Question
Brief Exercise 23-08 For the year ending December 31, 2020, Cobb Company accumulates the following data for the Plastics Division which it operates as an
Brief Exercise 23-08
For the year ending December 31, 2020, Cobb Company accumulates the following data for the Plastics Division which it operates as an investment center: contribution margin$792,700 budget, $799,328 actual; controllable fixed costs$301,700 budget, $304,400 actual. Average operating assets for the year were $1,964,000. Prepare a responsibility report for the Plastics Division beginning with contribution margin for the year ending December 31, 2020. (Round ROI to 1 decimal place, e.g. 1.5%.)
| COBB COMPANY Plastics Division Responsibility Report For the Year Ended December 31, 2020 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
| Difference | |||||||||
| Budget | Actual | Favorable Unfavorable Neither Favorable nor Unfavorable | ||||||||
| Select an opening responsibility report item Gross ProfitNet Income/(Loss)Controllable Fixed CostsControllable MarginReturn on InvestmentFixed CostsVariable CostsContribution Margin | $Enter a dollar amount | $Enter a dollar amount | $Enter the difference | Select an option FavorableUnfavorableNeither Favorable nor Unfavorable | ||||||
| Select a responsibility report item Gross ProfitControllable MarginFixed CostsNet Income/(Loss)Return on InvestmentVariable CostsContribution MarginControllable Fixed Costs | Enter a dollar amount | Enter a dollar amount | Enter the difference | Select an option FavorableUnfavorableNeither Favorable nor Unfavorable | ||||||
| Select a responsibility report item Contribution MarginControllable MarginReturn on InvestmentVariable CostsControllable Fixed CostsFixed CostsGross ProfitNet Income/(Loss) | $Enter a total of the two previous amounts | $Enter a total of the two previous amounts | $Enter the difference | Select an option FavorableUnfavorableNeither Favorable nor Unfavorable | ||||||
| Select a closing responsibility report item Controllable MarginFixed CostsGross ProfitNet Income/(Loss)Variable CostsReturn on InvestmentContribution MarginControllable Fixed Costs | Enter percentages | % | Enter percentages | % | Enter the difference | % | Select an option FavorableUnfavorableNeither Favorable nor Unfavorable | |||
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Auditing The ISM
Authors: Mr. Ajoy Chatterjee
3rd Edition
8190233041, 978-8190233040
