Required informationUse the following information for the Problems below. (Algo)[The following information applies to the questions displayed below]Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,000unitsSalesCostsDirect eaterialsDirect laborSales staff commissionsDepreciation MachinerySupervisory salariesShippingSales staff salaries (fixed annual amount)Administrative FalariesDepreciation-okice equipmentIncomePHOENIX COMPANYFixed budgetFor Year Ended December 31Problem 8-1A (Algo) Preparing and analyzing a flexible budget LO P1Req 1 and 2Required:182. Prepare flexible budgets at sales volumes of 14,000 and 16,000 units.3. The company's business conditions are improving. One possible result is a sales volume of 18,000 units. Prepare a simple budgeincome statement if 18,000 units are sold.$3,150,000960,000225,00060,000295,000196,000225,000Complete this question by entering your answers in the tabs below.Req 3Variable costsPrepare flexible budgets at sales volumes of 14,000 and 16,000 units.PHOENIX COMPANYFlexible BudgetsFor Year Ended December 31254,000587,500190,000Flexible BudgetVariable Amount Total Fixedper UnitCostFlexible Budget for:Units Sales Unit Sales ofof 14,000 16,000 Req 1 and 2Prepare flexible budgets at sales volumes of 14,000 and 16,000 units.PHOENIX COMPANYFlexible BudgetsFor Year Ended December 31Flexible BudgetVariable costsReq 3.Fixed costsVariable Amount Total Fixedper UnitCostReq 1 and 2Flexible Budget for.Units Sales Unit Sales ofof 14,000 16,000Req 3 >

A budget is a guiding tool for the organization. With the help of a budget, an organization can…

Answered: Variable costs Fixed costs PHOENIX…

Variable costs Fixed costs PHOENIX COMPANY Flexible Budgets For Year Ended December 31 Flexible Budget Variable Amount Total Fixed per Unit Cost

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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Help Save & Exit AA company provided the following information from its flexible budget performance report: Actual Results 52 Flexible Budget Master Budget Trips (q) 2. Expenses: Maintenance expense ($4,000 + $88.00g) $8,440 $8,400 What is the spending variance for maintenance expense? Multiple Choice $136 F $136 U $176 U Nex 11 of 23 < Prev
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QUESTION 1 A company manufactures and sells a single product. Budgeted data per unit of the product is: (20 Marks) Selling Price Variable Cost* Fixed Production overhead R 8.50 3.70 2.90 *All variable costs are manufacturing i.e there are no non-manufacturing variable costs. The above fixed production overhead absorption rate is based on budgeted production of 12,000 units per period. Budgeted non-production overhead (all fixed) is R16, 800 per period. Actual sales and production for two periods has been: Sales Production Period 1 11 600 units 12 000 units Period 2 12 400 units 12 300 units There was no stock at the start of Period 1. The selling price, unit variable costs and total fixed costs were as per budget in both periods. REQUIRED 1.1 Prepare statements of Comprehensive income for both periods (ie period 1 & Period 2), using absorption costing, showing the actual results for each of the two periods. (7) The company wishes to compare the results reported in (1.1) above with…
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Flexible Budget for Various Levels of Activity Palladium Inc. produces a variety of household cleaning products. Palladium’s controller has developed standard costs for the following four overhead items: Overhead Item Total Fixed Cost Variable Rate per DirectLabor Hour Maintenance $ 86,000 $0.20 Power 0.45 Indirect labor 140,000 2.10 Rent 35,000 Next year, Palladium expects production to require 90,000 direct labor hours. Required: 1. Prepare an overhead budget for the expected level of direct labor hours for the coming year. Palladium Inc. Overhead Budget For the Coming Year Variable costs: Rate per Hour Activity Level90,000 Hours Maintenance $fill in the blank 336531fff03bfc2_1 $fill in the blank 336531fff03bfc2_2 Power fill in the blank 336531fff03bfc2_3 fill in the blank 336531fff03bfc2_4 Indirect labor fill in the blank 336531fff03bfc2_5 fill in the…
Static and Flexible Budgets Graham Corporation used the following data to evaluate its current operating system. The company sells items for $10 each and used a budgeted selling price of $10 per unit. Units sold Variable costs Fixed costs a. Prepare the actual income statement, flexible budget, and static budget. Do not use negative signs with any of your answers below. Actual Budgeted 1,180,000 1,200,000 2,200,000 2,400,000 1,875,000 1,837,000 Units sold Revenues Variable costs Contribution margin Fixed costs Operating income $ $0 $0 Actual Results Flexible Budget Static Budget $ 0 $ For questions b., c., and d., do not use negative signs with your answers. Select either U for Unfavorable or F for Favorable using the drop down box next to each of your variance answers. b. What is the static-budget variance of revenues? C. What is the flexible budget variance for variable costs? <¶► 0 0 $ 0 0 0 0 $ ◆ 0 0 $ 0 0 0 0 $ d. What is the flexible budget variance for fixed costs? 0 0 0 0 0 0
Question 1 Not complete Direct material Direct labor Variable overhead Fixed overhead Total Using Flexible Budgets The following summary data are from a performance report for Sterling Company for May, during which 9,600 units were produced. The budget reflects the company's normal capacity of 10,000 units. Actual Cost Budget 9,600 10,000 units units $ $136,800 $140,000 $(3,200) Favorable Type Marked out of 6.25 Direct material $ Direct labor Variable overhead Fixed overhead Totals PFlag question $ Variances a. Prepare a new performance report using flexible budgeting. Round all amounts to the nearest dollar. Variance Actual Costs 277,200 280,000 (2,800) Favorable 98,400 96,000 2,400 Unfavorable 72,400 72,000 400 Unfavorable $584,800 $588,000 $(3,200) $ 0 $ Flexible Budget $ 0 $ $ b. Which of the two performance reports should Sterling Company management use to measure the company's operating efficiency in May? ◆ 0 Type ♦ + + ◆