! Required information Use the following information for the Quick Study below. (Static) [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. QS 21-4 (Static) Flexible budget performance report LO P1 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. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Contribution margin Flexible Budget Performance Report Favorable/ Flexible Budget Actual Results Variances Unfavorable
! Required information Use the following information for the Quick Study below. (Static) [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. QS 21-4 (Static) Flexible budget performance report LO P1 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. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Contribution margin Flexible Budget Performance Report Favorable/ Flexible Budget Actual Results Variances Unfavorable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
Use the following information for the Quick Study below. (Static)
[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.
QS 21-4 (Static) Flexible budget performance report LO P1
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. (Indicate the effect of each
variance by selecting favorable, unfavorable, or no variance.)
Contribution margin
Flexible Budget Performance Report
Favorable/
Flexible Budget
Actual Results
Variances
Unfavorable](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb823fc98-6e51-4909-b954-bc09c64f0f23%2Ffbfcdc0d-d8d2-4241-8adc-8d33495aa925%2F4mg0j9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
Use the following information for the Quick Study below. (Static)
[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.
QS 21-4 (Static) Flexible budget performance report LO P1
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. (Indicate the effect of each
variance by selecting favorable, unfavorable, or no variance.)
Contribution margin
Flexible Budget Performance Report
Favorable/
Flexible Budget
Actual Results
Variances
Unfavorable
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