2. Prepare flexible budgets for the company at sales volumes of 14,000 and 16,000 units and classify all items listed in the fixed dget as variable or fixed.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question
Help
Required information
1&2. Prepare flexible budgets for the company at sales volumes of 14,000 and 16,000 units and classify all items listed in the fixed
budget as variable or fixed.
PHOENIX COMPANY
Flexible Budgets
For Year Ended December 31, 2019
Flexible Budget
Flexible Budget for:
Variable Amount Total Fixed
per Unit
Units Sales Unit Sales of
of 14,000
Cost
16,000
Variable costs
nces
0.00
Prev
1.
3
of 8
Next >
e here to search
PriSc
Delete
F1
F9
F10
F11
F12
Ins
F2
F3
F4
F5
F6
F7
F8
%23
1D
2
4.
8.
9.
Q
W
T
Y
U
S.
D
F\
J.
C
V
IN
M
(8)
+ II
工
小
B
* LO
LI
23
Transcribed Image Text:Help Required information 1&2. Prepare flexible budgets for the company at sales volumes of 14,000 and 16,000 units and classify all items listed in the fixed budget as variable or fixed. PHOENIX COMPANY Flexible Budgets For Year Ended December 31, 2019 Flexible Budget Flexible Budget for: Variable Amount Total Fixed per Unit Units Sales Unit Sales of of 14,000 Cost 16,000 Variable costs nces 0.00 Prev 1. 3 of 8 Next > e here to search PriSc Delete F1 F9 F10 F11 F12 Ins F2 F3 F4 F5 F6 F7 F8 %23 1D 2 4. 8. 9. Q W T Y U S. D F\ J. C V IN M (8) + II 工 小 B * LO LI 23
ework Required O
Saved
Help
Phoenix Company's 2019 master budget included the following fixed budget report. It is based on an expected production
and sales volume of 15,000 units.
PHOENIX CОМPANY
Fixed Budget Report
For Year Ended December 31, 2019
Sales
$3,150,000
Cost of goods sold
Direct materials
$ 915,000
240,000
Direct labor
Machinery repairs (variable cost)
Depreciation-Plant equipment (straight-line)
Utilities ($60,000 is variable)
Plant management salaries
Gross profit
Selling expenses
Packaging
Shipping
Sales salary (fixed annual amount)
General and administrative expenses
Advertising expense
45,000
315,000
210,000
210,000
1,935,000
1,215,000
75,000
90,000
235,000
400,000
125,000
230,000
85,000
Salaries
Entertainment expense
440,000
nces
Income from operations
$375,000
Problem 23-1A Part 1&2
Prev
1
3
of 8
Next >
here to search
PriSc
Dele
Ins
C
F5
F9
F10
F11
F12
F6
F7
F8
F1
F3
F4
F2
23
3
4.
6.
7
8.
9.
T
Y
11
D
G
H.
K
L
A
Z.
C
V
M
+ II
V
B
L.
Transcribed Image Text:ework Required O Saved Help Phoenix Company's 2019 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. PHOENIX CОМPANY Fixed Budget Report For Year Ended December 31, 2019 Sales $3,150,000 Cost of goods sold Direct materials $ 915,000 240,000 Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($60,000 is variable) Plant management salaries Gross profit Selling expenses Packaging Shipping Sales salary (fixed annual amount) General and administrative expenses Advertising expense 45,000 315,000 210,000 210,000 1,935,000 1,215,000 75,000 90,000 235,000 400,000 125,000 230,000 85,000 Salaries Entertainment expense 440,000 nces Income from operations $375,000 Problem 23-1A Part 1&2 Prev 1 3 of 8 Next > here to search PriSc Dele Ins C F5 F9 F10 F11 F12 F6 F7 F8 F1 F3 F4 F2 23 3 4. 6. 7 8. 9. T Y 11 D G H. K L A Z. C V M + II V B L.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 5 images

Blurred answer
Knowledge Booster
Budgeting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education