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

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 14EB: Acme Inc. has the following information available: A. Compute the material price and quantity, and...

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