sales price, sales volume, contribution margin, contribution margin volume, sales mix, market share, and market size variances. Sulert, Inc., produces and sells gel-filled ice packs. Sulert's performance report for April follows: СМА Actual Budgeted Units sold Sales 290,000 S1,450,000 652,500 $ 797,500 1,250,000 300,000 $1,515,000 636.300 S 878,700 Variable costs Contribution margin Market size (in units) 1,200,000 Required: 1. Calculate the contribution margin variance and the contribution margin volume variance. 2. Calculate the market share variance and the market size variance. (CMA adapted)
Contribution Margin Volume Variance Ioannis Inc., produces and sells two types of countertop ovens—the toaster oven and the convection oven. Budgeted and actual data for the two models are shown below. Budgeted Amounts: ToasterOven ConvectionOven Total Sales: ($96 × 27,500) $2,640,000 ($151 × 19,500) $2,944,500 $5,584,500 Variable expenses 535,000 750,000 1,285,000 Contribution margin $2,105,000 $2,194,500 $4,299,500 Actual Amounts: ToasterOven ConvectionOven Total Sales: ($85 × 27,000) $2,295,000 ($163 × 13,000) $2,119,000 $4,414,000 Variable expenses 513,200 721,200 1,234,400 Contribution margin $1,781,800 $1,397,800 $3,179,600 1. Calculate the budgeted average unit contribution margin. 2. Calculate the contribution margin volume variance
Contribution Margin Volume Variance Iliff, Inc., produces and sells two types of countertop ovens—the toaster oven and the convection oven. Budgeted and actual data for the two models are shown below. Budgeted Amounts: ToasterOven ConvectionOven Total Sales: ($92 × 29,500) $2,714,000 ($155 × 15,500) $2,402,500 $5,116,500 Variable expenses 495,000 780,000 1,275,000 Contribution margin $2,219,000 $1,622,500 $3,841,500 Actual Amounts: ToasterOven ConvectionOven Total Sales: ($81 × 25,000) $2,025,000 ($165 × 12,500) $2,062,500 $4,087,500 Variable expenses 539,600 712,300 1,251,900 Contribution margin $1,485,400 $1,350,200 $2,835,600 Required: 1. Calculate the budgeted average unit contribution margin. Round your answer to the nearest cent. Use rounded answer in subsequent computations. 2.…
Static and Flexible Budgets Graham Corporation used the following data to evaluate its current operating system. The company sells items for $10 each and used a budgeted selling price of $10 per unit. Units sold Variable costs Fixed costs a. Prepare the actual income statement, flexible budget, and static budget. Do not use negative signs with any of your answers below. Actual Budgeted 1,180,000 1,200,000 2,200,000 2,400,000 1,875,000 1,837,000 Units sold Revenues Variable costs Contribution margin Fixed costs Operating income $ $0 $0 Actual Results Flexible Budget Static Budget $ 0 $ For questions b., c., and d., do not use negative signs with your answers. Select either U for Unfavorable or F for Favorable using the drop down box next to each of your variance answers. b. What is the static-budget variance of revenues? C. What is the flexible budget variance for variable costs? <¶► 0 0 $ 0 0 0 0 $ ◆ 0 0 $ 0 0 0 0 $ d. What is the flexible budget variance for fixed costs? 0 0 0 0 0 0
Please do not give solution in image format thanku
F Based on predicted production of 25,000 units, a company budgets $280,000 of fixed costs and $275,000 of variable costs. If the company actually produces 19,800 units, what are the flexible budget amounts of fixed and variable costs? -----Flexible Budget------ Variable Amount per Unit Total Fixed Cost 19,800 units $ 275,000 Variable cost Fixed costs 280,000 2 W S # 3 E D $ 4 $ D R F 4 U 8 J 9 K
Little Table of Information (L'TOI) The table reminds you about the difference between finished units (sales volume) and resources units used to produce those sales. Also, BOTH the +2 and SQ must reflect the actual and standard (planned) resource units needed to produce the actual sales volume. Little Table of Information (L'TOI) Flexible Budget Actual Actual Finished Units (FU) Sold 17,000 17,000 x Resource Units per FU 1.00 1.50 = Total Resource Units (RU) (SQ) 17,000 25,500 (AQ) x Price per RU (SP) $8.00 $7.00 (AP) = Total cost $136,000 $178,500 Problem 6.1: In August, Phelps produced 5,000 award medals, 100 more than expected. During the month, the company purchased 1,100 ounces of gold for $875,000. Material standards per medal: 0.21 ounces @ $800 per ounce. The company actually used 1,000 ounces of gold for production. Calculate direct materials price and quantity variances. Problem 6.2: Shevlin Enterprises purchased 60,000 gallons of direct materials during the year at a price…

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS