(cesNina Company prepared the following fixed budget for July using 7.780 units for budgeted sales. Actual sales were 7.480 units andactual costs are shown below.For Month Ended July 31SalesVariable costsDirect materialsDirect laborIndirect materialsSales commissionsTotal variable costsContribution marginFixed costsDepreciation MachinerySupervisor salaryInsuranceDepreciation-Office equipmentAdministrative salaries iTotal fixed costaIncomeFor Month Ended July 31SalesVariable costsDirect matanalsDirect laborindirect materialsSales commissionsTotal Variable CostsContribution marginFind costsDepreciation MachinerySupervisory salaryInsuranceDepreciation OffenequereAdministrative salariesTotal Fed CostsFixed BudgetIncueVariableAmount per Total FixedUnitCost$ 100|=====$ 70,86042,04010,4207,68031,900$164,900Fixed Budget(7,788 units)5 778,000ActualResults272,300116,70031,12085,540505,700$ 272,300Prepare a flexible budget performance report for July at activity level of 7,480 units. Show variances between budgeted and actualamountsNote: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.NINA COMPANYFlexible Budget Performance ReportFlexibleBudget(7,480 units) (7,400 units)70,86042,04010,4207,68033,90064,900$ 107,400Actual Results(7,488 units)$764,580Variances276,880113,80029,32081,340501,340$ 263,24070,86043,28010,4207,68030,920163, 160$ 100,000Favorable or Unfavorable

A flexible budget serves as a financial blueprint capable of adapting to fluctuations in business…

Prepare a flexible budget performance report for July at activity level of 7,480 units. Show variances between budgeted and actual amounts Note: Indicate the effect of each verlance by selecting favorable, unfavorable, or no variance. NINA COMPANY

Prepare a flexible budget performance report for July at activity level of 7,480 units. Show variances between budgeted and actual amounts Note: Indicate the effect of each verlance by selecting favorable, unfavorable, or no variance. NINA COMPANY

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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