Required information[The following information applies to the questions displayed below.]The fixed budget for 21,600 units of production shows sales of $583,200; variable costs of $64,800; and fixed costs of$143,000.The company's actual sales were 26,900 units at $679,300. Actual variable costs were $113,300 and actual fixed costs were $132,000.Prepare a flexible budget performance report. Indicate whether each variance is favorable or unfavorable. (Indicate the effect of eachvariance by selecting favorable, unfavorable, or no variance.)SalesVariable costsContribution marginFixed costsIncomeX Answer is complete but not entirely correct.Flexible Budget Performance ReportFlexibleActualBudgetResults$$645,60080,700564,900143,000421,900Variances$ 679,300 $(33,700)113,300(32,600)566,000(63,500)132,00011,000$ 434,000 $ (12,100)Favorable/UnfavorableUnfavorableUnfavorableUnfavorableFavorableUnfavorable

Required information [The following information applies to the questions displayed below.] The fixed budget for 21,600 units of production shows sales of $583,200; variable costs of $64,800; and fixed costs of $143,000. The company's actual sales were 26,900 units at $679,300. Actual variable costs were $113,300 and actual fixed costs were $132, Prepare a flexible budget performance report. Indicate whether each variance is favorable or unfavorable. (Indicate the effect of e variance by selecting favorable, unfavorable, or no variance.) Sales Variable costs Contribution margin Fixed costs Income ✓ Answer is complete but not entirely correct. Flexible Budget Performance Report Flexible Actual Budget Results $ 564,900 143,000✔ 421,900 $ 434,000 Variances 645,600 $ 679,300 $ (33,700) Unfavorable 80,700✔ 113,300 (32,600) Unfavorable 566,000 (63,500) Unfavorable 11,000 Favorable $ (12,100) X Unfavorable 132,000✔ Favorable/ Unfavorable

Required information [The following information applies to the questions displayed below.] The fixed budget for 21,600 units of production shows sales of $583,200; variable costs of $64,800; and fixed costs of $143,000. The company's actual sales were 26,900 units at $679,300. Actual variable costs were $113,300 and actual fixed costs were $132, Prepare a flexible budget performance report. Indicate whether each variance is favorable or unfavorable. (Indicate the effect of e variance by selecting favorable, unfavorable, or no variance.) Sales Variable costs Contribution margin Fixed costs Income ✓ Answer is complete but not entirely correct. Flexible Budget Performance Report Flexible Actual Budget Results $ 564,900 143,000✔ 421,900 $ 434,000 Variances 645,600 $ 679,300 $ (33,700) Unfavorable 80,700✔ 113,300 (32,600) Unfavorable 566,000 (63,500) Unfavorable 11,000 Favorable $ (12,100) X Unfavorable 132,000✔ Favorable/ Unfavorable

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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Required Information [The following information applies to the questions displayed below.] The fixed budget for 21,300 units of production shows sales of $489,900; variable costs of $63,900; and fixed costs of $144,000. The company's actual sales were 27,300 units at $580,900. Actual variable costs were $113,400 and actual fixed costs were $138,000. Prepare a flexible budget performance report. Indicate whether each variance is favorable or unfavorable. (Indicate the effect of each varlance by selecting favorable, unfavorable, or no variance.) Contribution margin Flexible Budget Performance Report Flexible Budget Actual Results Variances Favorable/ Unfavorable
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