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Flexible Budgets and Standard Cost Systems Using Excel to prepare a flexible budget performance report Pilchuck Company manufactures tote bags and has provided the

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Flexible Budgets and Standard Cost Systems Using Excel to prepare a flexible budget performance report Pilchuck Company manufactures tote bags and has provided the following information for September 2024: Units Sales Revenue Variable Costs Contribution Margin Fixed Costs Operating Income Actual Results 26,000 Static Budget 24,500 1,092,000 940,500 598,000 482,625 494,000 457,875 129,000 132,000 365,000 325,875 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong. Requirements 1 Prepare a flexible budget performance report, including the heading. Use the ABS function when calculating variances, and use the drop-down selections for F or U when describing the variances. 2 Calculate the Static Budget Variance for operating income, and label it as a F (favorable) or U (unfavorable) variance. Excel Skills 1 ABS function (Absolute Value) to calculate the variances. 2 Data validation to select a F (favorable) or U (unfavorable) variance 3 Cell references - both absolute and relative Requirement 1 Prepare a flexible budget performance report, including the heading. Use the ABS function when calculating variances, and use the drop-down selections for F or U when describing the variances. Note: start with calculating the budget amounts, then calculate variances and choose appropriate descriptions of the variances. (For variances with a zero amount, make sure to include the result of "0" in the appropriate cell and leave the drop-down to identify the variance as either F or U blank.) Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong. Pilchuck Company Flexible Budget Performance Report Month Ended September 30, 2024 Column 2 Col (1) Col (3) actual results static budget units 26000 24500 sales revenue variable cost 1092000 940500 598000 482625 contribution margin 494000 457875 Column 5 fixed costs 129000 132000 operating income 365000 325875 Column 1 Column 3 Column 4 Col (3) - Col (5) Budget Amounts per Unit Flexible Actual Results Budget Variance F or U Flexible Budget Sales Volume Variance For U Static Budget Units 26,000 26,000 24,500 Sales Revenue $ 1,092,000 $ 940,500 Variable Costs 598,000 482,625 Contribution Margin 494,000 457,875 Fixed Costs 129,000 132,000 Operating Income $ 365,000 $ 325,875 Requirement 2 Calculate the Static Budget Variance for operating income, and label it as a F (favorable) or U (unfavorable) variance. (Always use cell references and formulas where appropriate to receive full credit.) Static Budget Variance for Operating Income (1) - (5) Amount: For U

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