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Prepare a flexible budget performance report for July at activity level of 7,480 units. Show variances between budgeted and actual amounts Note: Indicate the effect of each verlance by selecting favorable, unfavorable, or no variance. NINA COMPANY

Prepare a flexible budget performance report for July at activity level of 7,480 units. Show variances between budgeted and actual amounts Note: Indicate the effect of each verlance by selecting favorable, unfavorable, or no variance. NINA COMPANY

Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter23: Flexible Budgeting (flexbud)
Section: Chapter Questions
Problem 4R
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( ces Nina Company prepared the following fixed budget for July using 7.780 units for budgeted sales. Actual sales were 7.480 units and actual costs are shown below. For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total variable costs Contribution margin Fixed costs Depreciation Machinery Supervisor salary Insurance Depreciation-Office equipment Administrative salaries i Total fixed costa Income For Month Ended July 31 Sales Variable costs Direct matanals Direct labor indirect materials Sales commissions Total Variable Costs Contribution margin Find costs Depreciation Machinery Supervisory salary Insurance Depreciation Offenequere Administrative salaries Total Fed Costs Fixed Budget Incue Variable Amount per Total Fixed Unit Cost $ 100 |===== $ 70,860 42,040 10,420 7,680 31,900 $164,900 Fixed Budget (7,788 units) 5 778,000 Actual Results 272,300 116,700 31,120 85,540 505,700 $ 272,300 Prepare a flexible budget performance report for July at activity level of 7,480 units. Show variances between budgeted and actual amounts Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. NINA COMPANY Flexible Budget Performance Report Flexible Budget (7,480 units) (7,400 units) 70,860 42,040 10,420 7,680 33,900 64,900 $ 107,400 Actual Results (7,488 units) $764,580 Variances 276,880 113,800 29,320 81,340 501,340 $ 263,240 70,860 43,280 10,420 7,680 30,920 163, 160 $ 100,000 Favorable or Unfavorable
Transcribed Image Text:( ces Nina Company prepared the following fixed budget for July using 7.780 units for budgeted sales. Actual sales were 7.480 units and actual costs are shown below. For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total variable costs Contribution margin Fixed costs Depreciation Machinery Supervisor salary Insurance Depreciation-Office equipment Administrative salaries i Total fixed costa Income For Month Ended July 31 Sales Variable costs Direct matanals Direct labor indirect materials Sales commissions Total Variable Costs Contribution margin Find costs Depreciation Machinery Supervisory salary Insurance Depreciation Offenequere Administrative salaries Total Fed Costs Fixed Budget Incue Variable Amount per Total Fixed Unit Cost $ 100 |===== $ 70,860 42,040 10,420 7,680 31,900 $164,900 Fixed Budget (7,788 units) 5 778,000 Actual Results 272,300 116,700 31,120 85,540 505,700 $ 272,300 Prepare a flexible budget performance report for July at activity level of 7,480 units. Show variances between budgeted and actual amounts Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. NINA COMPANY Flexible Budget Performance Report Flexible Budget (7,480 units) (7,400 units) 70,860 42,040 10,420 7,680 33,900 64,900 $ 107,400 Actual Results (7,488 units) $764,580 Variances 276,880 113,800 29,320 81,340 501,340 $ 263,240 70,860 43,280 10,420 7,680 30,920 163, 160 $ 100,000 Favorable or Unfavorable
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