Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,888 units. Sales Costs Direct materials Direct labor Sales staff commissions PHOENIX COMPANY Fixed Budget For Year Ended December 31 Depreciation Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment Income Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-office equipment Income $ 3,150,000 975,000 225,000 60,000 Phoenix Company reports the following actual results. Actual sales were 18,000 units. Sales (18,000 units) $ 3,825,000 Costs $ 1,184,400 277,200 63,000 300,000 197,000 210,000 246,000 579,500 200,000 $ 157,500 300,000 212,000 243,900 267,000 586,500 200,000 491,000 Required: Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "No variance" and enter "0" for zero variance.)
Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,888 units. Sales Costs Direct materials Direct labor Sales staff commissions PHOENIX COMPANY Fixed Budget For Year Ended December 31 Depreciation Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment Income Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-office equipment Income $ 3,150,000 975,000 225,000 60,000 Phoenix Company reports the following actual results. Actual sales were 18,000 units. Sales (18,000 units) $ 3,825,000 Costs $ 1,184,400 277,200 63,000 300,000 197,000 210,000 246,000 579,500 200,000 $ 157,500 300,000 212,000 243,900 267,000 586,500 200,000 491,000 Required: Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "No variance" and enter "0" for zero variance.)
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter8: Budgeting
Section: Chapter Questions
Problem 3PA: Budgeted income statement and supporting budgets The budget director of Birding Homes Feeders Inc.,...
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Concept explainers
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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Transcribed Image Text:S
Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting "Favorable" or
"Unfavorable". Select "No variance" and enter "0" for zero variance.)
For Year Ended December 31
Variable costs
Fixed costs
PHOENIX COMPANY
Flexible Budget Performance Report
Flexible
Budget (18,000
units)
Actual Results
(18,000 units)
Variances
Favorable/Unfavorable
Transcribed Image Text:ces
Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,000
units.
Sales
Costs
Direct materials
Direct labor
Sales staff commissions
Depreciation-Machinery
Supervisory salaries
Shipping
Sales staff salaries (fixed annual amount)
Administrative salaries
Depreciation Office equipment
Income
PHOENIX COMPANY
Fixed Budget
For Year Ended December 31
Direct materials
Direct labor
Sales staff commissions
Depreciation-Machinery.
Phoenix Company reports the following actual results. Actual sales were 18,000 units.
Sales (18,000 units)
Costs
Supervisory salaries
Shipping
Sales staff salaries (fixed annual amount)
Administrative salaries
Depreciation Office equipment
Income
$ 3,150,000
975,000
225,000
60,000
300,000
197,000
210,000
246,000
579,500
200,000
$ 157,500
$ 3,825,000
$ 1,184,400
277,200
63,000
300,000
212,000
243,900
267,000
586,500
200,000
491,000
Required:
Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting "Favorable" or
"Unfavorable". Select "No variance" and enter "0" for zero variance.)
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