The following table contains a hypothetical partial master budget performance report for New England Fudge Company. Fill in the missing amounts. Be sure to indicate whether variances are favorable (F) or unfavorable (U).

Transcribed Image Text:

н New England Fudge Company Flexible Budget Performance Report: Sales and Operating Expenses For the Year Ended December 31 Flexble Budget Flexible Variance Master Actual Volume Variance Budget 13,200 343,200 Budget 12,000 6 Sales volume (number of cases sold) 13,200 8 Sales revenue ($26 per case) 9 Less variable expenses: Sales expense ($2 per case sold) 312,000 338,200 24,000 60,000 26,400 66,000 24,500 65,500 10 Shipping expense ($5 per case sold) 11 12 Contribution margin 248,200 250,800 228,000 13 Less fixed expenses: 14 10,800 Salaries 12,200 232,500 10,800 3,500 236,500 Office rent 15 16 Operating income 17 213,700