! Required information Use the following information for the Problems below. (Static) [The following information applies to the questions displayed below.] Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,000 units. Sales Costs Direct materials Direct labor Sales staff commissions Depreciation-Machinery Income Supervisory salaries. Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment PHOENIX COMPANY Fixed Budget For Year Ended December 31 Income Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries. Shipping Sales staff salaries (fixed annual amount). Administrative salaries Depreciation-Office equipment Problem 23-2A (Static) Preparing a flexible budget performance report LO P1 $ 3,000,000 Phoenix Company reports the following actual results. Actual sales were 18,000 units. Sales (18,000 units) Costs For Year Ended December 31 975,000 225,000 60,000 Variable costs 300,000 200,000 225,000 250,000 411,000 195,000 $ 159,000 $ 3,648,000 $ 1,185,000 278,000 63,000 300,000 210,000 261,500 268,000 Required: Prepare a flexible budget performance report for the year. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "No variance" and enter "0" for zero variance. 419,000 195,000 $ 468,500 PHOENIX COMPANY Flexible Budget Performance Report Flexible Budget (18,000 units) Actual Results (18,000 units) Variances Favorable or Unfavorable
! Required information Use the following information for the Problems below. (Static) [The following information applies to the questions displayed below.] Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,000 units. Sales Costs Direct materials Direct labor Sales staff commissions Depreciation-Machinery Income Supervisory salaries. Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment PHOENIX COMPANY Fixed Budget For Year Ended December 31 Income Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries. Shipping Sales staff salaries (fixed annual amount). Administrative salaries Depreciation-Office equipment Problem 23-2A (Static) Preparing a flexible budget performance report LO P1 $ 3,000,000 Phoenix Company reports the following actual results. Actual sales were 18,000 units. Sales (18,000 units) Costs For Year Ended December 31 975,000 225,000 60,000 Variable costs 300,000 200,000 225,000 250,000 411,000 195,000 $ 159,000 $ 3,648,000 $ 1,185,000 278,000 63,000 300,000 210,000 261,500 268,000 Required: Prepare a flexible budget performance report for the year. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "No variance" and enter "0" for zero variance. 419,000 195,000 $ 468,500 PHOENIX COMPANY Flexible Budget Performance Report Flexible Budget (18,000 units) Actual Results (18,000 units) Variances Favorable or Unfavorable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
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.
Question
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Required information
Use the following information for the Problems below. (Static)
[The following information applies to the questions displayed below.]
Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,000
units.
Sales
Costs
Direct materials
Direct labor
Sales staff commissions
Depreciation-Machinery
Income
Supervisory salaries.
Shipping
Sales staff salaries (fixed annual amount)
Administrative salaries
Depreciation-Office equipment
PHOENIX COMPANY
Fixed Budget
For Year Ended December 31
Income
Direct materials
Direct labor
Sales staff commissions
Depreciation-Machinery
Supervisory salaries.
Shipping
Sales staff salaries (fixed annual amount).
Administrative salaries
Depreciation-Office equipment
Problem 23-2A (Static) Preparing a flexible budget performance report LO P1
Phoenix Company reports the following actual results. Actual sales were 18,000 units.
Sales (18,000 units)
Costs
For Year Ended December 31
Variable costs
Fixed costs
$ 3,000,000
975,000
225,000
60,000
300,000
200,000
225,000
0
250,000
411,000
195,000
$ 159,000
0
Required:
Prepare a flexible budget performance report for the year.
Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "No variance" and enter "0" for zero
variance.
$ 3,648,000
$ 1,185,000
278,000
63,000
300,000
210,000
261,500
268,000
419,000
195,000
$ 468,500
PHOENIX COMPANY
Flexible Budget Performance Report
Flexible
Budget (18,000
units)
Actual Results
(18,000 units)
0
0
Variances
Favorable or
Unfavorable](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1eaae1fc-ed33-449b-be0f-97d8c49ba64f%2Fb99a6539-8f83-412f-88d8-05f6831c7058%2F4pbyznj_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
Use the following information for the Problems below. (Static)
[The following information applies to the questions displayed below.]
Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,000
units.
Sales
Costs
Direct materials
Direct labor
Sales staff commissions
Depreciation-Machinery
Income
Supervisory salaries.
Shipping
Sales staff salaries (fixed annual amount)
Administrative salaries
Depreciation-Office equipment
PHOENIX COMPANY
Fixed Budget
For Year Ended December 31
Income
Direct materials
Direct labor
Sales staff commissions
Depreciation-Machinery
Supervisory salaries.
Shipping
Sales staff salaries (fixed annual amount).
Administrative salaries
Depreciation-Office equipment
Problem 23-2A (Static) Preparing a flexible budget performance report LO P1
Phoenix Company reports the following actual results. Actual sales were 18,000 units.
Sales (18,000 units)
Costs
For Year Ended December 31
Variable costs
Fixed costs
$ 3,000,000
975,000
225,000
60,000
300,000
200,000
225,000
0
250,000
411,000
195,000
$ 159,000
0
Required:
Prepare a flexible budget performance report for the year.
Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "No variance" and enter "0" for zero
variance.
$ 3,648,000
$ 1,185,000
278,000
63,000
300,000
210,000
261,500
268,000
419,000
195,000
$ 468,500
PHOENIX COMPANY
Flexible Budget Performance Report
Flexible
Budget (18,000
units)
Actual Results
(18,000 units)
0
0
Variances
Favorable or
Unfavorable
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