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QS 24 15 Flexible budget performance report L.O. P1
Beck Company expects to produce 10,000 units for the year ending December 31. A flexible budget for 10,000 units of production reflects sales of $200,000; variable costs of $40,000; and fixed costs of $75,000. If the company instead produces and sells 13,000 units for the year. Assume that actual sales are $265,000, actual variable costs for the year are $59,000, and actual fixed costs for the year are $73,400.Prepare a flexible budget performance report for the year. (Input all amounts as a positive value. Indicate the effect of each variance by selecting “F” for favorable, “U” for unfavorable, and “None” for no effect (i.e., zero variance). Leave no cells blank be certain to enter “0” wherever required. Omit the “$” sign in your response.)
Exercise 24 4 Preparation of a flexible budget performance report L.O. P1
| Daytec Company’s fixed budget performance report for June follows. The $440,000 budgeted expenses include $300,000 variable expenses and $140,000 fixed expenses. Actual expenses include $130,000 fixed expenses. |
| Fixed Budget | Actual Results | Variances | ||||||||
| Sales (in units) | 6,000 | 4,800 | ||||||||
| | | | | |||||||
| Sales (in dollars) | $ | 480,000 | $ | 422,400 | $ | 57,600 | U | |||
| Total expenses | 440,000 | 394,000 | 46,000 | F | ||||||
| | | | | | | |||||
| Income from operations | $ | 40,000 | $ | 28,400 | $ | 11,600 | U | |||
| | | | | | | |||||
| | ||||||||||
| Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and variable expenses separately. (Input all amounts as a positive value. Indicate the effect of each variance by selecting “F” for favorable, “U” for unfavorable, and “None” for no effect (i.e., zero variance). Leave no cells blank be certain to enter “0” wherever required. Omit the “$” sign in your response.) |
| DAYTEC COMPANY Flexible Budget Performance Report For Month Ended June 30 | ||||
| Flexible Budget | Actual Results | Variances | ||
| $ | $ | $ | ||
| | | | ||
| | | | ||
| $ | $ | $ | ||
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