Part 2 of 2 Phoenix Company reports the following fixed budget. It is based on an...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Part 2 of 2 Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,100 units. 2 points Sales Costs Direct materials Direct labor PHOENIX COMPANY Fixed Budget For Year Ended December 31 eBook Print References Sales staff commissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-office equipment Income $ 3,020,000 966,400 226,500 75,500 300,000 196,000 211,400 251,000 445,200 197,000 $ 151,000 5 Part 2 of 2 Phoenix Company reports the following actual results. Actual sales were 18,100 units. Sales (18,100 units) Costs Direct materials Direct labor $3,665,250 $ 1,172,880 2 points 278,740 Sales staff commissions 81,450 Depreciation-Machinery 300,000 Supervisory salaries 207,000 Shipping 245,255 eBook Sales staff salaries (fixed annual amount) Administrative salaries 271,000 454,200 Print Depreciation-office equipment 197,000 References Income 457,725 Required: Prepare a flexible budget performance report for the year. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "No variance" and enter "O" for zero variance. For Year Ended December 31 PHOENIX COMPANY Flexible Budget Performance Report Budget (18,100 Actual Results Sales Flexible Variances Favorable or Unfavorable units) (18,100 units) $ 3,620,000 $ 3,665,250 $ 45,250 Favorable Part 2 of 2 Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,100 units. 2 points Sales Costs Direct materials Direct labor PHOENIX COMPANY Fixed Budget For Year Ended December 31 eBook Print References Sales staff commissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-office equipment Income $ 3,020,000 966,400 226,500 75,500 300,000 196,000 211,400 251,000 445,200 197,000 $ 151,000 5 Part 2 of 2 Phoenix Company reports the following actual results. Actual sales were 18,100 units. Sales (18,100 units) Costs Direct materials Direct labor $3,665,250 $ 1,172,880 2 points 278,740 Sales staff commissions 81,450 Depreciation-Machinery 300,000 Supervisory salaries 207,000 Shipping 245,255 eBook Sales staff salaries (fixed annual amount) Administrative salaries 271,000 454,200 Print Depreciation-office equipment 197,000 References Income 457,725 Required: Prepare a flexible budget performance report for the year. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "No variance" and enter "O" for zero variance. For Year Ended December 31 PHOENIX COMPANY Flexible Budget Performance Report Budget (18,100 Actual Results Sales Flexible Variances Favorable or Unfavorable units) (18,100 units) $ 3,620,000 $ 3,665,250 $ 45,250 Favorable
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
A card is drawn at random from a deck of 52 playing cards. Find the probability that it is a club or a king.
-
On January 2, 2011, Patten Company purchased a 90% interest in Sterling Company for $1,400,000. At that time Sterling Company had capital stock outstanding of $800,000 and retained earnings of...
-
When will an oral promise to pay another persons debt be enforced?
-
What important feature is common to analytic, document, and forms distribution charts?
-
Should a different set of schedules and charts be maintained for out-of-house as well as in-house reporting? Should separate schedules be made for each level of management? Is there a more effective...
-
[BIMER Compranillas palan be share And Relyear, shals Hideki Commation presxfected belliq 3,780, We as a Dorothee who numer.ilke this: 1234 Speed to grow # [Hetaled! Sjtent bei-year over the ris...
-
Each random donor unit of platelets transfused should increase the recipient's platelet count by how much?
-
For each of the following situations, indicate whether the auditor would use a primarily substantive approach or a lower control risk approach for most or all of the assertions. Give reasons for your...
-
Describe the four suggestions made by the SEC after an investigation into the McKesson \(\mathcal{O}\) Robbins case.
-
Consider the two groups $G_{1}=\mathrm{SO}(3)$ and $G_{2}=\mathrm{U}(1)$ and a surjective mapping $\mu: G_{1} ightarrow G_{2}$. Discuss whether, in general, $\mu$ is a homomorphism, or not.
-
How have auditors responded to the increasingly litigious environment?
-
Given two vector spaces $V_{1}$ and $V_{2}$, prove that the dimension of their direct sum is $\operatorname{dim}\left(V_{1} \oplus V_{2} ight)=\operatorname{dim} V_{1}+\operatorname{dim} V_{2}$.
-
In 2019. Marigold sold 3000 units at $500 each. Variable expenses were $250 per unit, and fixed expenses were $360000. The same selling price is expected for 2020. Marigold is tentatively planning to...
-
Floyd Distributors, Inc., provides a variety of auto parts to small local garages. Floyd purchases parts from manufacturers according to the EOQ model and then ships the parts from a regional...
-
Classify each of the following costs relative to the cost object customer for a clothing retailer: Salesperson wages Store manager salary. Depreciation on furniture and fixtures. Cost of merchandise...
-
Number the following activities from 1 to 5 in the order corresponding to the typical flow of cost in a manufacturing company: Record the transfer of raw materials into production. Record cost of...
-
Complete the following T-accounts: Materials Inventory 320 ? 18,120 250 Wages Payable 9,000 300 Work-in-Process Inventory Finished Goods Inventory 1,000 ? ? 1,500 ? ? 9,000 ? 500 1,200
Study smarter with the SolutionInn App