Vinubhai !Required informationUse the following information for the Quick Study below. (Static)[The following information applies to the questions displayed below.]The fixed budget for 20,000 units of production shows sales of $400,000; variable costs of $80,000; and fixed costs of$150,000.QS 21-4 (Static) Flexible budget performance report LO P1The company's actual sales were 26,000 units at $480,000. Actual variable costs were $112,000 and actual fixed costs were $145,000.Prepare a flexible budget performance report. Indicate whether each variance is favorable or unfavorable. (Indicate the effect of eachvariance by selecting favorable, unfavorable, or no variance.)Contribution marginFlexible Budget Performance ReportFavorable/Flexible BudgetActual ResultsVariancesUnfavorable

Step 1: Understanding of flexible budget:- Flexible budget is budget prepared in order to estimate…

Answered: ! Required information Use the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 15EA: Cold X, Inc. uses this information when preparing their flexible budget: direct materials of $2 per...

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Required Information [The following information applies to the questions displayed below.] The fixed budget for 21,500 units of production shows sales of $559,000; variable costs of $64,500; and fixed costs of $142,000. If the company actually produces and sells 26,500 units, calculate the flexible budget Income. Sales Variable costs Contribution margin Fixed costs Income ------Flexible Budget-..... Variable Amount Total Fixed per Unit Cost $ 689,000 689,000 ------Flexible Budget at 21,500 units $ $ 0 0 26,500 units $ $ 0 0
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