Nina Company prepared the following fixed budget for July using 7,520 units for budgeted sales. Actual...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Nina Company prepared the following fixed budget for July using 7,520 units for budgeted sales. Actual sales were 7.220 units and actual costs are shown below. For Month Ended: July 311 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total variable costs. Contribution margin Fixed costs Depreciation Machinery Supervisor salary Insurance Depreciation-office equipment Administrative salaries Total fixed costs Income Fixed Budget For Month Ended July 31 Variable. Amount per Total Fixed Unit Cost $100 35 ***|*|*|| $ 68,390 40,610 10,030 7,420 33,900 $160, 350 Fixed Budget (7,520 units) $ 752,000 NINA COMPANY Flexible Budget Performance Report Flexible Budget Actual Results 263,200 112,800 30,080 82,720 488,800 $ 263,200 68,390 40,610 10,030 7,420 33,900 160, 350 $ 102,850 Prepare a flexible budget performance report for July at activity level of 7,220 units. Show variances between budgeted and actual amounts. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Actual Results (7,220 units) $ 738,970 Variances 267,520 109,900 28,280 78,610 484,310 $ 254,660 68,390 41,720 10,030 7,420 29,880 157,440 $ 97,220 Favorable/Unfavorable 3 $102,850 $ 97,220 Prepare a flexible budget performance report for July at activity level of 7,220 units. Show variances between budgeted and actual amounts. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Book ant cences Income For Month Ended July 311 Sales Vanable costs Direct materials Direct labor Indirect materials Sales commissions Total Variable Costs Contribution margin Fixed costs Depreciation Machinery Supervisory salary Insurance Depreciation Office equipment Administrative salaries Total Fixed Costs Income NINA COMPANY Flexible Budget Performance Report Flexible Budget Actual Results (7,220 units) (7,220 units) Variances Favorable/Unfavorable Nina Company prepared the following fixed budget for July using 7,520 units for budgeted sales. Actual sales were 7.220 units and actual costs are shown below. For Month Ended: July 311 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total variable costs. Contribution margin Fixed costs Depreciation Machinery Supervisor salary Insurance Depreciation-office equipment Administrative salaries Total fixed costs Income Fixed Budget For Month Ended July 31 Variable. Amount per Total Fixed Unit Cost $100 35 ***|*|*|| $ 68,390 40,610 10,030 7,420 33,900 $160, 350 Fixed Budget (7,520 units) $ 752,000 NINA COMPANY Flexible Budget Performance Report Flexible Budget Actual Results 263,200 112,800 30,080 82,720 488,800 $ 263,200 68,390 40,610 10,030 7,420 33,900 160, 350 $ 102,850 Prepare a flexible budget performance report for July at activity level of 7,220 units. Show variances between budgeted and actual amounts. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Actual Results (7,220 units) $ 738,970 Variances 267,520 109,900 28,280 78,610 484,310 $ 254,660 68,390 41,720 10,030 7,420 29,880 157,440 $ 97,220 Favorable/Unfavorable 3 $102,850 $ 97,220 Prepare a flexible budget performance report for July at activity level of 7,220 units. Show variances between budgeted and actual amounts. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Book ant cences Income For Month Ended July 311 Sales Vanable costs Direct materials Direct labor Indirect materials Sales commissions Total Variable Costs Contribution margin Fixed costs Depreciation Machinery Supervisory salary Insurance Depreciation Office equipment Administrative salaries Total Fixed Costs Income NINA COMPANY Flexible Budget Performance Report Flexible Budget Actual Results (7,220 units) (7,220 units) Variances Favorable/Unfavorable
Expert Answer:
Answer rating: 100% (QA)
In the Given answer 1 Amount is denoted in US Dollars 2 Fixed Cost at all level of activity are expe... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Nina Company prepared the following fixed budget for July using 7,880 units for budgeted sales. Actual sales were 7,580 units and actual costs are shown below. Fixed Budget Variable Amount Total...
-
Nina Co. prepared the following fixed budget for July using 7,500 units for budgeted sales. Actual sales were 7,200 units and actual costs are shown below. Prepare a flexible budget performance...
-
Nina Company prepared the following fixed budget for July using 7,680 units for budgeted sales. Actual sales were 7,380 units and actual costs are shown below. Fixed Budget Variable Amount Total...
-
Suppose that the fixed cost for a product is $400 and the break-even quantity is 80. Find the marginal profit (the slope of the linear profit function).
-
What does the proposed schedule in Exhibit 5 reconcile and why is it useful?
-
David has been awarded a scholarship that will pay $2,500 one year from now. However, he really needs the money today and has decided to take out a loan. If the interest rate is 8 percent, how much...
-
What subtle shift in external auditing occurred in the early 1980s?
-
Browning Transportation Co. has three regional divisions organized as profit centers. The chief executive officer (CEO) evaluates divisional performance, using income from operations as a percent of...
-
5. Wellspring Community Hospital has two patient assistance offices, medication and medical procedure. The patient help offices are upheld by the housekeeping division, the monetary administrations...
-
Erica and Bob participate in a friendly Hackathon that allows each to solve one question a day out of the three offered. There will be one easy, one medium and one hard question, with points awarded...
-
Give the output of the recursive function below when called with an argument of 3. int rec(int n) ( } if (n =-1) return 1; else return rec (n-1) + 2*n - 1;
-
The Employee Rights Under the Fair Labor Standards Act (FLSA) Job Safety and Health: It's the Law (Occupational Safety and Health Act) how do the laws protect the employer and employee, how does the...
-
A 45-kg snowboarder starts at rest and slides down a frictionless 25m-high slope. He collides with a 65-kg ski patroller who was stopped at the bottom of the slope. What is their velocity immediately...
-
How would you guide learners to self-analyze the results of the assessment and reflect on their learning?
-
1) In Figure, a block with mass m = 1 kg is released from height h, = 11 m. Its path is without friction until it reaches the path with first length d,= 3 m, where the friction force between B and C...
-
Identify and describe an example of each of the three elements in your organization. the Elements of Organizational Culture as having three elements 1) artifacts, 2) shared values, and 3) shared...
-
Being Human, Inc., recently issued new securities to finance a new TV show. The project cost $13.6 million, and the company paid $685,000 in flotation costs. In addition, the equity issued had a...
-
Explain the term "Equivalent Units". Why are they calculated in process costing? [4 Marks] [minimum 350 words]
-
Manuel Company predicts it will operate at 80% of its productive capacity. Its overhead allocation base is DLH and its standard amount per allocation base is 0.5 DLH per unit. The company reports the...
-
Refer to the information in Exercise 20-14. Prepare a production cost report using the FIFO method. Data From Exercise 20-14 The following data reports on the July production activities of the...
-
Ries, Bax, and Thomas invested $80,000, $112,000, and $128,000, respectively, in a partnership. During its first calendar year, the firm earned $249,000. Required Prepare the entry to close the firms...
-
Explain the six-legged stool of the financial reporting process.
-
What are the three M's of financial reporting fraud?
-
How did Sunbeam create revenues?
Study smarter with the SolutionInn App