(cesNina Company prepared the following fixed budget for July using 7780 units for budgeted sales. Actual sales were 7.480 units andactual costs are shown below.For Month Ended July 31SalesVariable costsDirect materialsDirect laborIndirect materialsSales commissionsTotal variable costsContribution marginFixed costsDepreciation MachinerySupervisor salaryInsuranceDepreciation-Office equipmentAdministrative salaries iTotal fixed costaIncomeFor Month Ended July 31SalesVariable costsDirect matanalsDirect laborindirect materialsSales commissionsTotal Variable CostsContribution marginFind costsDepreciation MachinerySupervisory salaryInsuranceDepreciation Office equipmeAdministrative salariesTotal Fed CostsFixed BudgetIncueVariableAmount per Total FixedUnitCost$ 100|=====$ 70,86042,04010,4207,68031,900$164,900Fixed Budget(7,788 units)5 778,000ActualResults272,300116,70031,12085,540505,700$ 272,300Prepare a flexible budget performance report for July at activity level of 7,480 units Show variances between budgeted and actualamountsNote: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.NINA COMPANYFlexible Budget Performance ReportFlexibleBudget(7,450 units) (7,400 units)70,86042,04010,4207,68033,90064,900$ 107,400Actual Results(7,480 units)$764,580Variances276,880113,80029,32081,340501,340$ 263,24070,86043,28010,4207,68030,920163, 160$ 100,000Favorable or Unfavorable

The flexible budget is prepared to compare the actual results with budgeted data. The variance is…

Nina Company prepared the following fixed budget for July using 7780 units for budgeted sales. Actual sales were 1.400 actual costs are shown below For Month Ended July 31 Sales Variable costs Direct naterials 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 Fixed Budget Variable Amount per Total Fixed Unit Cost $ 100 35 ***41 5.35 $ 70,860 42,040 10,429 7,680 31,900 $164,900 Fixed Budget (7,780 units) 5 778,000 272,300 116,700 31,120 85,500 505,700 $ 272,300 70,960 42,040 10,420 7,680 33,900 164,900 $ 107,400 Actual Results (7,488 units) $764,580 276,800 113,800 29,320 81,340 501,340 $ 263,240 70,500 43,290 10,420 7,600 30,920 163,160 $ 100,000 Prepare a flexible budget performance report for July at activity level of 7,480 units. Show variances between budgeted and actual

Nina Company prepared the following fixed budget for July using 7780 units for budgeted sales. Actual sales were 1.400 actual costs are shown below For Month Ended July 31 Sales Variable costs Direct naterials 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 Fixed Budget Variable Amount per Total Fixed Unit Cost $ 100 35 ***41 5.35 $ 70,860 42,040 10,429 7,680 31,900 $164,900 Fixed Budget (7,780 units) 5 778,000 272,300 116,700 31,120 85,500 505,700 $ 272,300 70,960 42,040 10,420 7,680 33,900 164,900 $ 107,400 Actual Results (7,488 units) $764,580 276,800 113,800 29,320 81,340 501,340 $ 263,240 70,500 43,290 10,420 7,600 30,920 163,160 $ 100,000 Prepare a flexible budget performance report for July at activity level of 7,480 units. Show variances between budgeted and actual

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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