Homework Help is Here – Start Your Trial Now!
Business
Accounting
Exercise 21-5 (Algo) Preparing flexible budget performance report LO P1 Nina Company prepared the following fixed budget for July using 7,760 units for budgeted sales. Actual sales were 7,460 units and actual costs are shown below. For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions. Total variable costs. Contribution margin Fixed costs Depreciation-Machinery. Supervisor salary Insurance Depreciation-Office equipment Administrative salaries. Total fixed costs. Income Fixed Budget For Month Ended July 31 Variable Amount per Unit $ 100 35 15 و 11 65 $ 35 Total Fixed Cost $ 70,670 41,930 10,390 7,660 33,900 $164,550 Fixed Budget (7,760 units) $ 776,000 271,600 116,400 31,040 85,360 504,400 $ 271,600 Actual Results NINA COMPANY Flexible Budget Performance Report Flexible Budget 70,670 41,930 10,390 7,660 33,900 164,550 $ 107,050 Actual Results (7,460 units) $ 762,610 276,160 113,500 Prepare a flexible budget performance report for July at activity level of 7,460 units. Show variances between budgeted and actual amounts. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Variances 29,240 81,130 500,030 $ 262,580 70,670 43,160 10,390 7,660 30,840 162,720 $ 99,860 Favorable/Unfavorable

Exercise 21-5 (Algo) Preparing flexible budget performance report LO P1 Nina Company prepared the following fixed budget for July using 7,760 units for budgeted sales. Actual sales were 7,460 units and actual costs are shown below. For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions. Total variable costs. Contribution margin Fixed costs Depreciation-Machinery. Supervisor salary Insurance Depreciation-Office equipment Administrative salaries. Total fixed costs. Income Fixed Budget For Month Ended July 31 Variable Amount per Unit $ 100 35 15 و 11 65 $ 35 Total Fixed Cost $ 70,670 41,930 10,390 7,660 33,900 $164,550 Fixed Budget (7,760 units) $ 776,000 271,600 116,400 31,040 85,360 504,400 $ 271,600 Actual Results NINA COMPANY Flexible Budget Performance Report Flexible Budget 70,670 41,930 10,390 7,660 33,900 164,550 $ 107,050 Actual Results (7,460 units) $ 762,610 276,160 113,500 Prepare a flexible budget performance report for July at activity level of 7,460 units. Show variances between budgeted and actual amounts. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Variances 29,240 81,130 500,030 $ 262,580 70,670 43,160 10,390 7,660 30,840 162,720 $ 99,860 Favorable/Unfavorable

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Exercise 21-5 (Algo) Preparing flexible budget performance report LO P1 Nina Company prepared the following fixed budget for July using 7,760 units for budgeted sales. Actual sales were 7,460 units and actual costs are shown below. For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions. Total variable costs. Contribution margin. Fixed costs Depreciation-Machinery Supervisor salary. Insurance Depreciation-Office equipment Administrative salaries Total fixed costs Income Fixed Budget Variable Amount per Unit $ 100 For Month Ended July 31 35 15 4 11 65 $ 35 Total Fixed Cost $ 70,670 41,930 10,390 7,660 33,900 $164,550 Fixed Budget (7,760 units) $ 776,000 271,600 116,400 31,040 85,360 504,400 $ 271,600 Actual Results NINA COMPANY Flexible Budget Performance Report Flexible Budget 70,670 41,930 10,390 7,660 33,900 164,550 $ 107,050 Actual Results (7,460 units) $ 762,610 Prepare a flexible budget performance report for July at activity level of 7,460 units. Show variances between budgeted and actual amounts. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) 276,160 113,500 29,240 81,130 500,030 $ 262,580 Variances 70,670 43,160 10,390 7,660 30,840 162,720 $ 99,868 Favorable/Unfavorable.
Transcribed Image Text:Exercise 21-5 (Algo) Preparing flexible budget performance report LO P1 Nina Company prepared the following fixed budget for July using 7,760 units for budgeted sales. Actual sales were 7,460 units and actual costs are shown below. For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions. Total variable costs. Contribution margin. Fixed costs Depreciation-Machinery Supervisor salary. Insurance Depreciation-Office equipment Administrative salaries Total fixed costs Income Fixed Budget Variable Amount per Unit $ 100 For Month Ended July 31 35 15 4 11 65 $ 35 Total Fixed Cost $ 70,670 41,930 10,390 7,660 33,900 $164,550 Fixed Budget (7,760 units) $ 776,000 271,600 116,400 31,040 85,360 504,400 $ 271,600 Actual Results NINA COMPANY Flexible Budget Performance Report Flexible Budget 70,670 41,930 10,390 7,660 33,900 164,550 $ 107,050 Actual Results (7,460 units) $ 762,610 Prepare a flexible budget performance report for July at activity level of 7,460 units. Show variances between budgeted and actual amounts. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) 276,160 113,500 29,240 81,130 500,030 $ 262,580 Variances 70,670 43,160 10,390 7,660 30,840 162,720 $ 99,868 Favorable/Unfavorable.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cost control
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
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