If Answered within 30mins,it would be appreciable! task assigned is to create a flexible budget from the information below with a basic varianceanalysis. This will require review and approval before sending on to the company controller.Front Range Furniture provides the following Fixed Budget data for the year:Sales (20,000 units; $31.50 per unit)Cost of sale:$630,000Direct materials$210,000Direct labor168,00063,000Variable overheadFixed overhead500,000$130,00080,000Gross ProfitOperating expense:Fixed$12,000Variable62,000$78,00040,000Income from operationsThe company's actual activity for the year follows:Sales (21,000 units)$651,000Cost of goods sold:Direct materials$231,000Direct labor168,000Variable overhead73,50077,500Fixed overhead550,000$101,000Gross ProfitOperating expense:Fixed$12,000Variable51,5009,50039,500Income frooperationsRequired:2. Prepare a flexible budget performance report for the year using the contribution marginformat on the appropriate tab of your working papers. You will be "flexing" the budgetto a sales level of 21,000. Be sure to complete all columns provided. Be sure to answerthe questions below the chart in your working papers.

Flexible budget: A flexible budget can be defined as the budget that is adjusted according to the…

Required: 2. Prepare a flexible budget performance report for the year using the contribution margin format on the appropriate tab of your working papers. You will be “flexing" the budget to a sales level of 21,000. Be sure to complete all columns provided. Be sure to answer the questions below the chart in your working papers.

Required: 2. Prepare a flexible budget performance report for the year using the contribution margin format on the appropriate tab of your working papers. You will be “flexing" the budget to a sales level of 21,000. Be sure to complete all columns provided. Be sure to answer the questions below the chart in your working papers.

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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