Phoenix Company reports the following fixed budget. It is based on an expected production and sales...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,100 units. PHOENIX COMPANY Fixed Budget For Year Ended December 31 Sales 3,020,000 Costs Direct materials Direct labor Sales staff commissions 996,600 211,400 60,400 305,000 202,000 211,400 Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries 248,000 442,200 192,000 $ 151,000 Depreciation-0ffice equipment Income Phoenix Company reports the following actual results. Actual sales were 18,100 units. $ 3,665, 250 Sales (18,100 units) Costs $ 1,209,080 260,640 63,350 305,000 212,000 245, 255 Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries 268,000 449, 200 192,000 460,725 Depreciation-0ffice equipment Income Required: Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "No variance" and enter "0" for zero variance.) PHOENIX COMPANY Flexible Budget Performance Report Actual Flexible Budget (18,100 units) Results For Year Ended December 31 Variances Favorable/Unfavorable (18,100 units) Variable costs Fixed costs Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,100 units. PHOENIX COMPANY Fixed Budget For Year Ended December 31 Sales 3,020,000 Costs Direct materials Direct labor Sales staff commissions 996,600 211,400 60,400 305,000 202,000 211,400 Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries 248,000 442,200 192,000 $ 151,000 Depreciation-0ffice equipment Income Phoenix Company reports the following actual results. Actual sales were 18,100 units. $ 3,665, 250 Sales (18,100 units) Costs $ 1,209,080 260,640 63,350 305,000 212,000 245, 255 Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries 268,000 449, 200 192,000 460,725 Depreciation-0ffice equipment Income Required: Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "No variance" and enter "0" for zero variance.) PHOENIX COMPANY Flexible Budget Performance Report Actual Flexible Budget (18,100 units) Results For Year Ended December 31 Variances Favorable/Unfavorable (18,100 units) Variable costs Fixed costs
Expert Answer:
Answer rating: 100% (QA)
PHOENIX COMPANY Flexible Budgets For Year Ended December 31 Flexible Budget Flexible Budget Fo... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324659139
11th edition
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
Posted Date:
Students also viewed these accounting questions
-
Prepare a flexible budget performance report title (in proper form) for Spalding Company for the calendar year 2015. Why is a proper title important for this or any report?
-
Prepare a flexible budget performance report title (in proper form) for Spalding Company for the calendar year 2017. Why is a proper title important for this or any report?
-
Prepare a flexible budget performance report title (in proper form) for Spalding Company for the calendar year 2009. Why is a proper title important for this or any report?
-
Katz Hat Shop received a shipment of hats for which it paid the wholesaler $2,970. The price of the hats was $3,000, but Katz was given a $30 cash discount and required to pay freight charges of $50....
-
Bert, the business reporter for the Sidney Driftwood, a small newspaper, has contacted you for information about the oil market. Provide responses to his questions below with arbitrage opportunities....
-
A 15-ft-long, 6-ft-high rectangular tank open to the atmosphere is towed by a truck on a level road. The tank is filled with water to a depth of 5 ft. Determine the maximum acceleration or...
-
The stream function for an incompressible, two-dimensional flow field is \[ \psi=a y-b y^{3} \] where \(a\) and \(b\) are constants. Is this an irrotational flow? Explain.
-
On January 1, 2013, Winn Heat Transfer leased office space under a three-year operating lease agreement. The arrangement specified three annual rent payments of $80,000 each, beginning January 1,...
-
We look at the detective novel market. Information gathered through a survey was used to Determine the following demand function and supply function: = 160-4 = 2-20 Graphically represent this console...
-
Waddell Company had the following balances in its accounting records as of December 31, Year 1: The following accounting events apply to Waddell Companys Year 2 fiscal year: Jan. 1 Acquired $20,000...
-
Suppose Livingston, a specialty clothing store, rents space at a local mall for one year, paying $17,400 ($1,450/month) in advance on October 1. Required: 1.&2. Record the necessary entries in the...
-
The accompanying table shows data from the World Bank, World Development Indicators, for real GDP per capita (2010 U.S. dollars) in France, Japan, the United Kingdom, and the United States in 1960...
-
The accompanying table shows data from the World Bank, World Development Indicators, for real GDP per capita in 2010 U.S. dollars for Argentina, Ghana, South Korea, and the United States for 1960,...
-
Go to the Yahoo! Finance website (finance.yahoo.com), and look up the operating margin and return on equity for Community Health Systems (symbol CYH). How does it compare to Pfizer (PFE), Amgen...
-
Go to the World Health Organization's website (http://apps.who.int/ghodata/); on the left side of the page, select "World Health Statistics", select "Cause-specific mortality and morbidity" and...
-
Which of the following approaches is used to study management? Art Process Science Profession
-
Describe how planning is answering questions that help create the project plan. Explain the difference between project plan vs. project schedule Why should a project align with an organization's...
-
Explain the Hawthorne effect.
-
On January 1, 2010, Charles Jamison borrows $40,000 from his father to open a business. The son is the beneficiary of a trust created by his favorite aunt from which he will receive $25,000 on...
-
At the end of the first quarter of Year 2, McKinney & Co. reevaluates its receivables. McKinney & Co.s management decides that $8,500 due from Mangold Corporation will not be collectible. This amount...
-
The inventories of the Berry Company for the years 2010 and 2011 are as follows: Required Prepare the necessary journal entries at the end of each year to record the correct inventory valuation. Use...
-
Suppose you just returned home from a vacation in Mazatlan, Mexico, where you exchanged U.S. dollars for Mexican pesos. How did your trip to Mexico affect the supply and demand for dollars and the...
-
What does it mean to say that a currency appreciates or depreciates in value? Give an example of each and briefly mention what might cause such a change.
-
Find the U.S. dollar value of each of the following currencies at the given exchange rates: a. \($1\) = C$.96 (Canadian dollars) b. \($1\) = 81 (Japanese yen) c. \($1\) = A$.95 (Australian dollars)...
Study smarter with the SolutionInn App