show work (formulas) managerial accounting: prepare the flexible budget ... use cost volume profit format for the flexible budget

T13 B C D 2. Thomas Co, provides the following fixed budget data for the year: Sales (20,000 units) 600,000 Cost of sales: Direct materials 200,000 Direct labor 160,000 Variable overhead 60,000 Fixed overhead 80.000 500.000 Gross profit 100,000 Operating expenses: Fixed 12,000 Variable 40.000 52.000 Income from operations 48.000 Required: Prepare the flexible budget that should be used for a performance report assuming that the department will produce 24,000 units. Use cost volume profit format for the flexible budget