Hampton Muffins sells its muffins to restaurants and coffee houses for an average selling price of $26 per case. The followinginformation relates to the budget for Hampton Muffins for this year (all figures are annual totals unless otherwise noted):(Click the icon to view the budget information.)During the year, Hampton Muffins actually sold 9,500 cases, resulting in total sales revenue of $255,100. Actual expenses (intotal) from this vear are as follows:Sales revenue($26 per case)Variable operating expenses:Packaging expense ($2 per case sold)Shipping expense ($4 per case sold)Sales commissions (5% of sales price)Fixed operating expenses:SalariesOffice rentDepreciationInsurance expenseOffice Supplies expenseTotal operating expensesFor the Year Ended December 31FlexibleBudgetVarianceActual9,500 casesFlexibleBudget9,500 casesVolumeVarianceMasterBudget9,100 casesRequirementConstruct a flexible budget performance report for Hampton Muffins for the year. Be sure to indicate whether eachvariance is favorable (F) or unfavorable (U). (Enter the variances as positive numbers. Label each variance as favorable(F) or unfavorable (U). If the variance is 0, make sure to enter in a "0". A variance of zero is considered favorable.)Data tablePackaging cost...Shipping expense...$ 19,700$ 39,900Sales commission expense...... $ 12,755Salaries expense.$7,300Office rent$3,100Depreciation$3,300Insurance expense$1,700Office supplies expense$900Print..Done- X4

CITTE Requirement Construct a flexible budget performance report for Hampton Muffins for the year. Be sure to indicate whether each variance is favorable (F) or unfavorable (U). (Enter the variances as positive numbers. Label each variance as favorable (F) or unfavorable (U). If the variance is 0, make sure to enter in a "0". A variance of zero is considered favorable.)

CITTE Requirement Construct a flexible budget performance report for Hampton Muffins for the year. Be sure to indicate whether each variance is favorable (F) or unfavorable (U). (Enter the variances as positive numbers. Label each variance as favorable (F) or unfavorable (U). If the variance is 0, make sure to enter in a "0". A variance of zero is considered favorable.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following table contains a hypothetical partial master budget performance report for European Fudge Company. (Click the icon to view the partial master budget performance report.) Fill in the missing amounts. Be sure to indicate whether variances are favorable (F) or unfavorable (U). (Enter the variances as positive numbers. Label each variance as favorable (F) or unfavorable (U). If the variance is 0, make sure to enter in a "0". A variance of zero is considered favorable.) European Fudge Company Flexible Budget Performance Report: Sales and Operating Expenses For Year Ended December 31 Sales volume (number of cases sold) Shipping expense ($4 per case sold) Actual Sales revenue ($34 per case) $ 419,500 $ Less variable expenses: Sales expense ($5 per case sold) Contribution margin 12,500 $ 60,100 49,500 309,900 Flexible Budget Variance Flexible Budget 2200 F 400 U 12,500 5,500 U $425,000 2900 F $ 62,500 50,000 312,500 Volume Variance 40800 F $ 6000 U$ 1200 U 33600 F Master Budget…
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! Required information [The following information applies to the questions displayed below.] Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,300 units. 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 PHOENIX COMPANY Fixed Budget For Year Ended December 31 Sales (18,300 units) Costs Income Direct materials Direct labor Sales staff commissions Depreciation-Machinery Phoenix Company reports the following actual results. Actual sales were 18,300 units. Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment $ 3,060,000 979,200 229,500 76,500 300,000 200,000 229,500 250,000 450, 300 192,000 $ 153,000 $ 3,705,750 $ 1,185,840 281,820 82,350 300,000 214,000 266, 265 267,000 458,300…
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