Incredibly confused how to do this problem, I need step by step instructions for which numbers to use and how to reach the answerManagers at Sheffield, Inc. were cautiously optimistic about receiving their bonuses at year$-$end. Periodic communications from the

top noted that the sales team had been exceeding targets throughout the year, which led to steady production activity to keep pace.

Managers knew that a company profit margin of $6\%$ meant bonuses for everyone. The production crew had been managing costs well

but wasn't sure where final costs would land with the sales volume higher than planned. The following information outlines actual and

budgeted results for the year. top noted that the sales team had been exceeding targets throughout the year, which led to steady production activity to keep pace.

Managers knew that a company profit margin of $6\%$ meant bonuses for everyone. The production crew had been managing costs well

but wasn't sure where final costs budgeted results for the year.

$($a$)$

Prepare Sheffield's flexible budget and actual income statement for the year.

Fixed costs:

Fixed$-$MOH

Fixed SG&A

Operating income

eTextbook and Media

Save for Later

Attempts: $0$ of $2$ used

$($b$)$

Determine the flexible budget variances and sales price variance, noting the amount and sign for each.

Fixed costs:

Fixed$-$MOH

Fixed SG&A

Operating income

eTextbook and Media

Save for Later

Attempts: $0$ of $2$ used

$($d$1)$

Did the company hit its profit margin goal? $($Round answers to $2$ decimal places, e$.$g$.15\mathrm{.}25\%)$

The company $,$ its $6\%$ profit margin goal.

eTextbook and Media

Save for Later

Attempts: $0$ of $2$ used