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Required: Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting "Favorable" or Unfavorable". Select "No variance" and enter "O" for zero variance.)

Required: Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting "Favorable" or Unfavorable". Select "No variance" and enter "O" for zero variance.)

FINANCIAL ACCOUNTING
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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Sales Costs PHOENIX COMPANY Fixed Budget For Year Ended December 31 Direct materials Direct labor Sales staff commissions Depreciation-Machinery Income Supervisory salaries. Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment Income Direct materials Direct labor Sales staff commissions Depreciation-Machinery Phoenix Company reports the following actual results. Actual sales were 18,100 units. Sales (18,100 units) $ 3,665,250 Costs $ 1,190,980 278,740 63,350 Supervisory salaries. Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment $ 3,020,000 981,500 226,500 60,400 295,000 199,000 226,500 249,000 438,100 193,000 $ 151,000 295,000 213,000 263,355 267,000 444,100 193,000 456,725
Transcribed Image Text:Sales Costs PHOENIX COMPANY Fixed Budget For Year Ended December 31 Direct materials Direct labor Sales staff commissions Depreciation-Machinery Income Supervisory salaries. Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment Income Direct materials Direct labor Sales staff commissions Depreciation-Machinery Phoenix Company reports the following actual results. Actual sales were 18,100 units. Sales (18,100 units) $ 3,665,250 Costs $ 1,190,980 278,740 63,350 Supervisory salaries. Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment $ 3,020,000 981,500 226,500 60,400 295,000 199,000 226,500 249,000 438,100 193,000 $ 151,000 295,000 213,000 263,355 267,000 444,100 193,000 456,725
Required: Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "No variance" and enter "O" for zero variance.) For Year Ended December 31 Sales Variable costs Direct materials Direct labor Sales staff commissions Shipping Total variable costs Contribution margin Fixed costs Depreciation Machinery Supervisory salaries Sales staff salaries Administrative salaries Depreciation Office equipment Total fixed costs Income PHOENIX COMPANY Flexible Budget Performance Report Flexible Budget (18,100 units) 0 0 Actual Results (18,100 units) 0 Variances S Favorable/Unfavorable
Transcribed Image Text:Required: Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "No variance" and enter "O" for zero variance.) For Year Ended December 31 Sales Variable costs Direct materials Direct labor Sales staff commissions Shipping Total variable costs Contribution margin Fixed costs Depreciation Machinery Supervisory salaries Sales staff salaries Administrative salaries Depreciation Office equipment Total fixed costs Income PHOENIX COMPANY Flexible Budget Performance Report Flexible Budget (18,100 units) 0 0 Actual Results (18,100 units) 0 Variances S Favorable/Unfavorable
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