E23-17 (similar to) Top managers of Cole Industries predicted 2018 sales of 15 comma 200 units of its product at a unit price of $ 10.00. Actual sales for the year were 14 comma 300 units at $ 11.00 each. Variable costs were budgeted at $ 2.80 per unit, and actual variable costs were $ 2.90 per unit. Actual fixed costs of $ 50 comma 000 exceeded budgeted fixed costs by $ 5 comma 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 "0" for any zero balances. For any $0 variances, leave the Favorable (F)/Unfavorable (U) input blank.)

Cole Industries

Flexible Budget Performance Report

For the Year Ended December 31, 2018