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Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Fixed Budget 1,400 $1,300 Actual Results 1,600 $ 2,126,000 Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs $ 863,000 $ 142,000 For Month Ended May 31 Favorable/Unfavorable Sales Favorable Variable costs Unfavorable Contribution margin Favorable Fixed costs Favorable Income Favorable per unit $ 520 per unit $ 155,000 LEWIS COMPANY Flexible Budget Performance Report Flexible Budget Actual Results (1,600 units) (1,600 units) Variances

Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Fixed Budget 1,400 $1,300 Actual Results 1,600 $ 2,126,000 Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs $ 863,000 $ 142,000 For Month Ended May 31 Favorable/Unfavorable Sales Favorable Variable costs Unfavorable Contribution margin Favorable Fixed costs Favorable Income Favorable per unit $ 520 per unit $ 155,000 LEWIS COMPANY Flexible Budget Performance Report Flexible Budget Actual Results (1,600 units) (1,600 units) Variances

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter7: The Master Budget And Flexible Budgeting
Section: Chapter Questions
Problem 7P: Preparing a performance report Use the flexible budget prepared in P7-6 for the 31,000-unit level...
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ve & Exit Sub Check my work Exercise 21-6 (Algo) Preparing flexible budget performance report LO P1 Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Fixed Budget 1,400 Actual Results 1,600 $ 1,300 per unit $ 2,126,000 Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs $520 per unit $ 863,000 $ 142,000 LEWIS COMPANY Flexible Budget Performance Report For Month Ended May 31 Favorable/Unfavorable Sales Favorable Variable costs Unfavorable Favorable Contribution margin Fixed costs Income Favorable Favorable 4 Mc Graw Hill Type here to search $ 155,000 Flexible Budget Actual Results (1,600 units) (1,600 units) < Prev Variances 8 of 10 Next >
Transcribed Image Text:ve & Exit Sub Check my work Exercise 21-6 (Algo) Preparing flexible budget performance report LO P1 Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Fixed Budget 1,400 Actual Results 1,600 $ 1,300 per unit $ 2,126,000 Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs $520 per unit $ 863,000 $ 142,000 LEWIS COMPANY Flexible Budget Performance Report For Month Ended May 31 Favorable/Unfavorable Sales Favorable Variable costs Unfavorable Favorable Contribution margin Fixed costs Income Favorable Favorable 4 Mc Graw Hill Type here to search $ 155,000 Flexible Budget Actual Results (1,600 units) (1,600 units) < Prev Variances 8 of 10 Next >
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