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Lanco Industries has a relevant range extending to 31,000 units each month. The following performance report provides information about Lanco's budget and actual performance for November. (Click the icon to view the performance report.) Requirement Fill in all missing numbers in the table. Be sure to label any variances as favorable or unfavorable. (Round intermediary calculations to the nearest cent. Enter the variances as positive numbers. Label each variance as favorable (F) or unfavorable (U). If the variance is 0, make sure to enter in a "0". A variance of zero is considered favorable.) Output units Lanco Industries Flexible Budget Performance Report: Sales and Operating Expenses For the Month Ended November 30 Flexible budget Flexible variance Budget Actual 26,000 Volume Variance Master Budget 31,000

Lanco Industries has a relevant range extending to 31,000 units each month. The following performance report provides information about Lanco's budget and actual performance for November. (Click the icon to view the performance report.) Requirement Fill in all missing numbers in the table. Be sure to label any variances as favorable or unfavorable. (Round intermediary calculations to the nearest cent. Enter the variances as positive numbers. Label each variance as favorable (F) or unfavorable (U). If the variance is 0, make sure to enter in a "0". A variance of zero is considered favorable.) Output units Lanco Industries Flexible Budget Performance Report: Sales and Operating Expenses For the Month Ended November 30 Flexible budget Flexible variance Budget Actual 26,000 Volume Variance Master Budget 31,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Lanco Industries has a relevant range extending to 31,000 units each month. The following performance report provides information about Lanco's budget and actual performance for November. (Click the icon to view the performance report.) Requirement Fill in all missing numbers in the table. Be sure to label any variances as favorable or unfavorable. (Round intermediary calculations to the nearest cent. Enter the variances as positive numbers. Label each variance as favorable (F) or unfavorable (U). If the variance is 0, make sure to enter in a "0". A variance of zero is considered favorable.) Output units Lanco Industries Flexible Budget Performance Report: Sales and Operating Expenses For the Month Ended November 30 Flexible budget Flexible variance Budget Sales revenue Less: Variable expenses Contribution margin Less: Fixed expenses Operating income Actual 26,000 $ 242,000 $ 174,200 18,000 5,400 F Volume Variance Master Budget 31,000 69 194,680 21,000
Transcribed Image Text:Lanco Industries has a relevant range extending to 31,000 units each month. The following performance report provides information about Lanco's budget and actual performance for November. (Click the icon to view the performance report.) Requirement Fill in all missing numbers in the table. Be sure to label any variances as favorable or unfavorable. (Round intermediary calculations to the nearest cent. Enter the variances as positive numbers. Label each variance as favorable (F) or unfavorable (U). If the variance is 0, make sure to enter in a "0". A variance of zero is considered favorable.) Output units Lanco Industries Flexible Budget Performance Report: Sales and Operating Expenses For the Month Ended November 30 Flexible budget Flexible variance Budget Sales revenue Less: Variable expenses Contribution margin Less: Fixed expenses Operating income Actual 26,000 $ 242,000 $ 174,200 18,000 5,400 F Volume Variance Master Budget 31,000 69 194,680 21,000
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