L17 B. H. 1. K 1. 2. Flexible Budget Performance Report For the Year Ended December 31, 2020 3. Actual Results Revenue Fav. (F) or Flexible Budget Unfav. (U) Sales Fav. (F) Master Budget and Volume Variances or Unfav. Spending Variances (U) 5. 6 Sales 5.512,500 $ 73,500 $ 220.500 5.586.000 $ 144.400 $ 104.500 $5,441.600 3.938.000 7 DM S. 4,263.000 4.042.500 8. 9 Variable SG&A 10 Contribution Margin 11 Fixed Manufacturing 55.125 1,194.375 172.550 55,125 U S 1.488.375 1,425 53.700 F $ 1.449.900 $ 294.000 S 38.475 $16.950 12 Fixed SG&A 13 Net Income 189.500 $1.026.000 272.875 189.500 1.026.000 234.400 1.027.000 1,000 S 278.050 S. (5,175) $ 38.475 14 15 16 17 18, 19 20 21 22 23 24 Part II- Case Question Beginning Balance Sheet Actuals vs. Budget Data Flexible Budget eady %24
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Analyze the variances from the flexible budget and identify issues that management should be concern about. You only need to highlight bariances that are a concern
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