Bean There Inc. manufactures coffee makers. Selected budget and actual information for 2020 is provided below:...

 

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Bean There Inc. manufactures coffee makers. Selected budget and actual information for 2020 is provided below: Budget Information Required: a. b. b. Units sold Sales in dollars Average selling price per unit Variable cost per unit Variable cost in total Fixed selling and admin Operating income 3 6 NOTE: If the data above is blank it means you haven't entered your student number on the Cover tab. Sales Variable costs 1 1,111,873 $ $ $ 1 2 3 4 5 6 Contribution margin Fixed selling and admin Operating Income 40 per unit per unit 24 Actual Information Prepare a flexible budget based on the actual quantity of units sold (3 marks). Flexible Budget 2 $ 264,700 $ Complete the missing information above (enter your answers in corresponding colour coded boxes below). (3 marks) units 32,000 1,191,293 4 5 714,776 256,200 Prepare a performance report comparing actual results to budgeted results in contribution income statement format. Ensure that the report breaks down variances between actual and budget into price and volume variances for sales, variable costs and selling and admin expenses including which variances are favourable and which are unfavourable (7 marks). Bean There Inc. manufactures coffee makers. Selected budget and actual information for 2020 is provided below: Budget Information Required: a. b. b. Units sold Sales in dollars Average selling price per unit Variable cost per unit Variable cost in total Fixed selling and admin Operating income 3 6 NOTE: If the data above is blank it means you haven't entered your student number on the Cover tab. Sales Variable costs 1 1,111,873 $ $ $ 1 2 3 4 5 6 Contribution margin Fixed selling and admin Operating Income 40 per unit per unit 24 Actual Information Prepare a flexible budget based on the actual quantity of units sold (3 marks). Flexible Budget 2 $ 264,700 $ Complete the missing information above (enter your answers in corresponding colour coded boxes below). (3 marks) units 32,000 1,191,293 4 5 714,776 256,200 Prepare a performance report comparing actual results to budgeted results in contribution income statement format. Ensure that the report breaks down variances between actual and budget into price and volume variances for sales, variable costs and selling and admin expenses including which variances are favourable and which are unfavourable (7 marks).