1 Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs Fixed Budget 1,350 Actual Results 1,550 $ 1,050 per unit $ 420 per unit $ 1,678,000 $ 652,000 $ 147,500 $ 137,000 For Month Ended May 31 Sales Variable costs Contribution margin Fixed costs Income LEWIS COMPANY Flexible Budget Performance Report Flexible Budget Actual Results (1,550 units) (1,550 units) Variances Favorable/Unfavorable
1 Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs Fixed Budget 1,350 Actual Results 1,550 $ 1,050 per unit $ 420 per unit $ 1,678,000 $ 652,000 $ 147,500 $ 137,000 For Month Ended May 31 Sales Variable costs Contribution margin Fixed costs Income LEWIS COMPANY Flexible Budget Performance Report Flexible Budget Actual Results (1,550 units) (1,550 units) Variances Favorable/Unfavorable
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter9: Profit Planning And Flexible Budgets
Section: Chapter Questions
Problem 34BEA: Performance Report Based on Budgeted and Actual Levels of Production Bowling Company budgeted the...
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