Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,20 units. Sales Costs PHOENIX COMPANY Fixed Budget For Year Ended December 31 Direct materials. Direct labor Sales staff commissions Depreciation-Machinery Income Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries. Depreciation-office equipment Income Direct materials. Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-office equipment $ 3,192,000 972,800 212,800 45,600 305,000 Phoenix Company reports the following actual results. Actual sales were 18,200 units. Sales (18,200 units) $ 3,867,500 Costa $ 1,179,360 262,080 45,500 305,000 208,000 196,000 212,800 253,000 643,400 191,000 $ 159,600 246,610 272,000 653,400 191,000 504,550
Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,20 units. Sales Costs PHOENIX COMPANY Fixed Budget For Year Ended December 31 Direct materials. Direct labor Sales staff commissions Depreciation-Machinery Income Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries. Depreciation-office equipment Income Direct materials. Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-office equipment $ 3,192,000 972,800 212,800 45,600 305,000 Phoenix Company reports the following actual results. Actual sales were 18,200 units. Sales (18,200 units) $ 3,867,500 Costa $ 1,179,360 262,080 45,500 305,000 208,000 196,000 212,800 253,000 643,400 191,000 $ 159,600 246,610 272,000 653,400 191,000 504,550
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.
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Transcribed Image Text:Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,200
units.
Sales
Costs
PHOENIX COMPANY
Fixed Budget
For Year Ended December 31
Direct materials
Direct labor
Sales staff commissions
Depreciation-Machinery
Income
Supervisory salaries
Shipping
Sales staff salaries (fixed annual amount)
Administrative salaries
Depreciation-office equipment
Income
Direct materials.
Direct labor
Sales staff commissions
Depreciation-Machinery
Supervisory salaries
Shipping
Sales staff salaries (fixed annual amount)
Administrative salaries
Depreciation-Office equipment
$ 3,192,000
Phoenix Company reports the following actual results. Actual sales were 18,200 units.
Sales (18,200 units)
Costs
972,800
212,800
45,600
305,000
196,000
212,800
253,000
643,400
191,000
$ 159,600
$ 3,867,500
$ 1,179,360
262,080
45,500
305,000
208,000
246,610
272,000
653,400
191,000
504,550
Transcribed Image Text:Required:
Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting "Favorable" or
"Unfavorable". Select "No variance" and enter "0" for zero variance.)
For Year Ended December 31
Variable costs
Fixed costs
PHOENIX COMPANY
Flexible Budget Performance Report
Flexible
Budget (18,200
units)
Actual Results
(18,200 units)
Variances
Favorable/Unfavorable
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