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raham Corporation used the following data to evaluate its current operating system. The company sells items for $10 each and used a budgeted selling price of $10 per unit. Actual Budgeted nits sold 590,000 600,000 ariable costs 1,545,000 1,800,000 ixed costs 1,220,000 1,200,000 Prepare the actual income statement, flexible budget, and static budget. o not use negative signs with any of your answers below. Actual Results Flexible Budget Static Budget nits sold 0 0 0 evenues $ 0 $ 0 $ 0 ariable costs 0 0 0 ontribution margin 0 0 0 ixed costs 0 0 0 perating income $ 0 $ 0 $ 0 or questions b., c., and d., do not use negative signs with your answers. Select either U for Unfavorable or F for Favorable using the drop down box next to each of your variance answers. What is the static-budget variance of revenues? 0 What is the flexible budget variance for variable costs? 0 What is the flexible budget variance for fixed costs? 0

raham Corporation used the following data to evaluate its current operating system. The company sells items for $10 each and used a budgeted selling price of $10 per unit. Actual Budgeted nits sold 590,000 600,000 ariable costs 1,545,000 1,800,000 ixed costs 1,220,000 1,200,000 Prepare the actual income statement, flexible budget, and static budget. o not use negative signs with any of your answers below. Actual Results Flexible Budget Static Budget nits sold 0 0 0 evenues $ 0 $ 0 $ 0 ariable costs 0 0 0 ontribution margin 0 0 0 ixed costs 0 0 0 perating income $ 0 $ 0 $ 0 or questions b., c., and d., do not use negative signs with your answers. Select either U for Unfavorable or F for Favorable using the drop down box next to each of your variance answers. What is the static-budget variance of revenues? 0 What is the flexible budget variance for variable costs? 0 What is the flexible budget variance for fixed costs? 0

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter6: Cost-volume-profit Analysis
Section: Chapter Questions
Problem 1CMA: Taylor Corporation is analyzing the cost behavior of three cost items, A, B, and C, to budget for...
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Static and Flexible Budgets Graham Corporation used the following data to evaluate its current operating system. The company sells items for $10 each and used a budgeted selling price of $10 per unit. Actual Budgeted Units sold 590,000 600,000 Variable costs 1,545,000 1,800,000 Fixed costs 1,220,000 1,200,000 a. Prepare the actual income statement, flexible budget, and static budget. Do not use negative signs with any of your answers below. Actual Results Flexible Budget Static Budget Units sold 0 0 Revenues $ 0 $ 0 $ Variable costs 0 0 Contribution margin 0 0 Fixed costs 0 0 Operating income $ 0 $ 0 $ 0 For questions b., c., and d., do not use negative signs with your answers. Select either U for Unfavorable or F for Favorable using the drop down box next to each of your variance answers. b. What is the static-budget variance of revenues? $0 ◆ c. What is the flexible budget variance for variable costs? $0 ◆ d. What is the flexible budget variance for fixed costs? $0 O O 0 0 O O O 0 0
Transcribed Image Text:Static and Flexible Budgets Graham Corporation used the following data to evaluate its current operating system. The company sells items for $10 each and used a budgeted selling price of $10 per unit. Actual Budgeted Units sold 590,000 600,000 Variable costs 1,545,000 1,800,000 Fixed costs 1,220,000 1,200,000 a. Prepare the actual income statement, flexible budget, and static budget. Do not use negative signs with any of your answers below. Actual Results Flexible Budget Static Budget Units sold 0 0 Revenues $ 0 $ 0 $ Variable costs 0 0 Contribution margin 0 0 Fixed costs 0 0 Operating income $ 0 $ 0 $ 0 For questions b., c., and d., do not use negative signs with your answers. Select either U for Unfavorable or F for Favorable using the drop down box next to each of your variance answers. b. What is the static-budget variance of revenues? $0 ◆ c. What is the flexible budget variance for variable costs? $0 ◆ d. What is the flexible budget variance for fixed costs? $0 O O 0 0 O O O 0 0
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