Question
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
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$692,320 budget, $702,576 actual; controllable fixed costs$297,500 budget, $303,600 actual. Average operating assets for the year were $2,078,000. 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 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
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| Difference | |||||||||
| Budget | Actual | Favorable Unfavorable Neither Favorable nor Unfavorable | ||||||||
| Select an opening responsibility report item Return on InvestmentControllable MarginGross ProfitNet Income/(Loss)Contribution MarginControllable Fixed CostsVariable CostsFixed Costs | $Enter a dollar amount | $Enter a dollar amount | $Enter the difference | Select an option FavorableUnfavorableNeither Favorable nor Unfavorable | ||||||
| Select a responsibility report item Return on InvestmentControllable MarginGross ProfitControllable Fixed CostsVariable CostsNet Income/(Loss)Contribution MarginFixed Costs | Enter a dollar amount | Enter a dollar amount | Enter the difference | Select an option FavorableUnfavorableNeither Favorable nor Unfavorable | ||||||
| Select a responsibility report item Variable CostsContribution MarginControllable Fixed CostsFixed CostsReturn on InvestmentNet Income/(Loss)Controllable MarginGross Profit | $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 Variable CostsGross ProfitContribution MarginControllable MarginReturn on InvestmentNet Income/(Loss)Controllable Fixed CostsFixed Costs | Enter percentages | % | Enter percentages | % | Enter the difference | |||||
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