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. Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no variance. Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs Fixed Budget 1,280 $ 700 per unit $ 280 per unit $ 137,000 Actual Results 1,480 $ 1,095,000 $ 428,000 $ 130,000 For Month Ended May 31 LEWIS COMPANY Flexible Budget Performance Report Flexible Budget Actual Results (1,480 units) (1,480 units) Variances Favorable or Unfavorable
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. Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no variance. Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs Fixed Budget 1,280 $ 700 per unit $ 280 per unit $ 137,000 Actual Results 1,480 $ 1,095,000 $ 428,000 $ 130,000 For Month Ended May 31 LEWIS COMPANY Flexible Budget Performance Report Flexible Budget Actual Results (1,480 units) (1,480 units) Variances Favorable or Unfavorable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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.
Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.
Sales (units produced and sold)
Sales (in dollars)
Variable costs
Fixed costs
Fixed Budget
1,280
$ 700 per unit
$ 280 per unit
$ 137,000
Actual Results
1,480
$ 1,095,000
$ 428,000
$ 130,000
For Month Ended May 31
LEWIS COMPANY
Flexible Budget Performance Report
Flexible Budget Actual Results
(1,480 units)
(1,480 units)
Variances
Favorable or
Unfavorable
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