REQUIREMENTS FOR PROBLEMS 1 AND 2:

Problem 1: Use the Budgeted Income Statement table from above to complete Manny's Budgeted Balance Sheet for June 30th. Complete the templates below provided which already has the March 31 balances.

Problem 2: During March Manny actually produced and sold 16,500 valves. Actual sales revenues were $381,950. Actual costs and the original March budget based on 16,000 valves were as detailed in the table below. Complete the table by constructing a flexible budget based on 16,500 valves and determining the variances for the performance report. Use the template provided below for your answer.