WXY Corporation manufactures lambs. Here below static budget and actual results are presented;Actual Results as of Dec,31,2011Static Budget as of Jan,01,2011Units sold184.000 units180.000 unitsRevenues$1.840.000$1.800.000Variable costsS901.600$864.000Fixed costs$190.000$200.000Required:a. Please prepare five column income statement performance report.b. Discuss the advantages of using flexible budgets in detail. Describe the purpose of variance analysis and itsrelation to responsibility management by using examples.

Meaning of Income Statement performance report:- Income Statement Performance Report helps a…

WXY Corporation manufactures lambs. Here below static budget and actual results are presented; Actual Results as of Dec,31,2011 Static Budget as of Jan,01,2011 Units sold 184.000 units 180.000 units Revenues S1840.000 S1.800.000 Variable costs S901.600 S864.000 Fixed costs S190.000 S200.000 Required: a. Please prepare five column income statement performance recort. b. Discuss the advantages of using flexible budgets in detail. Describe the purpose of variance analysis a

WXY Corporation manufactures lambs. Here below static budget and actual results are presented; Actual Results as of Dec,31,2011 Static Budget as of Jan,01,2011 Units sold 184.000 units 180.000 units Revenues S1840.000 S1.800.000 Variable costs S901.600 S864.000 Fixed costs S190.000 S200.000 Required: a. Please prepare five column income statement performance recort. b. Discuss the advantages of using flexible budgets in detail. Describe the purpose of variance analysis a

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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