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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Phoenix Company reports the following actual results. Actual sales were 18,000 units.
Sales (18,000 units)
Costs
Direct materials
Direct labor
Sales staff commissions
Depreciation-Machinery
Supervisory salaries
Shipping
Sales staff salaries (fixed annual amount)
Administrative salaries
Depreciation-office equipment
Income
Sales
Costs
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.
Required information
Use the following information for the Problems below. (Static)
[The following information applies to the questions displayed below]
PHOENIX COMPANY
Fixed Budget
For Year Ended December 31
Direct materials
Direct labor
Sales staff commissions.
Depreciation-Machinery
$ 3,648,000
$ 1,185,000
278,000
63,000
Phoenix Company reports the following fixed budget. It is based on an expected production and sales
volume of 15,000 units.
Supervisory salaries
Shipping
Sales staff salaries (fixed annual amount)
300,000
210,000
Administrative salaries
Depreciation Office equipment
Income
261,500
268,000
419,000
195,000
$ 468,500
$3,000,000
975,000
225,000
60,000
300,000
200,000
225,000
250,000
411,000
195,000
$ 159,000
Problem 23-2A (Static) Preparing a flexible hudget formance report LO P1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4c5c2c44-3703-47aa-9933-928dc16b4979%2Fd9341d2a-225c-4e29-853d-d3efb8ed1310%2Fgy60lv6_processed.png&w=3840&q=75)
Transcribed Image Text:Phoenix Company reports the following actual results. Actual sales were 18,000 units.
Sales (18,000 units)
Costs
Direct materials
Direct labor
Sales staff commissions
Depreciation-Machinery
Supervisory salaries
Shipping
Sales staff salaries (fixed annual amount)
Administrative salaries
Depreciation-office equipment
Income
Sales
Costs
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.
Required information
Use the following information for the Problems below. (Static)
[The following information applies to the questions displayed below]
PHOENIX COMPANY
Fixed Budget
For Year Ended December 31
Direct materials
Direct labor
Sales staff commissions.
Depreciation-Machinery
$ 3,648,000
$ 1,185,000
278,000
63,000
Phoenix Company reports the following fixed budget. It is based on an expected production and sales
volume of 15,000 units.
Supervisory salaries
Shipping
Sales staff salaries (fixed annual amount)
300,000
210,000
Administrative salaries
Depreciation Office equipment
Income
261,500
268,000
419,000
195,000
$ 468,500
$3,000,000
975,000
225,000
60,000
300,000
200,000
225,000
250,000
411,000
195,000
$ 159,000
Problem 23-2A (Static) Preparing a flexible hudget formance report LO P1
Transcribed Image Text:For Year Ended December 31
Sales
Variable costs
Fixed costs
PHOENIX COMPANY
Flexible Budget Performance Report
Flexible
Actual Results
Budget (18,000
(18,000 units)
units)
$
3,000,000 $ 18,000 $ 48,000 Favorable
0
0
0
Variances
Favorable or
Unfavorable
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