!Required information[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 15,300units.SalesCostsDirect materialsDirect laborSales staff commissionsDepreciation-MachinerySupervisory salaries.ShippingSales staff salaries (fixed annual amount)Administrative salariesDepreciation-Office equipmentIncomePHOENIX COMPANYFixed BudgetFor Year Ended December 31Sales (18,300 units)CostsIncomeDirect materialsDirect laborSales staff commissionsDepreciation-MachineryPhoenix Company reports the following actual results. Actual sales were 18,300 units.Supervisory salariesShippingSales staff salaries (fixed annual amount)Administrative salariesDepreciation-Office equipment$ 3,060,000979,200229,50076,500300,000200,000229,500250,000450, 300192,000$ 153,000$ 3,705,750$ 1,185,840281,82082,350300,000214,000266, 265267,000458,300192,000458,175 Required:Prepare a flexible budget performance report for the year.Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "No variance" and enter "O" for zerovariance.For Year Ended December 31Variable costsFixed costsPHOENIX COMPANYFlexible Budget Performance ReportFlexibleActual ResultsBudget (18,300 (18,300 units)units)000VariancesFavorable or Unfavorable

Lets understand the basics.The flexible budget performance report is prepared to compare the actual…

Required information [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 $ 3,060,000 979,200 229,500 76,500 300,000 200,000 229,500 250,000 450,300 192,000 $ 153,000

Required information [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 $ 3,060,000 979,200 229,500 76,500 300,000 200,000 229,500 250,000 450,300 192,000 $ 153,000

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 3PA: Budgeted income statement and supporting budgets The budget director of Birding Homes Feeders Inc.,...

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