Phoenix Company reports the following fixed budget. It is based on an expected production and sales...
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Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,300 units. PHOENIX COMPANY Fixed Budget For Year Ended December 31 $ 3,213, eee Sales Costs Direct materials Direct labor Sales staff comnissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-office equipment 994, 50e 229,500 76, Foe 305,000 203, eee 244, 8ee 253, e00 520,920 193,e00 $ 192,780 Income Phoenix Company reports the following actual results. Actual sales were 18,300 units, Sales (18, 300 units) $ 3,888, 750 Costs Direct materials Direct labor Sales staff commissions Depreciation-achinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-office equipment $ 1,204,140 281, 820 82,350 305,000 218,000 284, 565 271,000 526,920 193,000 521,955 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 Flexible Budget (18,300 units) Actual Results (18,300 units) Variances Favorable/Unfavorable For Year Ended December 31 Sales Variable costs Direct materials Direct labor Sales staff commissions Shipping Total variable costs Contribution margin Fixed costs Depreciation-Machinery Depreciation-Office equipment Supervisory salaries Sales staff salaries Administrative salaries Total fixed costs Income Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,300 units. PHOENIX COMPANY Fixed Budget For Year Ended December 31 $ 3,213, eee Sales Costs Direct materials Direct labor Sales staff comnissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-office equipment 994, 50e 229,500 76, Foe 305,000 203, eee 244, 8ee 253, e00 520,920 193,e00 $ 192,780 Income Phoenix Company reports the following actual results. Actual sales were 18,300 units, Sales (18, 300 units) $ 3,888, 750 Costs Direct materials Direct labor Sales staff commissions Depreciation-achinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-office equipment $ 1,204,140 281, 820 82,350 305,000 218,000 284, 565 271,000 526,920 193,000 521,955 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 Flexible Budget (18,300 units) Actual Results (18,300 units) Variances Favorable/Unfavorable For Year Ended December 31 Sales Variable costs Direct materials Direct labor Sales staff commissions Shipping Total variable costs Contribution margin Fixed costs Depreciation-Machinery Depreciation-Office equipment Supervisory salaries Sales staff salaries Administrative salaries Total fixed costs Income
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Flexible budget performance report PHOENIX COMPANYAdm Flexible Budget Performance Report ... 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:
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