Please answer completely and correctly with explanation computation formula steps answer in text no copy paste show explanation and computation clearly for numbers provide full working for all steps with explanation Top managers of Juda Industries predicted 2024 sales of 15,100 units of its product at a unit price of$7.00. Actual sales for the year were 14,100 units at $12.50 each. Variable costs were budgeted at$2.20 per unit, and actual variable costs were $2.30 per unit. Actual fixed costs of $43,000 exceededbudgeted fixed costs by $5,200.Prepare Juda's flexible budget performance report. What variance contributed most to the year'sfavorable results? What caused this variance?Show Transcribed TextPrepare a flexible budget performance report for the year. First, complete the flexible budget performance report through the contributionmargin line, then complete the report through the operating income line. Finally, compute the total variances. (Enter a "0" for any zero balances.For any $0 variances, leave the Favorable (F)/Unfavorable (U) input blank.)Juda IndustriesFlexible Budget Performance ReportFor the Year Ended December 31, 2024 UnitsSales RevenueVariable CostsContribution MarginBudgetAmountsPer UnitFor the Year Ended December 31, 202413ActualResults2(1)-(3)FlexibleBudgetVarianceFlexibleBudget(3) - (5)SalesVolumeVariance5StaticBudget

Flexible budget is that budget which changes with change in activity level or sales level. This…

Top managers of Juda Industries predicted 2024 sales of 15,100 units of its product at a unit price of $7.00. Actual sales for the year were 14,100 units at $12.50 each. Variable costs were budgeted at $2.20 per unit, and actual variable costs were $2.30 per unit. Actual fixed costs of $43,000 exceeded budgeted fixed costs by $5,200. Prepare Juda's flexible budget performance report. What variance contributed most to the year's favorable results? What caused this variance? Show Transcribed Text

Top managers of Juda Industries predicted 2024 sales of 15,100 units of its product at a unit price of $7.00. Actual sales for the year were 14,100 units at $12.50 each. Variable costs were budgeted at $2.20 per unit, and actual variable costs were $2.30 per unit. Actual fixed costs of $43,000 exceeded budgeted fixed costs by $5,200. Prepare Juda's flexible budget performance report. What variance contributed most to the year's favorable results? What caused this variance? Show Transcribed Text

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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