FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Preparing a flexible budget performance report

Murphy Company managers received the following incomplete performance report:

Complete the performance report. Identify the employee group that may deserve praise and the group that may be subject to criticism. Give your reasoning.

MURPHY COMPANY
Flexible Budget Performance Report
For the Year Ended July 31, 2018
Flexible
Sales
Actual Budget Flexible
Results Variance Budget
Volume
Static
Variance
Budget
Units
35,000
(a)
35,000
5,000 F
(a)
Sales Revenue
$ 219,000
(b)
$ 219,000 $ 27,000 F
(A)
Variable Expenses
85,000
84,000
13,000 U
Contribution Margin
134,000
(d)
135,000
14,000 F
Fixed Expenses
105,000
(e)
100,000
Operating Income
$ 29,000
$ 35,000 $ 14,000 F
(0
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Transcribed Image Text:MURPHY COMPANY Flexible Budget Performance Report For the Year Ended July 31, 2018 Flexible Sales Actual Budget Flexible Results Variance Budget Volume Static Variance Budget Units 35,000 (a) 35,000 5,000 F (a) Sales Revenue $ 219,000 (b) $ 219,000 $ 27,000 F (A) Variable Expenses 85,000 84,000 13,000 U Contribution Margin 134,000 (d) 135,000 14,000 F Fixed Expenses 105,000 (e) 100,000 Operating Income $ 29,000 $ 35,000 $ 14,000 F (0
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