Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results. (Indicate the effect of the varlance by selecting favorable, unfavorable, or no varlance.) Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs Fixed Budgeted 1,200 $ 300 per unit $ 120 per unit $ 125,000 Actual Results 1,400 $ 435,000 $ 172,000 $ 122,000

Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results. (Indicate the effect of the varlance by selecting favorable, unfavorable, or no varlance.) Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs Fixed Budgeted 1,200 $ 300 per unit $ 120 per unit $ 125,000 Actual Results 1,400 $ 435,000 $ 172,000 $ 122,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter14: Decentralized Operations

Section: Chapter Questions

Problem 14.1E: Budget performance reports for cost centers Partially completed budget performance reports for...

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