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The following information is available for Brownstone Products Company for the month of July: Master Budget 3,200 $ 60,000 Units Sales revenue Variable manufacturing costs Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrative expenses Actual 3,900 $ 54,300 10,500 12,400 7,000 10,200 a. 3,860 units. b. 4,260 units. 16,000 13,000 8,000 10,050 Required: 1. What was the master budget variance for July? Was this variance favorable or unfavorable? 2. Compute the July sales volume variance and the flexible-budget variance for the month, both in terms of contribution margin and in terms of operating income. 4. Prepare pro-forma budgets for activities within its relevant range of operations. Prepare a flexible budget for each of the following two output levels:

The following information is available for Brownstone Products Company for the month of July: Master Budget 3,200 $ 60,000 Units Sales revenue Variable manufacturing costs Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrative expenses Actual 3,900 $ 54,300 10,500 12,400 7,000 10,200 a. 3,860 units. b. 4,260 units. 16,000 13,000 8,000 10,050 Required: 1. What was the master budget variance for July? Was this variance favorable or unfavorable? 2. Compute the July sales volume variance and the flexible-budget variance for the month, both in terms of contribution margin and in terms of operating income. 4. Prepare pro-forma budgets for activities within its relevant range of operations. Prepare a flexible budget for each of the following two output levels:

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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The following information is available for Brownstone Products Company for the month of July: Master Budget Units Sales revenue Variable manufacturing costs Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrative expenses Actual 3,900 $ 54,300 10,500 12,400 7,000 10,200 3,200 $ 60,000 Required: 1. What was the master budget variance for July? Was this variance favorable or unfavorable? 2. Compute the July sales volume variance and the flexible-budget variance for the month, both in terms of contribution margin and in terms of operating income. Complete this question by entering your answers in the tabs below. Required 1 16,000 13,000 8,000 10,050 4. Prepare pro-forma budgets for activities within its relevant range of operations. Prepare a flexible budget for each of the following two output levels: a. 3,860 units. b. 4,260 units. Required 1 Required 2 Required 4 What was the master budget variance for July? Was this variance favorable or unfavorable? (Indicate the effect of each variance by selecting "F" for Favorable, "U" for Unfavorable, and "None" for no effect (i.e., zero variance).) Master budget variance Required 2 >
Transcribed Image Text:The following information is available for Brownstone Products Company for the month of July: Master Budget Units Sales revenue Variable manufacturing costs Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrative expenses Actual 3,900 $ 54,300 10,500 12,400 7,000 10,200 3,200 $ 60,000 Required: 1. What was the master budget variance for July? Was this variance favorable or unfavorable? 2. Compute the July sales volume variance and the flexible-budget variance for the month, both in terms of contribution margin and in terms of operating income. Complete this question by entering your answers in the tabs below. Required 1 16,000 13,000 8,000 10,050 4. Prepare pro-forma budgets for activities within its relevant range of operations. Prepare a flexible budget for each of the following two output levels: a. 3,860 units. b. 4,260 units. Required 1 Required 2 Required 4 What was the master budget variance for July? Was this variance favorable or unfavorable? (Indicate the effect of each variance by selecting "F" for Favorable, "U" for Unfavorable, and "None" for no effect (i.e., zero variance).) Master budget variance Required 2 >
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