Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following table contains a hypothetical partial master budget performance report for Divine Fudge Company [Click the icon to vew the partist master budgot performanco

image text in transcribed
image text in transcribed
The following table contains a hypothetical partial master budget performance report for Divine Fudge Company [Click the icon to vew the partist master budgot performanco repert.) Fill in the missing amounts, Be sure to indicate whether vaciances are favorable (F) or untavorable (U). (Enter the variances as postive nunbers. Label each valince as favorable (F) or unfavorable (U). If the variance is 0 , make sure to onter in a " 0 ". A variance of rero is considered favorable,) Divine Fudge Company Flexible Budget Performance Report: Sales and Operating Expenses For Year Ended December 31 \begin{tabular}{|c|c|c|c|c|c|c|} \hline & A & B & C & D & E & F \\ \hline 1 & \multicolumn{6}{|c|}{ Divine Fudge Company } \\ \hline 2 & \multicolumn{6}{|c|}{ Flexible Budget Performance Report: Sales and Operating Expenses } \\ \hline 3 & \multicolumn{6}{|c|}{ For the Year Ended December 31} \\ \hline 4 & & Actual & \begin{tabular}{c} Flexible Budget \\ Variance \end{tabular} & \begin{tabular}{l} Flexible \\ Budget \end{tabular} & \begin{tabular}{l} Volume \\ Variance \end{tabular} & \begin{tabular}{l} Master \\ Budget \end{tabular} \\ \hline 5 & Sales volume (number of cases sold) & 13,100 & & 13,100 & & 12,200 \\ \hline 6 & Sales revenue ( $31 per case) & \$ 401,100 & & $406,100 & & $378,200 \\ \hline 7 & Less variable expenses: & & & + & & \\ \hline 8 & Sales expense (\$1 per case sold) & 12,100 & & $13,100 & & \$ 12,200 \\ \hline 9 & Shipping expense (\$3 per case sold) & 36,700 & & 39,300 & & 36,600 \\ \hline 10 & Contribution margin & 352,300 & & 353.700 & & 329.400 \\ \hline 11 & Less fixed expenses: & & & & & \\ \hline 12 & Salaries & 11,700 & & 10,800 & & 10,800 \\ \hline 13 & Otfice rent & 2,900 & & 2,900 & & 2,900 \\ \hline 14 & Operating income & $337,700 & is & s 340,000 & & $315,700 \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Cloud Computing A Security And Privacy Guide

Authors: Ben Halpert

1st Edition

0470874740, 978-0470874745

More Books

Students also viewed these Accounting questions

Question

What is P{T1 Answered: 1 week ago

Answered: 1 week ago