Required information [The following information applies to the questions displayed below.] The fixed budget for 20,000 units of production shows sales of $400,000; variable costs of $80,000; and fixed costs of $150,000. The company's actual sales were 26,000 units at $480,000. Actual variable costs were $112,000 and actual fixed costs were $145,000. Prepare a flexible budget performance report. Indicate whether each variance is favorable or unfavorable. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Contribution margin Flexible Budget Performance Report Flexible Budget Actual Results Variances Favorable or Unfavorable
Required information [The following information applies to the questions displayed below.] The fixed budget for 20,000 units of production shows sales of $400,000; variable costs of $80,000; and fixed costs of $150,000. The company's actual sales were 26,000 units at $480,000. Actual variable costs were $112,000 and actual fixed costs were $145,000. Prepare a flexible budget performance report. Indicate whether each variance is favorable or unfavorable. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Contribution margin Flexible Budget Performance Report Flexible Budget Actual Results Variances Favorable or Unfavorable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[The following information applies to the questions displayed below.]
The fixed budget for 20,000 units of production shows sales of $400,000; variable costs of
$80,000; and fixed costs of $150,000.
The company's actual sales were 26,000 units at $480,000. Actual variable costs were $112,000 and actual fixed
costs were $145,000.
Prepare a flexible budget performance report. Indicate whether each variance is favorable or unfavorable.
Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.
Contribution margin
Flexible Budget Performance Report
Flexible Budget
Actual Results
Variances
Favorable or
Unfavorable](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2aa79901-a97c-4492-a92e-79fe3621a9ba%2Fb95e1dce-1717-4dcd-a323-45615981702b%2Ffksz05k_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
The fixed budget for 20,000 units of production shows sales of $400,000; variable costs of
$80,000; and fixed costs of $150,000.
The company's actual sales were 26,000 units at $480,000. Actual variable costs were $112,000 and actual fixed
costs were $145,000.
Prepare a flexible budget performance report. Indicate whether each variance is favorable or unfavorable.
Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.
Contribution margin
Flexible Budget Performance Report
Flexible Budget
Actual Results
Variances
Favorable or
Unfavorable
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