A B E F G 1 Performance Evaluation 2. Complete a master budget performance report 3 A hypothetical partial master budget performance report for New England Fudge Company has been provided on the 4 ENTERANSWERS tab. 5 6 Use the blue shaded areas on the ENTERANSWERS tab for inputs. 7 Always use cell references and formulas where appropriate to receive full credit. 8 9 Requirement 10 Fill in the missing amounts in the table. Be sure to indicate whether variances are favorable (F) or unfavorable (U). Use the ABS function when calculating variances, and use the drop-down selections for For U when describing the variances For variances that result in a zero amount, make sure to leave the result (it may show as a "0" or "-") in 12 the appropriate cell and indicate that these variances are favorable (F). a. 11 b. N 13 min 4 5 6 8 (Use the ABS function when calculating variances, and use the drop-down selections for ForU when describing the variances. Mark any Ovariances as "F".) 2 (Always use cell references and formulas where appropriate to receive full credit. ) New England Fudge Company Flexible Budget Performance Report: Sales and Operating Expenses For the Year Ended December 31 7 Flexible Budget Flexible Volume Actual Master F/U F/U Variance Budget Variance Budget 9 Sales volume (number of cases sold) 13,200 13,200 12,000 10 11 Sales revenue ($26 per case) $ 338,200 $ 343,200 $ 312,000 12 Less variable expenses: 13 Sales expense ($2 per case sold) $ 24,500 $ 26,400 $ 24,000 14 Shipping expense ($5 per case sold) 65,500 66,000 60,000 15 Contribution margin 248,200 250,800 228,000 16 Less fixed expenses 17 Salaries 12,200 10,800 10,800 18 Office rent 3,500 3,500 3,500 19 Operating income $ 232,500 $ 236,500 5 213,700 20 22