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Sheridan Entertainment Corporation prepared a master budget for the month of November that was based on sales of 187,400 board games. The budgeted income statement for the period is as follows. Sales Revenue $2,811,000 Variable expenses Direct materials $824,560 Direct labor 412,280 Variable overhead 599,680 Total variable expenses 1,836,520 Contribution margin 974,480 Fixed overhead 214,000 Fixed selling and administrative expenses 424,000 Total fixed expenses 638,000 Operating income $336,480 During November, Sheridan produced and sold 159,600 board games. Actual results for the month are as follows. Sales Revenue $2,310,000 Variable expenses Direct materials $692,140 Direct labor 337,020 Variable overhead 499,620 Total variable expenses 1,528,780 Contribution margin 781,220 Fixed overhead 201,000 Fixed selling and administrative expenses 439,000 Total fixed expenses 640,000 Operating income $141,220

Sheridan Entertainment Corporation prepared a master budget for the month of November that was based on sales of 187,400 board games. The budgeted income statement for the period is as follows. Sales Revenue $2,811,000 Variable expenses Direct materials $824,560 Direct labor 412,280 Variable overhead 599,680 Total variable expenses 1,836,520 Contribution margin 974,480 Fixed overhead 214,000 Fixed selling and administrative expenses 424,000 Total fixed expenses 638,000 Operating income $336,480 During November, Sheridan produced and sold 159,600 board games. Actual results for the month are as follows. Sales Revenue $2,310,000 Variable expenses Direct materials $692,140 Direct labor 337,020 Variable overhead 499,620 Total variable expenses 1,528,780 Contribution margin 781,220 Fixed overhead 201,000 Fixed selling and administrative expenses 439,000 Total fixed expenses 640,000 Operating income $141,220

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Chapter 6 Question 9

Please help me fill in the blanks. Please provide an explanation. 

(a) Prepare a flexible budget for November. (Round unit answers to 2 decimal places, e.g. 5.25 & all other answers to 0 decimal places, eg. 125.) Unit 159,600 games $ $ $ $ %24 %24 > > > > > > > > > >
Transcribed Image Text:(a) Prepare a flexible budget for November. (Round unit answers to 2 decimal places, e.g. 5.25 & all other answers to 0 decimal places, eg. 125.) Unit 159,600 games $ $ $ $ %24 %24 > > > > > > > > > >
Sheridan Entertainment Corporation prepared a master budget for the month of November that was based on sales of 187,400 board games. The budgeted income statement for the period is as follows. Sales Revenue $2,811,000 Variable expenses Direct materials $824,560 Direct labor 412,280 Variable overhead 599,680 Total variable expenses 1,836,520 Contribution margin 974,480 Fixed overhead 214,000 Fixed selling and administrative expenses 424,000 Total fixed expenses 638,000 Operating income $336,480 During November, Sheridan produced and sold 159,600 board games. Actual results for the month are as follows. Sales Revenue $2,310,000 Variable expenses Direct materials $692,140 Direct labor 337,020 Variable overhead 499,620 Total variable expenses 1,528,780 Contribution margin 781,220 Fixed overhead 201,000 Fixed selling and administrative expenses 439,000 Total fixed expenses 640,000 Operating income $141,220
Transcribed Image Text:Sheridan Entertainment Corporation prepared a master budget for the month of November that was based on sales of 187,400 board games. The budgeted income statement for the period is as follows. Sales Revenue $2,811,000 Variable expenses Direct materials $824,560 Direct labor 412,280 Variable overhead 599,680 Total variable expenses 1,836,520 Contribution margin 974,480 Fixed overhead 214,000 Fixed selling and administrative expenses 424,000 Total fixed expenses 638,000 Operating income $336,480 During November, Sheridan produced and sold 159,600 board games. Actual results for the month are as follows. Sales Revenue $2,310,000 Variable expenses Direct materials $692,140 Direct labor 337,020 Variable overhead 499,620 Total variable expenses 1,528,780 Contribution margin 781,220 Fixed overhead 201,000 Fixed selling and administrative expenses 439,000 Total fixed expenses 640,000 Operating income $141,220
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