Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showingvariances 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 costsFixed costsFor Month Ended May 31Fixed Budget1,370$1,150 per unit$460 per unit$ 150,500LEWIS COMPANYFlexible Budget Performance ReportFlexible Budget Actual Results(1,570 units) (1,570 units)VariancesActual Results1,570$ 1,828,000$ 726,000$ 139,000Favorable orUnfavorable

Variables in the question: Fixed Budget Actual ResultSales (unit produced and…

Answered: Lewis Company reports the following…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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1 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.) Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs Fixed Budget 1,350 Actual Results 1,550 $ 1,050 per unit $ 420 per unit $ 1,678,000 $ 652,000 $ 147,500 $ 137,000 For Month Ended May 31 Sales Variable costs Contribution margin Fixed costs Income LEWIS COMPANY Flexible Budget Performance Report Flexible Budget Actual Results (1,550 units) (1,550 units) Variances Favorable/Unfavorable
Ray Company provided the following excerpts from its Production Department's flexible budget performance report. (Round "rate per hour" answers to 2 decimal places. 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.) Required: Complete the Production Department's Flexible Budget Performance Report. Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration Total expense ( ( ($ 7,000 ( ( ( $ 79,650 $ 18,800 q) ) + + + + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Spending Variances $ 1.40 q) q) q) $ 1.40 q) Actual Results 9,530 $ 159,305 5,010 $ 313,459 2,206 F 1,500 U 0 None Flexible Budget $ 157,245 20,812 4,494 Activity Variances 576 U 0 None Planning Budget 9,050 17,860 4,350
The following information is available for Brownstone Products Company for the month of July: Master Budget Units Sales revenue Variable manufacturing costs Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrative expenses Actual 3,900 $ 59,500 10,100 12,000 6,600 8,100 3,200 $ 60,000 16,000 13,200 8,000 9,300 Required: 1. What was the master budget variance for July? Was this variance favorable or unfavorable? 2. Compute the July sales volume variance and the flexible-budget variance for the month, both in terms of contribution margin and in terms of operating income. 4. Prepare pro-forma budgets for activities within its relevant range of operations. Prepare a flexible budget for each of the following two output levels: a. 3,780 units. b. 4,180 units. Complete this question by entering your answers in the tabs below. > Answer is complete but not entirely correct.
Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($350.00q) Expenses: Wages and salaries ($3,200 + $88.00q) Fuel ($32.00g) Airport fees ($830 + $34.00q) Aircraft depreciation ($10.00q) Office expenses ($230 + $1.00q) Total expenses Net operating income Actual Results 54 $ 16,300 7,916 1,894 2,546 540 452 13,348 $ 2,952 Flexible Planning Budget Budget 54 $ 18,900 7,952 1,728 2,666 540 284 13,170 $ 5,730 52 $ 18, 200 7,776 1,664 2,598 520 282 12,840 $5,360 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount.
Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavorable. The company budgets a selling price of $80 per unit and variable costs of $35 per unit. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. For Month Ended June 30 Sales Variable costs Contribution margin Fixed costs Income Flexible Budget Performance Report Flexible Budget Actual Results (11,300 units) (11,300 units) 508,500 275,000 356,000 290,000 Variances Favorable or Unfavorable 31,000 Favorable $
Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavo The company budgets a selling price of $81 per unit and variable costs of $35 per unit. (Indicate the effect of each variance selecting favorable, unfavorable, or no variance.) For Month Ended June 30 Sales Variable costs Contribution margin Fixed costs Income Flexible Budget Performance Report Flexible Budget Actual Results (11,400 units) (11,400 units) 524,400 276,000 357,000 291,000 Variances Favorable/Unfavorable $ 21,600 Favorable
Selected data for March for Irvington, Incorporated follows. The variable material sales activity variance is $23,040 U. Flexible budget based on actual sales of 9,958 units: Revenue Materials Labor Variable overhead Fixed costs (manufacturing and administrative) Required: a. How many units were budgeted for March in the master budget? b. Recreate the master budget for March. Complete this question by entering your answers in the tabs below. Required A Required B How many units were budgeted for March in the master budget? Budgeted sales units $ 300,440 99,840 78,000 50,960 41,120
The following data pertain to Inyange Cannery for the month of February. Static Budget Actual Units sold 14,000 12,000 Sales revenue $ 182,000 $ 151,200 Variable manufacturing cost 5,000 39,000 Fixed manufacturing cost 18,000 18,000 Variable selling and administrative cost 14,000 9,000 Fixed selling and administrative cost 14,000 14,000 Required: Compute the sales-price and sales-volume variances for February. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).
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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
Actual and budgeted information about the sales of a product are presented below for June: (CIA adapted) Units Sales Revenue Actual 9,800 $ 289,100 The sales price variance for June was: Budget 11,800 336,300 Multiple Cholce $11,800 unfavorable. $9,800 unfavorable. $12,300 unfavorable $9.800 favorable.

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