Sales Costs Direct materials Direct labor Sales staff commissions Depreciation-Machinery PHOENIX COMPANY Fixed Budget For Year Ended December 31 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 18,300 units. Sales (18,300 units) Costs Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-office equipment Income $ 3,213,000 994,500 214,200 61,200 305,000 205,000 244,800 247,000 583,650 197,000 $ 160,650 $3,000,750 $ 1,204,140 263,520 64,050 305,000 218,000 204,565 264,000 590,650 197,000 497,825 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 "0" for zero variance.)
Sales Costs Direct materials Direct labor Sales staff commissions Depreciation-Machinery PHOENIX COMPANY Fixed Budget For Year Ended December 31 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 18,300 units. Sales (18,300 units) Costs Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-office equipment Income $ 3,213,000 994,500 214,200 61,200 305,000 205,000 244,800 247,000 583,650 197,000 $ 160,650 $3,000,750 $ 1,204,140 263,520 64,050 305,000 218,000 204,565 264,000 590,650 197,000 497,825 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 "0" for zero variance.)
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter9: Profit Planning And Flexible Budgets
Section: Chapter Questions
Problem 48BEB: Performance Report Based on Budgeted and Actual Levels of Production Balboa Company budgeted...
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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.
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Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,300
units.
Sales
Costs
PHOENIX COMPANY
Fixed Budget
For Year Ended December 31
Direct materials.
Direct labor
Sales staff commissions
Depreciation-Machinery
Supervisory salaries
Shipping
Sales staff salaries (fixed annual amount)
Administrative salaries
Depreciation-office equipment
Income
Direct materials
Direct labor
Sales staff commissions
Depreciation-Machinery
$ 3,213,000
994,500.
214,200
Supervisory salaries
Shipping
61,200
305,000
205,000
Phoenix Company reports the following actual results. Actual sales were 18,300 units.
Sales (18,300 units)
$ 3,888,750
Costs
$ 1,204,140
263,520
64,050
244,800
247,000
583,650
197,000
$ 160,650.
305,000
218,000
284,565](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0e87e191-273b-4430-9665-0115d53e354e%2F8d53f4d1-72ad-4a90-ab50-0472527b09aa%2Fspdxui_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
[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 15,300
units.
Sales
Costs
PHOENIX COMPANY
Fixed Budget
For Year Ended December 31
Direct materials.
Direct labor
Sales staff commissions
Depreciation-Machinery
Supervisory salaries
Shipping
Sales staff salaries (fixed annual amount)
Administrative salaries
Depreciation-office equipment
Income
Direct materials
Direct labor
Sales staff commissions
Depreciation-Machinery
$ 3,213,000
994,500.
214,200
Supervisory salaries
Shipping
61,200
305,000
205,000
Phoenix Company reports the following actual results. Actual sales were 18,300 units.
Sales (18,300 units)
$ 3,888,750
Costs
$ 1,204,140
263,520
64,050
244,800
247,000
583,650
197,000
$ 160,650.
305,000
218,000
284,565
Transcribed Image Text:Sales
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
PHOENIX COMPANY
Fixed Budget
For Year Ended December 311
Direct naterials
Direct labor
Sales staff commissions
Depreciation-Machinery
Phoenix Company reports the following actual results. Actual sales were 18,300 units.
Sales (18,300 units)
Costs
Supervisory salaries
Shipping
Sales staff salaries (fixed annual amount)
Administrative salaries
Depreciation-office equipment
For Year Ended December 31
Variable costs
Fixed costs
$ 3,213,000
994,500
214,200
61,200
305,000
205,000
244,800
247,000
583,650
197,000
$ 160,650
$ 3,888,750
$ 1,204,140
263,520
64,050
Income
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 "0" for zero variance.)
0
305,000
218,000
284,565
0
264,000
590,650
197,000
497,825
PHOENIX COMPANY
Flexible Budget Performance Report
MacBook Air
Flexible
Budget (18,300 Actual Results
units)
(18,300 units)
$ 3,843,000
0
Variances Favorable/Unfavorable
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