Preparing a Performance Report The following performance information is available for Leisure Exteriors, Inc. for the month
Question:
Preparing a Performance Report
The following performance information is available for Leisure Exteriors, Inc. for the month of May 2016.
Required:
Complete the following performance report and identify the favorable (F) and unfavorable (U) variances. Enter variance amounts as positive numbers.
Leisure Exteriors, Inc.
Performance Report
For the Month Ended May 2016
Budgeted Actual Variance
(31,000 units) (31,000 units)
Sales $4,650,000$4,800,000$__________________________________
Variable Expenses:
Direct Materials:
Lumber $620,000$633,000$__________________________________
Paint 124,000127,500__________________________________
Direct Labor:
Cutting 116,250115,200__________________________________
Assembly 74,40075,300__________________________________
Paint 46,50047,100__________________________________
Variable Factory Overhead 129,580137,655__________________________________
Variable Selling and Administrative Expenses 799,490777,400__________________________________
Total Variable Expense $1,910,220$1,913,155$__________________________________
Contribution Margin $2,739,780$2,886,845$__________________________________
Fixed expenses:
Fixed Factory Overhead 151,760154,435__________________________________
Fixed Selling and Administrative Expense 773,825765,800__________________________________
Total fixed expenses $925,585$920,235$__________________________________
Operating Income $1,814,195$1,966,610$__________________________________
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill