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Question 3 - Review the above expenses - determine if variable or fixed ? Variable Cost - vary directly with level of activity Fixed Cost - Remain the same over a specific time or volume. Question 4 - Prepare the Budget / Actual Plumbing Fixtures - Home Statement of Operations For the Month of October 2020 Actual Budget Variance Variance % Previous years Actual Gross Sales Cost of Goods Sold Gross Margin $0 $0 GM% #DIV/01 #DIV/01 Selling General & Administrative Selling Selling Advertising - Fixed Advertising - Variable Billing Total Selling $0 General & Administrative General & Administrative Material & Supplies Supervisor's Salary Wages Gas & Oil Insurance Building Depreciation Equipment Depreciation Property Taxes Total Admin. $0 Total SGA $0 Net Income Before Taxes $0 NI % #DIV/0! For the month of October 2020 Plumbing Fixtures - Home Budgeted Actual Type of Cost Sales $105,000 $50,000 $108,000 $54,000 Cost of Sales $11,000 $1,500 Allocated Portion Building Depreciation Advertising - Fixed Advertising - Variable Billing Property Taxes Material & Supplies Supervisor's Salary $2,700 $3,000 $11,000 $2,500 $2,500 $3,500 $1,200 $1,500 $9,000 $4,000 $3,000 $2,700 $2,600 Insurance $1,000 $1,200 $9,400 $3,500 $3,300 $3,400 $2,300 Wages Gas & Oil Equipment Depreciation Question 1 - What type of company - Service, Retailer, Wholesaler or Manufacture ???? Question 2 - Prepare a report to upper management which will enable management to determine future direction