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Nina Company prepared the following fixed budget for July using 7,600 units for budgeted sales. Actual sales were 7,300 units and actual costs are shown below. For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total variable costs Contribution margin Fixed costs Depreciation-Machinery Supervisor salary Insurance Depreciation-Office equipment Administrative salaries Total fixed costs Income For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total Variable Costs Contribution margin Fixed costs Fixed Budget Variable Amount per Total Fixed Unit Cost $ 100 Depreciation-Machinery Supervisory salary Insurance Depreciation Office equipment Administrative salaries Total Fixed Costs 35 15 11 65 $ 35 $ 69,150 41,050 10,150 7,500 33,900 $ 161,750 Fixed Budget (7,600 units) $ 760,000 266,000 114,000 30,400 83,600 494,000 $ 266,000 NINA COMPANY Flexible Budget Performance Report Flexible Actual Budget Results (7,300 units) (7,300 units) 69,150 41,050 10,150 Prepare a flexible budget performance report for July at activity level of 7,300 units. Show variances between budgeted and actual amounts. Note: Indicate the effect of each varlance by selecting favorable, unfavorable, or no variance. 7,500 33,900 161,750 $ 104,250 Actual Results (7,300 units) $ 746,850 Variances 270,400 111,100 28,600 79,450 489,550 $ 257,300 69,150 42,200 10,150 7,500 30, 200 159,200 $ 98,100 Favorable or Unfavorable

Nina Company prepared the following fixed budget for July using 7,600 units for budgeted sales. Actual sales were 7,300 units and actual costs are shown below. For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total variable costs Contribution margin Fixed costs Depreciation-Machinery Supervisor salary Insurance Depreciation-Office equipment Administrative salaries Total fixed costs Income For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total Variable Costs Contribution margin Fixed costs Fixed Budget Variable Amount per Total Fixed Unit Cost $ 100 Depreciation-Machinery Supervisory salary Insurance Depreciation Office equipment Administrative salaries Total Fixed Costs 35 15 11 65 $ 35 $ 69,150 41,050 10,150 7,500 33,900 $ 161,750 Fixed Budget (7,600 units) $ 760,000 266,000 114,000 30,400 83,600 494,000 $ 266,000 NINA COMPANY Flexible Budget Performance Report Flexible Actual Budget Results (7,300 units) (7,300 units) 69,150 41,050 10,150 Prepare a flexible budget performance report for July at activity level of 7,300 units. Show variances between budgeted and actual amounts. Note: Indicate the effect of each varlance by selecting favorable, unfavorable, or no variance. 7,500 33,900 161,750 $ 104,250 Actual Results (7,300 units) $ 746,850 Variances 270,400 111,100 28,600 79,450 489,550 $ 257,300 69,150 42,200 10,150 7,500 30, 200 159,200 $ 98,100 Favorable or Unfavorable

FINANCIAL ACCOUNTING
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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Nina Company prepared the following fixed budget for July using 7,600 units for budgeted sales. Actual sales were 7,300 units and actual costs are shown below. For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total variable costs Contribution margin Fixed costs Depreciation-Machinery Supervisor salary Insurance Depreciation-Office equipment Administrative salaries Total fixed costs Income For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total Variable Costs Contribution margin Fixed Budget Variable Fixed costs Depreciation Machinery Supervisory salary Insurance Depreciation Office equipment Administrative salaries Total Fixed Costs Amount per Total Fixed Unit $ 100 Cost 35 15 4 11 65 $ 35 $ 69,150 41,050 10,150 7,500 33,900 $ 161,750 Prepare a flexible budget performance report for July at activity level of 7,300 units. Show variances between budgeted and actual amounts. Note: Indicate the effect of each varlance by selecting favorable, unfavorable, or no varlance. Fixed Budget (7,600 units) $760,000 NINA COMPANY Flexible Budget Performance Report Flexible Budget (7,300 units) (7,300 units) Actual Results 266,000 114,000 30,400 83,600 494,000 $ 266,000 69,150 41,050 10,150 7,500 33,900 161,750 $ 104,250 Actual Results (7,300 units) $ 746,850 Variances 270,400 111,100 28,600 79,450 489,550 $ 257,300 69,150 42,200 10,150 7,500 30, 200 159, 200 $ 98,100 Favorable or Unfavorable
Transcribed Image Text:Nina Company prepared the following fixed budget for July using 7,600 units for budgeted sales. Actual sales were 7,300 units and actual costs are shown below. For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total variable costs Contribution margin Fixed costs Depreciation-Machinery Supervisor salary Insurance Depreciation-Office equipment Administrative salaries Total fixed costs Income For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total Variable Costs Contribution margin Fixed Budget Variable Fixed costs Depreciation Machinery Supervisory salary Insurance Depreciation Office equipment Administrative salaries Total Fixed Costs Amount per Total Fixed Unit $ 100 Cost 35 15 4 11 65 $ 35 $ 69,150 41,050 10,150 7,500 33,900 $ 161,750 Prepare a flexible budget performance report for July at activity level of 7,300 units. Show variances between budgeted and actual amounts. Note: Indicate the effect of each varlance by selecting favorable, unfavorable, or no varlance. Fixed Budget (7,600 units) $760,000 NINA COMPANY Flexible Budget Performance Report Flexible Budget (7,300 units) (7,300 units) Actual Results 266,000 114,000 30,400 83,600 494,000 $ 266,000 69,150 41,050 10,150 7,500 33,900 161,750 $ 104,250 Actual Results (7,300 units) $ 746,850 Variances 270,400 111,100 28,600 79,450 489,550 $ 257,300 69,150 42,200 10,150 7,500 30, 200 159, 200 $ 98,100 Favorable or Unfavorable
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