Exercise 16-27 (Algo) Prepare Flexible Budget (LO 16-2) Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, therefore, has no inventories. The following information is available for the current month: Actual (based on actual orders for 450,000 units) $4,490,000 Master Budget (based on budgeted orders for 480,000 units) $4,320,000 Sales revenue Less Variable costs Materials Direct labor Variable overhead Variable marketing and administrative Total variable costs Contribution margin Less Fixed costs Manufacturing overhead Marketing Administrative Total fixed costs Operating profits 1,680,000 243,000 531,700 372,500 $2,827,200 $1,662,800 1,680,000 312,000 480,000 384,000 $2,856,000 $1,464,000 939,000 284,000 193,000 $1,416,000 $ 246,800 910,000 284,000 171,000 $1,365,000 $ 99,000 Required: Prepare a flexible budget for Osage, Inc. (Do not round intermediate calculations.) Required: Prepare a flexible budget for Osage, Inc. (Do not round intermediate calculations.) OSAGE, INC. Flexible Budget Sales revenue Variable costs: Materials Direct labor Variable overhead Variable marketing and administrative Total variable costs Contribution margin Fixed costs: Manufacturing overhead Marketing Administrative Total fixed costs Operating profit (loss)