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Need assitance with this question of for business accounting please! Bean There Inc. manufactures coffee makers. Selected budget and actual information for 2020 is provided

Need assitance with this question of for business accounting please!image text in transcribed

Bean There Inc. manufactures coffee makers. Selected budget and actual information for 2020 is provided below: Budget Actual Information Information Units sold 1 32,000 Sales in dollars 1,111,873 1,191,293 Average selling price per unit $ 40 Variable cost per unit $ 24 5 Variable cost in total 2 $ 714,776 Fixed selling and admin $ 264,700 $ 256,200 Operating income 3 6 NOTE: If the data above is blank it means you haven't entered your student number on the cover tab. 4 a. Required: Complete the missing information above (enter your answers in corresponding colour coded boxes below). (3 marks) units 1 2 4 per unit per unit 6 b. Prepare a flexible budget based on the actual quantity of units sold (3 marks). Flexible Budget Sales Variable costs Contribution margin Fixed selling and admin Operating Income b. Prepare a performance report comparing actual results to budgeted results in contribution income statement format. Ensure that the report breaks down variances between actual and budget into price and volume variances for sales, variable costs and selling and admin expenses including which variances are favourable and which are unfavourable (7 marks)

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