Required informationUse the following information for the Quick Study below.[The following information applies to the questions displayed below.]Brodrick Company expects to produce 21,200 units for the year ending December 31. A flexible budget for 21,200 units ofproduction reflects sales of $466,400; variable costs of $63,600; and fixed costs of $142,000.QS 23-4 Flexible budget performance report LO P1Assume that actual sales for the year are $551,800 (26,900 units), actual variable costs for the year are $113,900, and actual fixedcosts for the year are $135,000.Prepare a flexible budget performance report for the year.BRODRICK COMPANYFlexible Budget Performance ReportFor Year Ended December 31Favorable/UnfavorableFlexible Budget Actual ResultsVariancesContribution margin2$0 $

The variance is said to be favorable, if actual costs incurred are less than the budgeted costs.

QS 23-4 Flexible budget performance report Assume that actual sales for the year are $551,800 (26,900 units), actual variable costs for the year are $113,900, and actual costs for the year are $135,000. Prepare a flexible budget performance report for the year. BRODRICK COMPANY Flexible Budget Performance Report For Year Ended December 31 Flexible Budget Actual Results Favorable/ Unfavorable Variances Contribution margin $

QS 23-4 Flexible budget performance report Assume that actual sales for the year are $551,800 (26,900 units), actual variable costs for the year are $113,900, and actual costs for the year are $135,000. Prepare a flexible budget performance report for the year. BRODRICK COMPANY Flexible Budget Performance Report For Year Ended December 31 Flexible Budget Actual Results Favorable/ Unfavorable Variances Contribution margin $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Exercise 21-5 (Algo) Preparing flexible budget performance report LO P1 Nina Company prepared the following fixed budget for July using 7,640 units for budgeted sales. Actual sales were 7,340 units and actual costs are shown below. Fixed Budget For Month Ended July 31 Variable Amount per Unit Total Fixed Cost Fixed Budget (7,640 units) Actual Results (7,340 units) Sales $ 100 $ 764,000 $ 750,790 Variable costs Direct materials 35 267,400 271,840 Direct labor 15 114,600 111,700 Indirect materials 4 30,560 28,760 Sales commissions 11 84,040 79,870 Total variable costs 65 496,600 492,170 Contribution margin $ 35 $ 267,400 $ 258,620 Fixed costs Depreciation—Machinery $ 69,530 69,530 69,530 Supervisor salary 41,270 41,270 42,440 Insurance 10,210 10,210 10,210 Depreciation—Office equipment 7,540 7,540 7,540 Administrative salaries 33,900 33,900 30,360 Total fixed costs $ 162,450 162,450 160,080 Income $…
Exercise 21-4 (Algo) Preparing flexible budget performance report LO P1 Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavorable. The company budgets a selling price of $89 per unit and variable costs of $34 per unit. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Flexible Budget Performance Report For Month Ended June 30 Sales Flexible Budget (12,600 units) Variable costs Contribution margin Fixed costs Income Actual Results (12,600 units) Variances Favorable/Unfavorable $ 28,600 Favorable 369,000 693,000 288,000 303,000
Domestic
Q38 A company's master budget for October is to manufacture and sell 31,300 units, for a total sales revenue of $296,000, total variable costs of $161,410, and total fixed costs of $26,600. The company actually manufactured and sold 33,300 units, and generated $86,600 of operating income in October. The total flexible-budget variance in October was: (Do not round intermediate calculations.) Multiple Choice $6,825 unfavorable. $51,175 unfavorable. $29,990 unfavorable. $8,600 unfavorable. $60,000 unfavorable.
ANSWER QUICK
4
A8
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
Revenue variances Rosenberry Company computed the following revenue variances for January: Revenue price variance Revenue volume variance $(350,000) Favorable 50,000 Unfavorable Assuming that the planned selling price per unit was $10 and that actual sales were 175,000 units, determine the following: a. Actual selling price of January. units b. Planned number of units that were to be sold in January.
The Current Designs staff has prepared the annual manufacturing budget for the rotomolded line based on an estimated annual production of 4,640 kayaks during 2022. Each kayak will require 56 pounds of polyethylene powder and a finishing kit (rope, seat, hardware, etc.). The polyethylene powder used in these kayaks costs $1.20 per pound, and the finishing kits cost $210 each. Each kayak will use two kinds of labor-2 hours of type I labor from people who run the oven and trim the plastic, and 3 hours of work from type II workers who attach the hatches and seat and other hardware. The type I employees are paid $17 per hour, and the type II are paid $14 per hour. Manufacturing overhead is budgeted at $414,840 for 2022, broken down as follows. Variable costs Indirect materials $46,400 Manufacturing supplies 64,960 Maintenance and utilities 102,080 213,440 Fixed costs Supervision 78,000 Insurance 13,200 Depreciation 110,200 201,400 Total $414,840 During the first quarter, ended March 31,…
Exercise 21-4 (Algo) Preparing flexible budget performance report LO P1 Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavorable. The company budgets a selling price of $80 per unit and variable costs of $36 per unit. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Flexible Budget Performance Report Flexible Budget For Month Ended June 30 (11,500 units) Sales Variable costs Contribution margin Fixed costs Income Actual Results Variances Favorable/Unfavorable (11,500 units) $ 35,000 Favorable 358,000 506,000 277,000 292,000
QUESTION 6 Remote Company manufactures remote control devices for electronic equipment. The following information was collected during June: Actual market size (units) 23,750 Budgeted market size (units) 20,000 Actual market share 34% Budgeted market share 32% Budgeted selling price $12.00 Actual selling price $10.50 $4.00 $3.00 Budgeted cont. margin per unit Actual cont. margin per unit What is the company's market-size variance? O $4,800 F $2,400 F O $2,400 U $3,200 U