Problem 21-1A Preparing and analyzing a flexible budget LO P1, A1[The following information applies to the questions displayed below.]Phoenix Company's 2019 master budget included the following fixed budget report. It is based on an expected productionand sales volume of 15,000 units.PHOENIX COMPANYFixed Budget ReportFor Year Ended December 31, 2019Sales$3,150,000Cost of goods soldDirect materials$945,000Direct labor240,00045,000300,000195,000180,000Machinery repairs (variable cost)Depreciation-Plant equipment (straight-line)Utilities ( $30,000 is variable)Plant management salariesGross profitSelling expensesPackagingShippingSales salary (fixed annual amount)General and administrative expensesAdvertising expenseSalaries1,905,0001,245,00075,000105,000235,000415,000100,000230,00085,000Entertainment expense415,000Income from operations415,0004. An unfavorable change in business is remotely possible; in this case, production and sales volume for the year could fall to 12,000units. How much income (or loss) from operations would occur if sales volume falls to this level? (Enter any loss with minus sign.)PHOENIX COMPANYForecasted Contribution Margin Income StatementFor Year Ended December 31, 2019Sales (in units)15,00012,000Contribution margin (per unit)Contribution marginFixed costsOperating income (loss)please show all work

The question is based on the concept of Cost Accounting.

[The following information applies to the questions displayed below.] Phoenix Company's 2019 master budget included the following fixed budget report. It is based on an expecto and sales volume of 15,000 units. PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales $3,150,000 Cost of goods sold Direct materials $945,000 240,000 45,000 300,000 195,000 180,000 Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($30,000 is variable) Plant management salaries Gross profit 1,905,000 1,245,000

[The following information applies to the questions displayed below.] Phoenix Company's 2019 master budget included the following fixed budget report. It is based on an expecto and sales volume of 15,000 units. PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales $3,150,000 Cost of goods sold Direct materials $945,000 240,000 45,000 300,000 195,000 180,000 Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($30,000 is variable) Plant management salaries Gross profit 1,905,000 1,245,000

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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Required Information [The following information applies to the questions displayed below.] Phoenix Company's 2019 master budget Included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. Sales Cost of goods sold Direct materials Direct labor Gross profit Selling expenses Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($45,000 is variable) Plant management salaries Packaging Shipping PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales salary (fixed annual amount) General and administrative expenses Advertising expense Salaries Entertainment expense Income from operations Sales Variable costs Utilities PHOENIX COMPANY Flexible Budgets For Year Ended December 31, 2019 Flexible Budget Direct materials Direct labor Machinery repairs Depreciation-Plant equipment (straight-line) $ 960,000 240,000 Variable Amount per Unit 60,000 315,000 195,000 200,000 1,970,000 1,180,000…
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Subject : Accounting
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