Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,500 units. PHOENIX COMPANY Fixed Budget For Year Ended December 31 Sales Costs Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment Income $ 3,100,000 1,007,500 248,000 62,000 300,000 198,000 232,500 246,000 457,000 194,000 $ 155,000 Problem 23-2A (Algo) Preparing a flexible budget performance report LO P1 Phoenix Company reports the following actual results. Actual sales were 18,500 units. Sales (18,500 units) Costs Direct materials Direct labor $ 3,746,250 $ 1,217,300 303,400 Sales staff commissions 64,750 Depreciation-Machinery 300,000 Supervisory salaries 208,000 Shipping 269,175 Sales staff salaries (fixed annual amount) Administrative salaries 268,000 465,000 Depreciation-Office equipment 194,000 Income 456,625 Required: Prepare a flexible budget performance report for the year.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,500
units.
PHOENIX COMPANY
Fixed Budget
For Year Ended December 31
Sales
Costs
Direct materials
Direct labor
Sales staff commissions
Depreciation-Machinery
Supervisory salaries
Shipping
Sales staff salaries (fixed annual amount)
Administrative salaries
Depreciation-Office equipment
Income
$ 3,100,000
1,007,500
248,000
62,000
300,000
198,000
232,500
246,000
457,000
194,000
$ 155,000
Problem 23-2A (Algo) Preparing a flexible budget performance report LO P1
Phoenix Company reports the following actual results. Actual sales were 18,500 units.
Sales (18,500 units)
Costs
Direct materials
Direct labor
$ 3,746,250
$ 1,217,300
303,400
Sales staff commissions
64,750
Depreciation-Machinery
300,000
Supervisory salaries
208,000
Shipping
269,175
Sales staff salaries (fixed annual amount)
Administrative salaries
268,000
465,000
Depreciation-Office equipment
194,000
Income
456,625
Required:
Prepare a flexible budget performance report for the year.
Transcribed Image Text:Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,500 units. PHOENIX COMPANY Fixed Budget For Year Ended December 31 Sales Costs Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment Income $ 3,100,000 1,007,500 248,000 62,000 300,000 198,000 232,500 246,000 457,000 194,000 $ 155,000 Problem 23-2A (Algo) Preparing a flexible budget performance report LO P1 Phoenix Company reports the following actual results. Actual sales were 18,500 units. Sales (18,500 units) Costs Direct materials Direct labor $ 3,746,250 $ 1,217,300 303,400 Sales staff commissions 64,750 Depreciation-Machinery 300,000 Supervisory salaries 208,000 Shipping 269,175 Sales staff salaries (fixed annual amount) Administrative salaries 268,000 465,000 Depreciation-Office equipment 194,000 Income 456,625 Required: Prepare a flexible budget performance report for the year.
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