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Prepare a flexible budget performance report for July at activity level of 7,540 units. Show variances between budgeted and actual amounts. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total Variable Costs Contribution margin Fixed costs Depreciation Machinery Supervisory salary Insurance Depreciation Office equipment Administrative salaries Total Fixed Costs Income NINA COMPANY Flexible Budget Performance Report Flexible Budget (7,540 units) (7.540 units) Actual Results 0 Variances Favorable/Unfavorable

Prepare a flexible budget performance report for July at activity level of 7,540 units. Show variances between budgeted and actual amounts. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total Variable Costs Contribution margin Fixed costs Depreciation Machinery Supervisory salary Insurance Depreciation Office equipment Administrative salaries Total Fixed Costs Income NINA COMPANY Flexible Budget Performance Report Flexible Budget (7,540 units) (7.540 units) Actual Results 0 Variances Favorable/Unfavorable

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Nina Company prepared the following fixed budget for July using 7,840 units for budgeted sales. Actual sales were 7,540 units and actual costs are shown below. For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total variable costs Contribution margin Fixed costs Depreciation-Machinery Supervisor salary Insurance Depreciation Office equipment Administrative salaries Total fixed costs Income Fixed Budget Variable Amount per Unit $ 100 35 15 -|| 11 65 $ 35 Total Fixed Cost $ 71,430 42,370 10,510 7,740 33,900 $ 165,950 Fixed Budget (7,840 units) $784,000 274,400 117,600 31,360 86,240 509,600 $ 274,400 71,430 42,370 10,510 7,740 33,900 165,950 $ 108,450 Actual Results (7,540 units) $ 770,490 279,040 114,700 29,560 81,970 505,270 $ 265,220 71,430 43,640 10,510 7,740 31,160 164,480 $ 100,740
Transcribed Image Text:Nina Company prepared the following fixed budget for July using 7,840 units for budgeted sales. Actual sales were 7,540 units and actual costs are shown below. For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total variable costs Contribution margin Fixed costs Depreciation-Machinery Supervisor salary Insurance Depreciation Office equipment Administrative salaries Total fixed costs Income Fixed Budget Variable Amount per Unit $ 100 35 15 -|| 11 65 $ 35 Total Fixed Cost $ 71,430 42,370 10,510 7,740 33,900 $ 165,950 Fixed Budget (7,840 units) $784,000 274,400 117,600 31,360 86,240 509,600 $ 274,400 71,430 42,370 10,510 7,740 33,900 165,950 $ 108,450 Actual Results (7,540 units) $ 770,490 279,040 114,700 29,560 81,970 505,270 $ 265,220 71,430 43,640 10,510 7,740 31,160 164,480 $ 100,740
Prepare a flexible budget performance report for July at activity level of 7,540 units. Show variances between budgeted and actual amounts. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total Variable Costs Contribution margin Fixed costs Depreciation Machinery Supervisory salary Insurance Depreciation Office equipment Administrative salaries Total Fixed Costs Income NINA COMPANY Flexible Budget Performance Report Flexible Budget (7,540 units) (7.540 units) Actual Results 0 Variances Favorable/Unfavorable
Transcribed Image Text:Prepare a flexible budget performance report for July at activity level of 7,540 units. Show variances between budgeted and actual amounts. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total Variable Costs Contribution margin Fixed costs Depreciation Machinery Supervisory salary Insurance Depreciation Office equipment Administrative salaries Total Fixed Costs Income NINA COMPANY Flexible Budget Performance Report Flexible Budget (7,540 units) (7.540 units) Actual Results 0 Variances Favorable/Unfavorable
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