Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

.00. Actual sales for the year were 300 units at $10.50 each. Variable costs were budgeted at $2.80 per unit, and actual variable costs were

image text in transcribed
image text in transcribed
image text in transcribed
.00. Actual sales for the year were 300 units at $10.50 each. Variable costs were budgeted at $2.80 per unit, and actual variable costs were $2.90 per unit. Actual fixed costs $46,000 exceeded budgeted fixed costs by $4,500 repare Cole's flexible budget performance report. What variance contributed most to the year's favorable results? What caused this variance? 2 5 repare a flexible budget performance report for the year. First, complete the flexible budget performance report through the contribution argin line, then complete the report through the operating income line. Finally, compute the total variances (Enter a "O" for any zero alances. For any so variances, leave the Favorable (F\Unfavorable (U) input blank.) Cole Industries Flexible Budget Performance Report For the Year Ended December 31, 2024 1 3 (1)-(3) (3) - (5) Budget Flexible sples Amounts Actual Budget Flexible Volume Static Per Unit Results Variance Budget Variance Budget Units Sales Revenue Variable Costs Contribution Margin SOVO Homework Chapter M:6 Homework Puted Points of 1 med 200 14000 product of 700 www.yow we stoso che costs were de 20 and we We protects of 346.000 eurosby 100 Performance mot hverandrest to the years that pomereport.com foto hire though we Fray or the were to view income tronk Cele de forma For the www. w Wind W Top managers of Cole Industries predicted 2024 sales of 14,600 units of its product at a unit price of $7.00. Actual sales for the year were 14,300 units at $10.50 each. Variable costs were budgeted at $2.80 per unit, and actual variable costs were $2.90 per unit. Actual fixed costs of $46,000 exceeded budgeted fixed costs by $4,500 Prepare Cole's flexible budget performance report. What variance contributed most to the year's favorable results? What caused this variance? Prepare a flexible budget performance report for the year. First, complete the flexible budget performance report through the contribution margin line, then complete the report through the operating income line. Finally, compute the total variances. (Enter a "O" for any zero balances. For any 50 variances, leave the Favorable (F)Unfavorable (U) input blank.) Cole Industries Flexible Budget Performance Report For the Year Ended December 31, 2024 1 2 3 5 (3) - (5) (1)-(3) Flexible Sales Budget Amounts Actual Flexible Volume Static Budget Variance Per Unit Results Budget Variance Budget Units Sales Revenue Variable Costs Contribution Marin

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting A Decision Making Approach

Authors: Thomas E. King, Valdean C. Lembke, John H. Smith

2nd Edition

0471328235, 978-0471328230

More Books

Students also viewed these Accounting questions