McGee Company has provided the following data for 2011: Required a. Prepare in good form a budgeted
Question:
McGee Company has provided the following data for 2011:
Required
a. Prepare in good form a budgeted and actual income statement for internal use. Separate operating income from net income in the statements.
b. Calculate variances and identify them as favorable (F) or unfavorable (U).
Transcribed Image Text:
Budget Sales $215,000 68,000 19,500 4,000 28,000 10,500 1,000 Variable product costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense Actual results 500 Sales 230,000 70,000 21,000 3,500 30,000 9,600 5,000 Variable product costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense 525
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Related Book For
Fundamental Managerial Accounting Concepts
ISBN: 978-0078110894
6th Edition
Authors: Edmonds, Tsay, olds
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