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please help with the following. Having difficulty with CVP please show step by step 2. Thomas Co, provides the following fixed budget data for the

image text in transcribedplease help with the following. Having difficulty with CVP please show step by step

2. Thomas Co, provides the following fixed budget data for the vear: 600,000 Sales (20,000 units) Cost of sales: Direct materials Direct labor Variable overhead Fixed overhead Gross profit Operating expenses: Fixed Variable Income from operations 200,000 160,000 60,000 80.000 500.000 100,000 12,000 40.000 52,000 48,000 Required: First, put the financial statement above in Cost Volume Profit Format. Then, prepare the flexible budget that should be used for a performance report assuming that the department will produce 24,000 units. (Note, since there is no actual financial performance data, this is just a budget.)

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