Required information Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below] The fixed budget for 20,800 units of production shows sales of $603,200; variable costs of $62,400; and fixed costs of $144,000. QS 21-4 (Algo) Flexible budget performance report LO P1 The company's actual sales were 27,300 units at $742,700. Actual variable costs were $113,800 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 each variance by selecting favorable, unfavorable, or no variance.) Sales Variable costs Contribution margin Fixed costs Income Flexible Budget Performance Report Flexible Budget Actual Results Variances Favorable/ Unfavorable $ 742,700 113,800 0 628,900 132,000 $ 0 $ 496,900
Required information Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below] The fixed budget for 20,800 units of production shows sales of $603,200; variable costs of $62,400; and fixed costs of $144,000. QS 21-4 (Algo) Flexible budget performance report LO P1 The company's actual sales were 27,300 units at $742,700. Actual variable costs were $113,800 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 each variance by selecting favorable, unfavorable, or no variance.) Sales Variable costs Contribution margin Fixed costs Income Flexible Budget Performance Report Flexible Budget Actual Results Variances Favorable/ Unfavorable $ 742,700 113,800 0 628,900 132,000 $ 0 $ 496,900
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 Quick Study below. (Algo)
[The following information applies to the questions displayed below]
The fixed budget for 20,800 units of production shows sales of $603,200; variable costs of $62,400; and fixed costs of
$144,000.
QS 21-4 (Algo) Flexible budget performance report LO P1
The company's actual sales were 27,300 units at $742,700. Actual variable costs were $113,800 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 each
variance by selecting favorable, unfavorable, or no variance.)
Sales
Variable costs
Contribution margin
Fixed costs
Income
Flexible Budget Performance Report
Flexible Budget
Actual Results
Variances
Favorable/
Unfavorable
$
742,700
113,800
0
628,900
132,000
$
0 $
496,900](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff1de2e63-78cc-4d37-b0a9-a51a5f06b3dd%2Fafd49301-5d14-4ecf-ab26-c48e23f3005a%2Fpk8o8dk_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
Use the following information for the Quick Study below. (Algo)
[The following information applies to the questions displayed below]
The fixed budget for 20,800 units of production shows sales of $603,200; variable costs of $62,400; and fixed costs of
$144,000.
QS 21-4 (Algo) Flexible budget performance report LO P1
The company's actual sales were 27,300 units at $742,700. Actual variable costs were $113,800 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 each
variance by selecting favorable, unfavorable, or no variance.)
Sales
Variable costs
Contribution margin
Fixed costs
Income
Flexible Budget Performance Report
Flexible Budget
Actual Results
Variances
Favorable/
Unfavorable
$
742,700
113,800
0
628,900
132,000
$
0 $
496,900
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