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Nina Company prepared the following fixed budget for July using 7,660 units for budgeted sales. Actual sales were 7,360 units am actual costs are shown below. rixed Budget Variable Amount Total Fixed Pixed Budget per Unit $ 100 Actual Reaults (7,360 unita) $752,760 For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Cost (7,660 unita) $ 766,000 35 15 268,100 114,90० 30,640 84,260 497,900 272,560 112,000 28,840 80,080 493,480 4. Sales commissions Total variable costs 11 65

Nina Company prepared the following fixed budget for July using 7,660 units for budgeted sales. Actual sales were 7,360 units am actual costs are shown below. rixed Budget Variable Amount Total Fixed Pixed Budget per Unit $ 100 Actual Reaults (7,360 unita) $752,760 For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Cost (7,660 unita) $ 766,000 35 15 268,100 114,90० 30,640 84,260 497,900 272,560 112,000 28,840 80,080 493,480 4. Sales commissions Total variable costs 11 65

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 7,660 units for budgeted sales. Actual sales were 7,360 units and actual costs are shown below. Fixed Budget Variable Amount Total Fixed per Unit $ 100 Pixed Budget (7,660 unita) $766,000 Actual Results For Month Ended July 31 Sales Variable coste Direct materials Cost (7,360 unita) $752,760 35 268,100 114,900 30,640 84,260 497,900 $ 268,100 272,560 112,000 28,840 80,080 493,480 Direct labor Indirect materials 15 4. Sales commissions 11 Total variable costs 65 Contribution margin $ 35 $ 259,280 Fixed costs Depreciation-Machinery Supervisor salary Insurance $ 69,720 41,380 10,240 7,560 33,900 $ 162,800 69,720 41,380 10,240 7,560 33,900 69,720 42,560 10,240 7,560 30,440 Depreciation-office equipment Administrative salaries 162,800 160,520 Total fixed costs $ 105,300 $ 98,760 Income Prepare a flexible budget performance report for July at activity level of 7,360 units. Show variances between budgeted and actual amounts. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Prepare a flexible budget performance report for July at activity level of 7,360 units. Show variances between budgeted and actual amounts. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) NINA COMPANY Flexible Budget Performance Report Flexible For Month Ended July 31 Actual Results Budget (7,360 units) Variances Favorable/Unfavorable (7,360 units) Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total Variable Costs Contribution margin Fixed costs Depreciation-Machinery Supervisory salary Insurance Depreciation-Office equipment Administrative salaries Total Fixed Costs Income
Transcribed Image Text:Nina Company prepared the following fixed budget for July using 7,660 units for budgeted sales. Actual sales were 7,360 units and actual costs are shown below. Fixed Budget Variable Amount Total Fixed per Unit $ 100 Pixed Budget (7,660 unita) $766,000 Actual Results For Month Ended July 31 Sales Variable coste Direct materials Cost (7,360 unita) $752,760 35 268,100 114,900 30,640 84,260 497,900 $ 268,100 272,560 112,000 28,840 80,080 493,480 Direct labor Indirect materials 15 4. Sales commissions 11 Total variable costs 65 Contribution margin $ 35 $ 259,280 Fixed costs Depreciation-Machinery Supervisor salary Insurance $ 69,720 41,380 10,240 7,560 33,900 $ 162,800 69,720 41,380 10,240 7,560 33,900 69,720 42,560 10,240 7,560 30,440 Depreciation-office equipment Administrative salaries 162,800 160,520 Total fixed costs $ 105,300 $ 98,760 Income Prepare a flexible budget performance report for July at activity level of 7,360 units. Show variances between budgeted and actual amounts. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Prepare a flexible budget performance report for July at activity level of 7,360 units. Show variances between budgeted and actual amounts. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) NINA COMPANY Flexible Budget Performance Report Flexible For Month Ended July 31 Actual Results Budget (7,360 units) Variances Favorable/Unfavorable (7,360 units) Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total Variable Costs Contribution margin Fixed costs Depreciation-Machinery Supervisory salary Insurance Depreciation-Office equipment Administrative salaries Total Fixed Costs Income
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