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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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