Exercise 21-3 Preparing a flexible budget performance report LO P1 Solitaire Company's fixed budget performance report for June follows. The $311,250 budgeted expenses include $249,000 variable expenses and $62,250 fixed expenses. Actual expenses include $69,050 fixed expenses. Fixed Budget Variances Sales (in units) Sales (in dollars) Total expenses Income from operations 8,300 $415,000 311,250 $ 103,750 Actual Results 10,700 $535,000 374,500 $ 160,500 $120,000 F 63,250 U $ 56,750 F Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and variable expenses separately. Answer is complete but not entirely correct. SOLITAIRE COMPANY Flexible Budget Performance Report For Month Ended June 30 Flexible Actual Variances Budget Results Fav./Unf. Income from operations $183,758 $160,500 $ 56,750 F Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and expenses separately. Answer is complete but not entirely correct. Fav./Unf. Sales Variable expenses Contribution margin Fixed expenses Income from operations SOLITAIRE COMPANY Flexible Budget Performance Report For Month Ended June 30 Flexible Actual Variances Budget Results 535,000 $ 535,000 321,000 305,650 15,350 $ 214,000 $ 229,350 $ 15,350 62,250 69,050 6,600 $ 151,750 $ 160,500 $ 8,750 No variance Favorable Favorable Unfavorable Favorable