Chapter 21 Problems 6 points Exercise 21-5 (Algo) Preparing flexible budget performance report LO P1 Nina Company prepared the following fixed budget for July using 7,700 units for budgeted sales. Actual sales were 7,40 actual costs are shown below. Skipped eBook Print For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total variable costs Fixed Budget Variable Amount per Total Fixed Unit $ 100 35 15 4 11 65 $ 35 Cost Contribution margin References Fixed costs Supervisor salary Depreciation-Machinery Insurance Depreciation-office equipment Administrative salaries Total fixed costs Income Fixed Budget (7,700 units) $ 770,000 Actual Results (7,400 units) $ 756,700 269,500 115,500 30,800 84,700 500,500 $ 269,500 274,000 112,600 29,000 80,500 496,100 $ 260,600 $ 70,100 70,100 70,100 41,600 41,600 42,800 10,300 10,300 10,300 7,600 7,600 7,600 33,900 33,900 30,600 $ 163,500 163,500 161,400 $ 106,000 $ 99,200 Prepare a flexible budget performance report for July at activity level of 7,400 units. Show variances between budgeted amounts. (Indicate the effect of each varlance by selecting favorable, unfavorable, or no varlance.) For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total Variable Costs Contribution margin Fixed costs Depreciation-Machinery Supervisory salary Insurance Depreciation-Office equipment Administrative salaries Total Fixed Costs Income NINA COMPANY Flexible Budget Performance Report Flexible Budget Actual Results Variances Favorable/Unfavorable (7,400 units) (7,400 units) 0 0 0