Required:Prepare a flexible budget for Osage, Inc. (Do not round intermediate calculations.)OSAGE, INC.Flexible BudgetSales revenueVariable costsMaterialsDirect laborVariable overheadVariable marketing and administrativeTotal variable costsContribution marginFixed costsManufacturing overheadMarketingAdministrativeTotal fixed costsOperating profit (loss) Osage, Inc., manufactures and sells lamps. The company produces only when it recelves orders and, therefore, has no inventories.The following information is available for the current month:Actual (based on Master Budget (basedactual orders forAS0,000 units)$4,974, 000on budgeted ordersfor 480,000 units)$4, 800, 000Sales revenueLessVariable costsHaterialsDirect laborVariable overheadVariable narketing and administrativeTotal variable costsContribution margin1,440,000248,000S30, 700420,5001,440, 000312,000480,000432,000$2,664, 000$2,136,000$2,639, 200$2,334, 800LessFixed costsManufacturing overheadMarketingAdministrativeTotal fixed costsOperating profits933,200283,000198, 000$1,414, 200$ 920,600905,000283,000177,000$1,365,000$ 771,000Required:Prepare a flexible budget for Osage, Inc. (Do not round intermediate calculations.)

A Flexible budget is prepared for actual units in contrast to planned budget which is rigid and is…

Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, therefore, has no inventories The following information is avallable for the current month: Actual (based on Master Budget (based actual orders for ASe,000 units) on budgeted orders for 40,000 units) $4, 800,000 Sales revenue Less Variable costs $4,974, 000 Haterials Direct labor Variable overhead Variable narketing and administrative Total variable costs Contribution margin Less 1,440,000 248, 000 530, 700 420,500 $2,639, 200 $2,334, B00 1,440, 000 312,000 450, 000 432,000 $2,664, 000 $2,136,000 Fixed costs Manufacturing overhead Marketing Administrative Total fixed costs Operating profits 933,200 283,000 198, e00 $1,414, 200 $ 920,600 905, 000 283,000 177,000 $1, 365, 000 $ 771,000 Required: Prepare a flexible budget for Osage, Inc. (Do not round intermediate calculetions.)

Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, therefore, has no inventories The following information is avallable for the current month: Actual (based on Master Budget (based actual orders for ASe,000 units) on budgeted orders for 40,000 units) $4, 800,000 Sales revenue Less Variable costs $4,974, 000 Haterials Direct labor Variable overhead Variable narketing and administrative Total variable costs Contribution margin Less 1,440,000 248, 000 530, 700 420,500 $2,639, 200 $2,334, B00 1,440, 000 312,000 450, 000 432,000 $2,664, 000 $2,136,000 Fixed costs Manufacturing overhead Marketing Administrative Total fixed costs Operating profits 933,200 283,000 198, e00 $1,414, 200 $ 920,600 905, 000 283,000 177,000 $1, 365, 000 $ 771,000 Required: Prepare a flexible budget for Osage, Inc. (Do not round intermediate calculetions.)

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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