Lewis Company reports the following fixed budget and actual results for May. Prepare a flexiblebudget performance report showing variances between budgeted and actual results. (Indicate theeffect of the variance by selecting favorable, unfavorable, or no variance.)Sales (units produced and sold)Sales (in dollars)Variable costsFixed costsFor Month Ended May 31Fixed Budget1,300$ 800 per unit$320 per unit$ 140,000LEWIS COMPANYFlexible Budget Performance ReportFlexible Budget Actual Results(1,500 units) (1,500 units)VariancesActual Results1,500$ 1,245,000$ 492,000$ 132,000Favorable/Unfavorable

Name: Lewis Company reports the following fixed budget and actual results f
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Description: Lewis Company reports the following fixed budget and actual results for May. Prepare a flexiblebudget performance report showing variances between budgeted and actual results. (Indicate theeffect of the variance by selecting favorable, unfavorable,

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.)

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.)

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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! Required information [The following information applies to the questions displayed below.] Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,300 units. Sales Costs Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries. Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment Income PHOENIX COMPANY Fixed Budget For Year Ended December 31 Sales (18,300 units) Costs Income Direct materials Direct labor Sales staff commissions Depreciation-Machinery Phoenix Company reports the following actual results. Actual sales were 18,300 units. Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment $ 3,060,000 979,200 229,500 76,500 300,000 200,000 229,500 250,000 450, 300 192,000 $ 153,000 $ 3,705,750 $ 1,185,840 281,820 82,350 300,000 214,000 266, 265 267,000 458,300…
2. Complete the table below that compute the July direct-material and direct-labor variances in the Construction Department and the July direct-labor variances in the Finishing Department.
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Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round "rate per hour" answers to 2 decimal places. Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration Total expenses $ $ $ 7,300 (9) + + + 80,400 18.860 + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results $ $ 1.70 (q) (9) (9) 1.70 (9) $ $ 9,560 174,170 5,052 339,328 Spending Variances 1,108 F 1,530 U 0 None Flexible Budget $ 172,080 23,752 4,524 Activity Variances 720 U 0 None Planning Budget 9,080 20,920 4,380
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Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round "rate per hour" answers to 2 decimal places.) Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration Total expense $ 6,500 78,400 $ 18,700 (q) + + + + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results $ 1.50 (9) (q) (q) GA 1.90 (q) 9,480 $ 134,730 SA 4,940 288,088 Spending Variances 1,780 F 1,450 U 0 None Flexible Budget $ 132,720 21,640 4,444 Activity Variances 336 U 0 None Planning Budget 9,000 12,800 4,300
Lewis Company reports the following foxed 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.) Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs For Month Ended May 31 Fixed Budget 1,380 $ 1,200 per unit $4809 per unit $152,000 LEWIS COMPANY Flexible Badget Performance Report Flexible Budget Actual Results Variances (1.500 units) (1,500 units) Actual Results 1,500 $ 1,961,000 $799,000 $ 140,000 Favorable/Unfavorable
Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round "rate per hour" answers to 2 decimal places.) Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration. Total expense $ 7,100 $ 79,900 $ 18,820 (q) + + + + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results $ 1.50 (q) (9) (9) $ 1.50 (q) 9,540 $164,250 5,024 $ 322,066 Spending Variances 1,840 F 1,510 U 0 None Flexible Budget $ 162,180 21,790 4,504 Activity Variances 624 U 0 None Planning Budget 9,060 18,878 4,360
Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round "rate per hour answers to 2 decimal places. Labor hours (a) Direct labor Indirect labor Uslities Supplies Equipment depreciation Factory administration Total expense $ 7,800 $ 81,650 $ 18,960 (4) * . Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results Spending Variances S 1.30 (4) (9) (4) $ 1.20 (4) $ $ 9,610 199,145 5,122 361,120 2,662 F 1,580 U 0 None Flexible Budget $ 197,005 20,043 4.574 Activity Variances 960 U 0 None Planning Budget 9,130 26,060 4.430
2. Complete the table below that compute the July direct-material and direct-labor variances in the Construction Department and the July direct-labor variances in the Finishing Department.