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The following table contains a hypothetical partial master budget performance report for Fun Time 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 unfavorable (U). If the variance is 0, make sure to enter in a "0". A variance of zero is considered favorable.) Fun Time Fudge Company Flexible Budget Performance Report: Sales and Operating Expenses For Year Ended December 31 Sales volume (number of cases sold) Sales revenue ($25 per case) Less variable expenses: Sales expense ($5 per case sold) Shipping expense ($1 per case sold) Contribution margin Actual 13,500 $ 332,000 $ 65,600 10,900 255,500 Flexible Budget Flexible Budget 13,500 Variance $ 337,500 $ 67,500 13,500 256,500 Volume Variance Master Budget $ $ 12,700 317,500 63,500 12,700 241,300

The following table contains a hypothetical partial master budget performance report for Fun Time 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 unfavorable (U). If the variance is 0, make sure to enter in a "0". A variance of zero is considered favorable.) Fun Time Fudge Company Flexible Budget Performance Report: Sales and Operating Expenses For Year Ended December 31 Sales volume (number of cases sold) Sales revenue ($25 per case) Less variable expenses: Sales expense ($5 per case sold) Shipping expense ($1 per case sold) Contribution margin Actual 13,500 $ 332,000 $ 65,600 10,900 255,500 Flexible Budget Flexible Budget 13,500 Variance $ 337,500 $ 67,500 13,500 256,500 Volume Variance Master Budget $ $ 12,700 317,500 63,500 12,700 241,300

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 table contains a hypothetical partial master budget performance report for Fun Time 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 unfavorable (U). If the variance is 0, make sure to enter in a "0". A variance of zero is considered favorable.) Fun Time Fudge Company Flexible Budget Performance Report: Sales and Operating Expenses For Year Ended December 31 Sales volume (number of cases sold) Sales revenue ($25 per case) Less variable expenses: Sales expense ($5 per case sold) Shipping expense ($1 per case sold) Contribution margin Actual 13,500 $ 332,000 $ 65,600 10,900 255,500 Flexible Budget Flexible Budget 13,500 Variance $ 337,500 $ 67,500 13,500 256,500 Volume Variance Master Budget $ $ 12,700 317,500 63,500 12,700 241,300
Transcribed Image Text:The following table contains a hypothetical partial master budget performance report for Fun Time 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 unfavorable (U). If the variance is 0, make sure to enter in a "0". A variance of zero is considered favorable.) Fun Time Fudge Company Flexible Budget Performance Report: Sales and Operating Expenses For Year Ended December 31 Sales volume (number of cases sold) Sales revenue ($25 per case) Less variable expenses: Sales expense ($5 per case sold) Shipping expense ($1 per case sold) Contribution margin Actual 13,500 $ 332,000 $ 65,600 10,900 255,500 Flexible Budget Flexible Budget 13,500 Variance $ 337,500 $ 67,500 13,500 256,500 Volume Variance Master Budget $ $ 12,700 317,500 63,500 12,700 241,300
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