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Required: 1. Prepare a flexible budget performance report for 2019. (Indicate the effect of each variance by selecting for favorable, unfavorable, and No variance.)

Required: 1. Prepare a flexible budget performance report for 2019. (Indicate the effect of each variance by selecting for favorable, unfavorable, and No variance.)

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter8: Budgeting For Planning And Control
Section: Chapter Questions
Problem 10CE: Coral Seas Jewelry Company makes and sells costume jewelry. For the coming year, Coral Seas expects...
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Phoenix Company's 2019 master budget Included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. Sales Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($45,000 is variable) Plant management salaries Gross profit Selling expenses Packaging Shipping PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 sales salary (fixed annual amount) General and administrative expenses Advertising expense Salaries Entertainment expense Income from operations sales (18,00e units) Cost of goods sold Direct materials Direct labor Gross profit Selling expenses Packaging Shipping Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities (fixed cost is $147,500) Plant management salaries Phoenix Company's actual income statement for 2019 follows. G sales salary (annual) General and administrative expenses $ 975,000 225,000 60,000 Show Transcribed Text Advertising expense Salaries Entertainment expense Income from operations 300,000 195,000 200,000 1,955,000 1,045,000 75,000 105,000 250,000 PHOENIX COMPANY statement of Income from Operations For Year Ended December 31, 2019 125,000 241,000 90,000 $3,000,000 $ $1,185,000 278,000 63,000 300,000 200, 500 210,000 87,500 118,500 268,000 430,000 132,000 241,000 93,500 456,000 159,000 $ 3,648,000 2,236,500 1,411,500 474,000 466,500 471,000 Required: 1. Prepare a flexible budget performance report for 2019. (Indicate the effect of each variance by selecting for favorable, unfavorable, and No variance.)
Transcribed Image Text:Phoenix Company's 2019 master budget Included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. Sales Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($45,000 is variable) Plant management salaries Gross profit Selling expenses Packaging Shipping PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 sales salary (fixed annual amount) General and administrative expenses Advertising expense Salaries Entertainment expense Income from operations sales (18,00e units) Cost of goods sold Direct materials Direct labor Gross profit Selling expenses Packaging Shipping Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities (fixed cost is $147,500) Plant management salaries Phoenix Company's actual income statement for 2019 follows. G sales salary (annual) General and administrative expenses $ 975,000 225,000 60,000 Show Transcribed Text Advertising expense Salaries Entertainment expense Income from operations 300,000 195,000 200,000 1,955,000 1,045,000 75,000 105,000 250,000 PHOENIX COMPANY statement of Income from Operations For Year Ended December 31, 2019 125,000 241,000 90,000 $3,000,000 $ $1,185,000 278,000 63,000 300,000 200, 500 210,000 87,500 118,500 268,000 430,000 132,000 241,000 93,500 456,000 159,000 $ 3,648,000 2,236,500 1,411,500 474,000 466,500 471,000 Required: 1. Prepare a flexible budget performance report for 2019. (Indicate the effect of each variance by selecting for favorable, unfavorable, and No variance.)
Variable costs Fixed costs PHOENIX COMPANY Flexible Budget Performance Report For Year Ended December 31, 2018 Flexible Budget Actual Results Variances Fav./Unfav. 0
Transcribed Image Text:Variable costs Fixed costs PHOENIX COMPANY Flexible Budget Performance Report For Year Ended December 31, 2018 Flexible Budget Actual Results Variances Fav./Unfav. 0
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