FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Brabham Enterprises manufactures tires for the Formula I motor racing circuit. For August 2020, it budgeted to manufacture and sell 3,000 tires at a variable cost of $73 per tire and total fixed costs of $57,000. The budgeted selling price was $111 per tire. Actual results in August 2020 were 2,700 tires manufactured and sold at a selling price of $113 per tire. The actual total variable costs were $218,700, and the actual total fixed costs were $53,500. Read the requirements Requirement 1. Prepare a performance report with a flexible budget and a static budget Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable or unfavorable. (For variances with a 10 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label) Units sold Revenues Variable costs Contribution margin Fixed costs Operating income Actual Resultsarrow_forwardIn your own words, Define the following terms they relate to spending budgeted dollars obligated amount pipeline obligation burn ratearrow_forward2. Which of the following budgets will typically have the longest budget period? a. Capital expenditures budget b. Cash budget c. Sales budget d. Budgeted income statementarrow_forward
- Which of the following budgets allows for adjustments in activity levels? a. zero-based budget b. continuous budget c. static budget Od. flexible budgetarrow_forward1. Describe the difference between a static and a flexible budget 2. Outline how often businesses must report GST 3. Describe a method that can be used to evaluate a budget or financial plan.arrow_forward
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