ve & Exit SubCheck my workExercise 21-6 (Algo) Preparing flexible budget performance report LO P1Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showingvariances between budgeted and actual results. (Indicate the effect of the variance by selecting favorable, unfavorable, or novariance.)Fixed Budget1,400Actual Results1,600$ 1,300 per unit$ 2,126,000Sales (units produced and sold)Sales (in dollars)Variable costsFixed costs$520 per unit$ 863,000$ 142,000LEWIS COMPANYFlexible Budget Performance ReportFor Month Ended May 31Favorable/UnfavorableSalesFavorableVariable costsUnfavorableFavorableContribution marginFixed costsIncomeFavorableFavorable4McGrawHillType here to search$ 155,000Flexible Budget Actual Results(1,600 units)(1,600 units)< PrevVariances8 of 10Next >

Name: ve & Exit SubCheck my workExercise 21-6 (Algo) Preparing flexible bud
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Description: ve & Exit SubCheck my workExercise 21-6 (Algo) Preparing flexible budget performance report LO P1Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showingvariances between budge

Variance: The difference between the actual cost or price and the budgeted (standard) cost or price…

Business

Accounting

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 variance by selecting favorable, unfavorable, or no variance.) Fixed Budget 1,400 $1,300 Actual Results 1,600 $ 2,126,000 Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs $ 863,000 $ 142,000 For Month Ended May 31 Favorable/Unfavorable Sales Favorable Variable costs Unfavorable Contribution margin Favorable Fixed costs Favorable Income Favorable per unit $ 520 per unit $ 155,000 LEWIS COMPANY Flexible Budget Performance Report Flexible Budget Actual Results (1,600 units) (1,600 units) Variances

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 variance by selecting favorable, unfavorable, or no variance.) Fixed Budget 1,400 $1,300 Actual Results 1,600 $ 2,126,000 Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs $ 863,000 $ 142,000 For Month Ended May 31 Favorable/Unfavorable Sales Favorable Variable costs Unfavorable Contribution margin Favorable Fixed costs Favorable Income Favorable per unit $ 520 per unit $ 155,000 LEWIS COMPANY Flexible Budget Performance Report Flexible Budget Actual Results (1,600 units) (1,600 units) Variances

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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