Please dont give answers in an image format thank you Exercise 21-6 (Static) Preparing flexible budget performance report LO P1 Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Fixed Budgeted Actual Results Sales (units produced and sold) 1,200 1,400 Sales (in dollars) $ 300 per unit $ 435,000 Variable costs $ 120 per unit $ 172,000 Fixed costs $ 125,000 $ 122,000
Please dont give answers in an image format thank you Exercise 21-6 (Static) Preparing flexible budget performance report LO P1 Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Fixed Budgeted Actual Results Sales (units produced and sold) 1,200 1,400 Sales (in dollars) $ 300 per unit $ 435,000 Variable costs $ 120 per unit $ 172,000 Fixed costs $ 125,000 $ 122,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please dont give answers in an image format thank you
Exercise 21-6 (Static) Preparing flexible budget performance report LO P1
Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.)
| Fixed Budgeted | Actual Results | ||
|---|---|---|---|
| Sales (units produced and sold) | 1,200 | 1,400 | |
| Sales (in dollars) | $ 300 | per unit | $ 435,000 |
| Variable costs | $ 120 | per unit | $ 172,000 |
| Fixed costs | $ 125,000 | $ 122,000 |
Transcribed Image Text:For Month Ended May 31
Sales
Variable costs
Contribution margin
Fixed costs
Income
LEWIS COMPANY
Flexible Budget Performance Report
Flexible Budget Actual Results
(1,400 units) (1,400 units)
$
1,200,000
Variances
Favorable/Unfavorable
Favorable
Unfavorable
Favorable
Favorable
Favorable
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