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Oriole Entertainment Corporation prepared a master budget for the month of November that was based on sales of 181,000 board games. The budgeted income statement
Oriole Entertainment Corporation prepared a master budget for the month of November that was based on sales of 181,000 board games. The budgeted income statement for the period is as follows. Sales Revenue $3,077,000 Variable expenses Direct materials $796,400 Direct labor 325,800 Variable overhead 470,600 Total variable expenses 1,592,800 Contribution margin 1,484,200 Fixed overhead 222,000 Fixed selling and administrative expenses 432,000 Total fixed expenses 654,000 Operating income $830,200 During November, Oriole produced and sold 156,700 board games. Actual results for the month are as follows. Sales Revenue $2,571,900 Variable expenses Direct materials $676,580 Direct labor 268,460 Variable overhead 397,120 Total variable expenses 1,342,160 Contribution margin 1,229,740 Fixed overhead 209,000 Fixed selling and administrative expenses 447,000 Total fixed expenses 656,000 Operating income $573,740 (d) Based on the available information, prepare a performance report for management. (If variance is zero, select "Not Applicable" and enter O for the amounts.) Actual Results Flexible Budget Variance Unit Sales $ $ $ (d) Based on the available information, prepare a performance report for management. (If variance is zero, select "Not Applicable" and enter for the amounts.) Flexible Budget Sales Volume Variance Static Budget $ $ $
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