The following table contains a hypothetical partial master budget performance report for European Fudge Company. (Click the icon to view the partial master budget performance report.) Fill in the missing amounts. Be sure to indicate whether variances are favorable (F) or unfavorable (U). (Enter the variances as positive numbers. Label each variance as favorable (F) or unfavorable (U). If the variance is 0, make sure to enter in a "0". A variance of zero is considered favorable.) European Fudge Company Flexible Budget Performance Report: Sales and Operating Expenses For Year Ended December 31 Sales volume (number of cases sold) Shipping expense ($4 per case sold) Actual Sales revenue ($34 per case) $ 419,500 $ Less variable expenses: Sales expense ($5 per case sold) Contribution margin 12,500 $ 60,100 49,500 309,900 Flexible Budget Variance Flexible Budget 2200 F 400 U 12,500 5,500 U$425,000 2900 F $ 62,500 50,000 312,500 Volume Variance 40800 F $ 6000 U$ 1200 U 33600 F Master Budget 11,600 394,400 58,000 46,400 290,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following table contains a hypothetical partial master budget performance report for European
Fudge Company.
(Click the icon to view the partial master budget performance report.)
Fill in the missing amounts. Be sure to indicate whether variances are favorable (F) or unfavorable (U).
(Enter the variances as positive numbers. Label each variance as favorable (F) or unfavorable (U). If
the variance is 0, make sure to enter in a "0". A variance of zero is considered favorable.)
European Fudge Company
Flexible Budget Performance Report: Sales and Operating Expenses
For Year Ended December 31
Sales volume (number of
cases sold)
Shipping expense ($4 per
case sold)
Actual
Sales revenue ($34 per case) $ 419,500 $
Less variable expenses:
Sales expense ($5 per
case sold)
Contribution margin
12,500
$ 60,100
49,500
309,900
Flexible
Budget
Variance
Flexible
Budget
2200 F
400 U
12,500
5,500 U $425,000
2900 F $ 62,500
50,000
312,500
Volume
Variance
40800 F $
6000 U$
1200 U
33600 F
Master
Budget
11,600
394,400
58,000
46,400
290,000
Transcribed Image Text:The following table contains a hypothetical partial master budget performance report for European Fudge Company. (Click the icon to view the partial master budget performance report.) Fill in the missing amounts. Be sure to indicate whether variances are favorable (F) or unfavorable (U). (Enter the variances as positive numbers. Label each variance as favorable (F) or unfavorable (U). If the variance is 0, make sure to enter in a "0". A variance of zero is considered favorable.) European Fudge Company Flexible Budget Performance Report: Sales and Operating Expenses For Year Ended December 31 Sales volume (number of cases sold) Shipping expense ($4 per case sold) Actual Sales revenue ($34 per case) $ 419,500 $ Less variable expenses: Sales expense ($5 per case sold) Contribution margin 12,500 $ 60,100 49,500 309,900 Flexible Budget Variance Flexible Budget 2200 F 400 U 12,500 5,500 U $425,000 2900 F $ 62,500 50,000 312,500 Volume Variance 40800 F $ 6000 U$ 1200 U 33600 F Master Budget 11,600 394,400 58,000 46,400 290,000
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