Solitaire Company\'s fixed budget performance report for June follows. The $315,

Question

Solitaire Company's fixed budget performance report for June follows. The $315,000 budgeted expenses include $260,400 variable expenses and $54,600 fixed expenses. Actual expenses include $62,900 fixed expenses Actual Fixed Budget Variances Results Sales (in units) Sales (in dollars) Total expenses Income from operations 8,400 $420,900e 315,000 $185,000 10,800 $540,000 378,000 $162,000 $120,000 F 63,000U $57,000 F Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and variable expenses separately Answer is complete but not entirely correct. SOLITAIRE COMPANY Flexible Budget Performance Report For Month Ended June 30 Flexible Budget S 540,000 Actual Results Variances Fav./Unf 540,000S No variance Sales Variable expenses Contribution margin Fixed expenses Income from operations 150 62,900Favorable S 162,00099,100S 62,900Favorable 378.000 54,600 62,900 (8,300) Unfavorable 107,400 $ 36,200 54,600 Favorable

Explanation / Answer

Flexible Budget Performance Report Flexible Actual Variances Fav/unfav Budget results Sales 540,000 540,000 0 N Variable expense 334800 315100 19700 F Contribution margin 205,200 224,900 19,700 F. Fixed expenses 54,600 62,900 8,300 U income from operations 150,600 162,000 11,400 F Flexible budget working Sales 420000/8400*10800= 540000 Variable expense 260400/8400*10800= 334800

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