Required information

Use the following information for the Problems below. $($Algo$)$

$[$The following information applies to the questions displayed below.$]$

Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of $15,200$ units.

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|\}$

$\backslash$hline $\backslash$multicolumn$\{2\}\{|$l$|\}\{\backslash$begin$\{$tabular$\}\{$l$\}$

PHOENIX COMPANY $\backslash \backslash$

Fixed Budget $\backslash \backslash$

For Year Ended December $31$

$\backslash$end$\{$tabular$\}\}\backslash \backslash$

$\backslash$hline Sales & $\backslash$$ $3,192,000\backslash \backslash$

$\backslash$hline Costs & $\backslash \backslash$

$\backslash$hline Direct materials & $988,000\backslash \backslash$

$\backslash$hline Direct labor & $228,000\backslash \backslash$

$\backslash$hline Sales staff comnissions & $60,800\backslash \backslash$

$\backslash$hline Depreciation$-$Machinery & $300,000\backslash \backslash$

$\backslash$hline Supervisory salaries & $205,000\backslash \backslash$

$\backslash$hline Shipping & $243,200\backslash \backslash$

$\backslash$hline Sales staff salaries $($fixed annual amount$)$ & $245,000\backslash \backslash$

$\backslash$hline Administrative salaries & $566,400\backslash \backslash$

$\backslash$hline Depreciation$-0$ffice equipnent & $196,000\backslash \backslash$

$\backslash$hline Income & $\backslash$$ $159,600\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

Problem $23-2$A $($Algo$)$ Preparing a flexible budget performance report LO P$1$

Phoenix Company reports the following actual results. Actual sales were $18,200$ units.

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Sales $(18,200$ units$)$ & $\backslash (\backslash$$ $3,867,500\backslash )\backslash \backslash$

Costs & $\backslash (\backslash$$ $1,197,560\backslash )\backslash \backslash$

Direct materials & $68,280\backslash \backslash$

Direct labor & $63,700\backslash \backslash$

Sales staff comnissions & $217,000\backslash \backslash$

Depreciation$-$Machinery & $283,010\backslash \backslash$

Supervisory salaries & $264,000\backslash \backslash$

Shipping & $576,400\backslash \backslash$

Sales staff salaries $($fixed annual amount$)$ & $196,000\backslash \backslash$

Administrative salaries & $489,550\backslash \backslash$

Depreciation$-0$ffice equipment & $\backslash \backslash$

Income &

$\backslash$end$\{$tabular$\}$

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. PLEASE SHOW EQUATIONS ON HOW TO SOLVE

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline $\backslash$multicolumn$\{5\}\{|$c$|\}\{$PHOENIX COMPANY$\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{5\}\{|$c$|\}\{$Flexible Budget Performance Report$\}\backslash \backslash$

$\backslash$hline For Year Ended December $31$ & Flexible Budget $(18,200$

units$)$ & Actual Results $(18,200$ units$)$ & Variances & Favorable or Unfavorable $\backslash \backslash$

$\backslash$hline Sales & & $\backslash$$ $3,867,500$ & & $\backslash \backslash$

$\backslash$hline Variable costs & & & & $\backslash \backslash$

$\backslash$hline Direct materials & & $1,197,560$ & & $\backslash \backslash$

$\backslash$hline Direct labor & & $280,280$ & & $\backslash \backslash$

$\backslash$hline Sales staff commissions & & $63,700$ & & $\backslash \backslash$

$\backslash$hline Shipping & & $283,010$ & & $\backslash \backslash$

$\backslash$hline $\backslash \%$ & & & & $\backslash \backslash$

$\backslash$hline Total variable costs & $0$ & $1,824,550$ & & $\backslash \backslash$

$\backslash$hline Contribution margin & & & & $\backslash \backslash$

$\backslash$hline Fixed costs & & & & $\backslash \backslash$

$\backslash$hline Depreciation$-$Machinery & $300,000$ & $300,000$ & & $\backslash \backslash$

$\backslash$hline Supervisory salaries & & & & $\backslash \backslash$

$\backslash$hline Sales staff salaries & & & & $\backslash \backslash$

$\backslash$hline Administrative salaries & & & & $\backslash \backslash$

$\backslash$hline Depreciation$-$Office equipment & & & & $\backslash \backslash$

$\backslash$hline & & & & $\backslash \backslash$

$\backslash$hline Total fixed costs & $300,000$ & $300,000$ & & $\backslash \backslash$

$\backslash$hline Income & & & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$