Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results. Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no variance. Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs Fixed Budget 1,280 $ 700 per unit $ 280 per unit $ 137,000 Actual Results 1,480 $ 1,095,000 $ 428,000 $ 130,000 For Month Ended May 31 LEWIS COMPANY Flexible Budget Performance Report Flexible Budget Actual Results (1,480 units) (1,480 units) Variances Favorable or Unfavorable
Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results. Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no variance. Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs Fixed Budget 1,280 $ 700 per unit $ 280 per unit $ 137,000 Actual Results 1,480 $ 1,095,000 $ 428,000 $ 130,000 For Month Ended May 31 LEWIS COMPANY Flexible Budget Performance Report Flexible Budget Actual Results (1,480 units) (1,480 units) Variances Favorable or Unfavorable
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter9: Evaluating Variances From Standard Costs
Section: Chapter Questions
Problem 24E: Rosenberry Company computed the following revenue variances for January: Revenue price variance...
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