Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,500 units. PHOENIX COMPANY Fixed Budget For Year Ended December 31 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 $ 3,100,000 1,007,500 248,000 62,000 300,000 198,000 232,500 246,000 457,000 194,000 $ 155,000 Problem 23-2A (Algo) Preparing a flexible budget performance report LO P1 Phoenix Company reports the following actual results. Actual sales were 18,500 units. Sales (18,500 units) Costs Direct materials Direct labor $ 3,746,250 $ 1,217,300 303,400 Sales staff commissions 64,750 Depreciation-Machinery 300,000 Supervisory salaries 208,000 Shipping 269,175 Sales staff salaries (fixed annual amount) Administrative salaries 268,000 465,000 Depreciation-Office equipment 194,000 Income 456,625 Required: Prepare a flexible budget performance report for the year.

Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,500 units. PHOENIX COMPANY Fixed Budget For Year Ended December 31 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 $ 3,100,000 1,007,500 248,000 62,000 300,000 198,000 232,500 246,000 457,000 194,000 $ 155,000 Problem 23-2A (Algo) Preparing a flexible budget performance report LO P1 Phoenix Company reports the following actual results. Actual sales were 18,500 units. Sales (18,500 units) Costs Direct materials Direct labor $ 3,746,250 $ 1,217,300 303,400 Sales staff commissions 64,750 Depreciation-Machinery 300,000 Supervisory salaries 208,000 Shipping 269,175 Sales staff salaries (fixed annual amount) Administrative salaries 268,000 465,000 Depreciation-Office equipment 194,000 Income 456,625 Required: Prepare a flexible budget performance report for the year.

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter22: Budgeting

Section: Chapter Questions

Problem 1PB: Forecast sales volume and sales budget Sentinel Systems Inc. prepared the following sales budget for...

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