The following data were collected by Pete Inc. for the month of May: Static budget data: Sales
Question:
The following data were collected by Pete Inc. for the month of May: Static budget data: Sales 11,500 units (a 40// unit Variable costs $28.00 per unit Total fixed costs $24,150 Actual results: Sales 12,600 units @ $39/unit Variable costs $30.00 per unit Total fixed costs $23,050 Required: 1,2&3. Prepare the static and flexible budgets and show the variances by completing the table given below. (Indicate the effect of each variance by selecting "F" for favorable, " U " for unfavorable, and "None" for no effect (i.e., zero variance).) Pete Inc. Static Budget Performance Report For the Month Ended May 31 Actual Flexible Budget Variance Flexible Budget Sales Volume Variance Static Budget Static Variance Sales (units) Revenue Variable expenses Fixed