Phoenix Company reports the following actual results. Actual sales were 18,300 units. Sales (18,300 units) $ 3,705,750 Costs $ 1,185,840 300,120 82,350 Direct materials Direct labor Sales staff commissions Depreciation Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment Income Required: Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting "Favorable" o "Unfavorable". Select "No variance" and enter "0" for zero variance.) For Year Ended December 31 Variable costs 300,000 210,000 266,265 271,000 440,000 197,000 453,175 Fixed costs ✔for zero variance.) PHOENIX COMPANY Flexible Budget Performance Report Flexible Budget (18,300 (18,300 units) units) Actual Results Variances ce by selecting "Favora Favorable/Unfavorable
Phoenix Company reports the following actual results. Actual sales were 18,300 units. Sales (18,300 units) $ 3,705,750 Costs $ 1,185,840 300,120 82,350 Direct materials Direct labor Sales staff commissions Depreciation Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment Income Required: Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting "Favorable" o "Unfavorable". Select "No variance" and enter "0" for zero variance.) For Year Ended December 31 Variable costs 300,000 210,000 266,265 271,000 440,000 197,000 453,175 Fixed costs ✔for zero variance.) PHOENIX COMPANY Flexible Budget Performance Report Flexible Budget (18,300 (18,300 units) units) Actual Results Variances ce by selecting "Favora Favorable/Unfavorable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
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.
Question
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Transcribed Image Text:Phoenix Company reports the following actual results. Actual sales were 18,300 units.
Sales (18,300 units)
Costs
$ 3,705,750
$ 1,185,840
300,120
82.350
300,000
210,000
266,265
271,000
Direct materials
Direct labor
Sales staff commissions
Depreciation Machinery
Supervisory salaries
Shipping
Sales staff salaries (fixed annual amount)
Administrative salaries
Depreciation-Office equipment
Income
Required:
Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting "Favorable" o
"Unfavorable". Select "No variance" and enter "0" for zero variance.)
For Year Ended December 31
Variable costs
440,000
197,000
453,175
Fixed costs
for zero variance.)
PHOENIX COMPANY
Flexible Budget Performance Report
Flexible
Budget (18,300 Actual Results
(18,300 units)
units)
Variances
ance by selecting "Favora
Favorable/Unfavorable
![[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
PHOENIX COMPANY
Fixed Budget
For Year Ended December 31
Direct materials
Direct labor
Sales staff commissions
Depreciation-Machinery
Supervisory salaries
Shipping
Sales staff salaries (fixed annual amount)
Administrative salaries
Depreciation-Office equipment
Income
$ 3,060,000
979,200
244,800
76,500
300,000
196,000
229,500
250,000
434,000
197,000
$ 153,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb0a2b3c0-f69b-4bac-bc67-35acaf063f53%2F1c844312-fc84-47db-bf6d-aecb464bb0af%2Fbmnmwp8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[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
PHOENIX COMPANY
Fixed Budget
For Year Ended December 31
Direct materials
Direct labor
Sales staff commissions
Depreciation-Machinery
Supervisory salaries
Shipping
Sales staff salaries (fixed annual amount)
Administrative salaries
Depreciation-Office equipment
Income
$ 3,060,000
979,200
244,800
76,500
300,000
196,000
229,500
250,000
434,000
197,000
$ 153,000
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