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Nina Company prepared the following fixed budget for July using 7,740 units for budgeted sales. Actual sales were 7,440 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 Amount Total Fixed per Unit Cost $ 100 Fixed costs Depreciation Machinery Supervisory salary Insurance Depreciation Office equipment Administrative salaries Total Fixed Costs 35 15 4 11 65 $35 $ 70,480 41,820 10,360 7,640 33,900 $ 164,200 Prepare a flexible budget performance report for July at activity level of 7,440 units. Show variances between budgeted and actual amounts. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Fixed Budget (7,740 units) $ 774,000 0 0 270,900 116,100 30,960 85,140 503,100 $ 270,900 NINA COMPANY Flexible Budget Performance Report Flexible Budget (7,440 units) (7,440 units) Actual Results 70,480 41,820 10,360 7,640 33,900 164,200 $ 106,700 Actual Results (7,440 units) $760,640 Variances 275,440 113, 200 29,160 80,920 498,720 $ 261,920 70,480 43,040 10,360 7,640 30,760 162, 280 $ 99,640 Favorable/Unfavorable < Prev 2 of 2 # Next > minmin

Nina Company prepared the following fixed budget for July using 7,740 units for budgeted sales. Actual sales were 7,440 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 Amount Total Fixed per Unit Cost $ 100 Fixed costs Depreciation Machinery Supervisory salary Insurance Depreciation Office equipment Administrative salaries Total Fixed Costs 35 15 4 11 65 $35 $ 70,480 41,820 10,360 7,640 33,900 $ 164,200 Prepare a flexible budget performance report for July at activity level of 7,440 units. Show variances between budgeted and actual amounts. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Fixed Budget (7,740 units) $ 774,000 0 0 270,900 116,100 30,960 85,140 503,100 $ 270,900 NINA COMPANY Flexible Budget Performance Report Flexible Budget (7,440 units) (7,440 units) Actual Results 70,480 41,820 10,360 7,640 33,900 164,200 $ 106,700 Actual Results (7,440 units) $760,640 Variances 275,440 113, 200 29,160 80,920 498,720 $ 261,920 70,480 43,040 10,360 7,640 30,760 162, 280 $ 99,640 Favorable/Unfavorable < Prev 2 of 2 # Next > minmin

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 7,740 units for budgeted sales. Actual sales were 7,440 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 Unit $ 100 Depreciation Machinery Supervisory salary Insurance Depreciation Office equipment Administrative salaries Total Fixed Costs 35 15 4 11 65 $35 Total Fixed Cost $ 70,480 41,820 10,360 7,640 33,900 $ 164,200 Prepare a flexible budget performance report for July at activity level of 7,440 units. Show variances between budgeted and actual amounts. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Fixed Budget (7,740 units) $ 774,000 0 0 270,900 116, 100 30,960 85,140 503, 100 $ 270,900 NINA COMPANY Flexible Budget Performance Report Flexible Budget (7,440 units) (7,440 units) Actual Results 10,360 7,640 33,900 164, 200 $ 106,700 70,480 41,820 0 0 Actual Results (7,440 units) $ 760,640 Variances 275,440 113, 200 29, 160 80,920 498, 720 $ 261,920 70,480 43,040 10,360 7,640 30,760 162, 280 $99,640 Favorable/Unfavorable < Prev 2 of 2 ‒‒‒ Next
Transcribed Image Text:Nina Company prepared the following fixed budget for July using 7,740 units for budgeted sales. Actual sales were 7,440 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 Unit $ 100 Depreciation Machinery Supervisory salary Insurance Depreciation Office equipment Administrative salaries Total Fixed Costs 35 15 4 11 65 $35 Total Fixed Cost $ 70,480 41,820 10,360 7,640 33,900 $ 164,200 Prepare a flexible budget performance report for July at activity level of 7,440 units. Show variances between budgeted and actual amounts. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Fixed Budget (7,740 units) $ 774,000 0 0 270,900 116, 100 30,960 85,140 503, 100 $ 270,900 NINA COMPANY Flexible Budget Performance Report Flexible Budget (7,440 units) (7,440 units) Actual Results 10,360 7,640 33,900 164, 200 $ 106,700 70,480 41,820 0 0 Actual Results (7,440 units) $ 760,640 Variances 275,440 113, 200 29, 160 80,920 498, 720 $ 261,920 70,480 43,040 10,360 7,640 30,760 162, 280 $99,640 Favorable/Unfavorable < Prev 2 of 2 ‒‒‒ Next
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