2 Exercise 14-25 (Static) Flexible Budgets and the Breakdown of the Master Budget Variance [LO 14-2, 14- 3] 5 points 02:39:14 eBook Print References Assume that in October 2022 the Schmidt Machinery Company (Exhibit 14.1) manufactured and sold 950 units for $835 each. During this month, the company incurred $475,000 total variable costs and $180,000 total fixed costs. The master budget data for the month are as given in Exhibit 141 Required: 1. Prepare a flexible budget for the production and sale of 950 units. 2. Compute for October 2022- a. The sales volume variance, in terms of operating income Indicate whether this variance was favorable or unfavorable b. The sales volume variance, in terms of contribution margin Indicate whether this variance was favorable or unfavorable 3. Compute for October 2022 a. The total flexible budget variance Indicate whether this variance was favorable or unfavorable. b. The total variable cost flexible budget variance. Indicate whether this variance was favorable or unfavorable. c. The total fixed cost flexible budget variance Indicate whether this variance was favorable or unfavorable d. The selling price variance. Indicate whether this variance was favorable or unfavorable Complete this question by entering your answers in the tabs below. Redired 1 Required 2 Required 3 Prepare a flexible budget for the production and sale of 950 units. Units sold Sales Required 1 Required 2 >

Exercise 14-25 (Static) Flexible Budgets and the Breakdown of the Master Budget Variance [LO 14-2, 14. 3] Assume that in October 2022 the Schrmidt Machinery Company (Exhibt 141 ) manufactured and sold 950 units for 5835 each During this month, the company incurred 5475,000 total variable costs and $180,000 total fixed costs The master budget data for the month are as given in Exhibit 141 Recuired: 1 Prepare a fiexible budget for the production and sale of 950 units 2. Compute for October 2022 a. The sales volume vanance, in terms of operating incorne Indicate whether this variance was favorable or unfavorable b. The sales volume vanance, in lems of contribution margin Indicate whether this variance was favorable or unfavorable 3. Compute for October 2022 a The total flexible budget variance Indic ate whether this variance was favorable or unfavorable: b The total variable cost flexible budget variance. Indicate whether this variance was favorable or unfavorable C The fotal fixed cost fexible budget variance Indicate whether this variance was favorable of unfavorable d. The selling price variance. Indicate whether this variance was favorable or unfavorable Complete this question by entering your answers in the tabs below. Prepare a flexible budget for the production and sale of 950 units. Exercise 14-25 (Static) Flexible Budgets and the Breakdown of the Master Budget Variance [LO 14-2, 14. 3] Assume that in October 2022 the Schrmidt Machinery Company (Exhibt 141 ) manufactured and sold 950 units for 5835 each During this month, the company incurred 5475,000 total variable costs and $180,000 total fixed costs The master budget data for the month are as given in Exhibit 141 Recuired: 1 Prepare a fiexible budget for the production and sale of 950 units 2. Compute for October 2022 a. The sales volume vanance, in terms of operating incorne Indicate whether this variance was favorable or unfavorable b. The sales volume vanance, in lems of contribution margin Indicate whether this variance was favorable or unfavorable 3. Compute for October 2022 a The total flexible budget variance Indic ate whether this variance was favorable or unfavorable: b The total variable cost flexible budget variance. Indicate whether this variance was favorable or unfavorable C The fotal fixed cost fexible budget variance Indicate whether this variance was favorable of unfavorable d. The selling price variance. Indicate whether this variance was favorable or unfavorable Complete this question by entering your answers in the tabs below. Prepare a flexible budget for the production and sale of 950 units