**Exercise 21-4 (Algo) Preparing Flexible Budget Performance Report**Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavorable. The company budgets a selling price of $85 per unit and variable costs of $34 per unit. *(Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.)***Flexible Budget Performance Report**| **For Month Ended June 30** | **Flexible Budget (12,300 units)** | **Actual Results (12,300 units)** | **Variances** | **Favorable/Unfavorable** ||---------------------------------|------------------------------------|-----------------------------------|---------------|---------------------------|| **Sales** | | | $ 44,500 | Favorable || **Variable costs** | | 366,000 | | || **Contribution margin** | 627,300 | | | || **Fixed costs** | 285,000 | 300,000 | | || **Income** | | | | |This table presents a flexible budget performance report for the month ended June 30. It compares the budgeted figures to the actual results for sales, variable costs, contribution margin, fixed costs, and income. The variance for sales is $44,500, and it is marked as favorable. Details for other components need to be completed based on the actual results and further analysis of variances.

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Description: **Exercise 21-4 (Algo) Preparing Flexible Budget Performance Report**Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavorable. The company budgets a selling price of $85 per un

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 (12,300 Units)Actual Budget (12,300 Units)Favorable & Unfavorable ABA - BSales (12,300*$85)$1,045,500($1,045,500+$44,500)$1,090,000$44,500Favorable Less :— Variable Cost (12,300*$34)$418,200$366,000$52,200Favorable Contribution Margin $627,300$724,000$96,700Favorable Less :— Fixed Cost $285,000$300,000$15,000Unfavorable Income $342,300$424,000$81,700Favorable REQUIREMENT # :— FINAL ANSWERRequirement #1 :— Flexible Budget Performance Report For the month ended June 30Flexible Budget (12,300 Units)Actual Budget (12,300 Units)Favorable & Unfavorable Sales $1,045,500$1,090,000$44,500Favorable Less :— Variable Cost $418,200$366,000$52,200Favorable Contribution Margin $627,300$724,000$96,700Favorable Less :— Fixed Cost $285,000$300,000$15,000Unfavorable Income $342,300$424,000$81,700Favorable

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Exercise 21-4 (Algo) Preparing flexible budget performance report LO P1 Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavorable. The company budgets a selling price of $85 per unit and variable costs of $34 per unit. (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 Actual Results (12,300 units) (12,300 units) 627,300 285,000 366,000 300,000 Variances Favorable/Unfavorable $ 44,500 Favorable

Exercise 21-4 (Algo) Preparing flexible budget performance report LO P1 Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavorable. The company budgets a selling price of $85 per unit and variable costs of $34 per unit. (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 Actual Results (12,300 units) (12,300 units) 627,300 285,000 366,000 300,000 Variances Favorable/Unfavorable $ 44,500 Favorable

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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6 nts eBook Hint Ask C Print eferences C aw II =C Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavorable. The company budgets a selling price of $85 per unit and variable costs of $34 per unit. (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 ! 1 Q A F1 N @ 2 W --- F2 S Flexible Budget Performance Report Flexible Budget Actual Results (12,300 units) (12,300 units) # 3 X 627,300 285,000 80 F3 E D 4 a F4 366,000 C 300,000 R % 5 F Variances Favorable/Unfavorable $ J B F7 H DII FB J N DD F9 9 K F10 0 Hel
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