Required information [The following information applies to the questions displayed below.] The fixed budget for 20,500 units of production shows sales of $574,000; variable costs of $61,500; and fixed costs of $142,000. he company actually produces and sells 26,700 units, calculate the flexible budget income. ales ariable costs ontribution margin xed costs come ------Flexible Budget------ Variable Amount Total Fixed per Unit Cost $ 0 20,500 units $ ------Flexible Budget at -----. $ 0 26,700 units $ 0 $ 0 0
Required information [The following information applies to the questions displayed below.] The fixed budget for 20,500 units of production shows sales of $574,000; variable costs of $61,500; and fixed costs of $142,000. he company actually produces and sells 26,700 units, calculate the flexible budget income. ales ariable costs ontribution margin xed costs come ------Flexible Budget------ Variable Amount Total Fixed per Unit Cost $ 0 20,500 units $ ------Flexible Budget at -----. $ 0 26,700 units $ 0 $ 0 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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Required information
[The following information applies to the questions displayed below.]
!
The fixed budget for 20,500 units of production shows sales of $574,000; variable costs of $61,500; and fixed costs of
$142,000.
If the company actually produces and sells 26,700 units, calculate the flexible budget income.
Sales
Variable costs
Contribution margin
Fixed costs
Income
Contribution margin
------Flexible Budget------
Variable Amount
per Unit
$
$
0
Total Fixed
Cost
Flexible Budget Performance Report
Flexible Budget Actual Results
0
0 $
0
20,500 units
$
0
------Flexible Budget at..
$
Required information
[The following information applies to the questions displayed below.]
The fixed budget for 20,500 units of production shows sales of $574,000; variable costs of $61,500; and fixed costs of
$142,000.
The company's actual sales were 26,700 units at $702,600. Actual variable costs were $113,900 and actual fixed costs were $136,000.
Prepare a flexible budget performance report. Indicate whether each variance is favorable or unfavorable. (Indicate the effect of each
variance by selecting favorable, unfavorable, or no variance.)
0
26,700 units
Variances
$
0 $
0
0
Favorable/
Unfavorable](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb366ae32-585c-46a5-a7e6-fc202583e1f4%2F7020ec46-838e-4b74-85e6-31b92287b2d1%2Fzl9d96e_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
!
The fixed budget for 20,500 units of production shows sales of $574,000; variable costs of $61,500; and fixed costs of
$142,000.
If the company actually produces and sells 26,700 units, calculate the flexible budget income.
Sales
Variable costs
Contribution margin
Fixed costs
Income
Contribution margin
------Flexible Budget------
Variable Amount
per Unit
$
$
0
Total Fixed
Cost
Flexible Budget Performance Report
Flexible Budget Actual Results
0
0 $
0
20,500 units
$
0
------Flexible Budget at..
$
Required information
[The following information applies to the questions displayed below.]
The fixed budget for 20,500 units of production shows sales of $574,000; variable costs of $61,500; and fixed costs of
$142,000.
The company's actual sales were 26,700 units at $702,600. Actual variable costs were $113,900 and actual fixed costs were $136,000.
Prepare a flexible budget performance report. Indicate whether each variance is favorable or unfavorable. (Indicate the effect of each
variance by selecting favorable, unfavorable, or no variance.)
0
26,700 units
Variances
$
0 $
0
0
Favorable/
Unfavorable
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