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Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,888 units. Sales Costs Direct materials Direct labor Sales staff commissions PHOENIX COMPANY Fixed Budget For Year Ended December 31 Depreciation Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment Income Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-office equipment Income $ 3,150,000 975,000 225,000 60,000 Phoenix Company reports the following actual results. Actual sales were 18,000 units. Sales (18,000 units) $ 3,825,000 Costs $ 1,184,400 277,200 63,000 300,000 197,000 210,000 246,000 579,500 200,000 $ 157,500 300,000 212,000 243,900 267,000 586,500 200,000 491,000 Required: Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "No variance" and enter "0" for zero variance.)

Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,888 units. Sales Costs Direct materials Direct labor Sales staff commissions PHOENIX COMPANY Fixed Budget For Year Ended December 31 Depreciation Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment Income Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-office equipment Income $ 3,150,000 975,000 225,000 60,000 Phoenix Company reports the following actual results. Actual sales were 18,000 units. Sales (18,000 units) $ 3,825,000 Costs $ 1,184,400 277,200 63,000 300,000 197,000 210,000 246,000 579,500 200,000 $ 157,500 300,000 212,000 243,900 267,000 586,500 200,000 491,000 Required: Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "No variance" and enter "0" for zero variance.)

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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S Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "No variance" and enter "0" for zero variance.) For Year Ended December 31 Variable costs Fixed costs PHOENIX COMPANY Flexible Budget Performance Report Flexible Budget (18,000 units) Actual Results (18,000 units) Variances Favorable/Unfavorable
Transcribed Image Text:S Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "No variance" and enter "0" for zero variance.) For Year Ended December 31 Variable costs Fixed costs PHOENIX COMPANY Flexible Budget Performance Report Flexible Budget (18,000 units) Actual Results (18,000 units) Variances Favorable/Unfavorable
ces Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,000 units. 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 PHOENIX COMPANY Fixed Budget For Year Ended December 31 Direct materials Direct labor Sales staff commissions Depreciation-Machinery. Phoenix Company reports the following actual results. Actual sales were 18,000 units. Sales (18,000 units) Costs Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation Office equipment Income $ 3,150,000 975,000 225,000 60,000 300,000 197,000 210,000 246,000 579,500 200,000 $ 157,500 $ 3,825,000 $ 1,184,400 277,200 63,000 300,000 212,000 243,900 267,000 586,500 200,000 491,000 Required: Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "No variance" and enter "0" for zero variance.)
Transcribed Image Text:ces Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,000 units. 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 PHOENIX COMPANY Fixed Budget For Year Ended December 31 Direct materials Direct labor Sales staff commissions Depreciation-Machinery. Phoenix Company reports the following actual results. Actual sales were 18,000 units. Sales (18,000 units) Costs Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation Office equipment Income $ 3,150,000 975,000 225,000 60,000 300,000 197,000 210,000 246,000 579,500 200,000 $ 157,500 $ 3,825,000 $ 1,184,400 277,200 63,000 300,000 212,000 243,900 267,000 586,500 200,000 491,000 Required: Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "No variance" and enter "0" for zero variance.)
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