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???? https://www.mathd.co homeworkld 1620470838uquestionld 1&flushed; truecld 1816157&centerwin; yes Acct 2302-004 Rasmussen Spring 2018 wonhee cho 4/4/18 9:43 PM Homework: Chapter 23 Homework Save Score: 0 of 2 pts 1 of 8 (8 complete)> HW Score: 78.67%, 7.87 of 10 pts X) E23-17 (similar to) Question Help Actuel salestor the year were 14,0DD units at $5 each Varable cnsts were bingeted a $ B per unit, and asvariable rasts were S2 90 per unit Top managers of Smitn Industries predicted se 14500 units ot its proct at a unt pe o$ Actual fxed costs of $47 000 exceeded budgeted fixed costs by S2,000 Prepare Smith's texble budget pertormance report What variance contributed mast to the years tevorable resuts What caused this vanance Prepare a texible binger pertarmance report tor the year First, complete the hiexbe budget pertormance report throign the contribution margin line, then camplete the report thrnugh the operating income line Finally, cmpute the total variances (Fnter a any zero balances. For any SO varisnces, leave the Favorable (FUnfavonable (U) input blank) tor Smith Industrie8 Flexible Budget Performance Repor For the Year Ended December 31, 2016 Budget Amounts Per Unit Flexible Budget Variance Sales Volume Variance Actual Flexible Static Results Budget Budget Unils Sales Revenue Vanable Costs Contribution Margin Choose from any list or enter any nurriber in the input fields and thern click Check Answer Clear All Check Answer

Explanation / Answer

Smith industries Flexible Budget Performance Report For the Year Ended December 31, 2016 Budgeted Flexible Sales Amount Actual Budget Flexible Volume Static Per unit Results Variance Budget Variance Budget Units 14000 14000 14500 Sales Revenue 7.5 133000 28000    F 105000 3750       U 108750 Variable costs 2.8 40600 1400      U 39200 1400       F 40600 Contribution margin 92400 26600    F 65800 2350       U 68150 Fixed costs 47000 2000      F 45000 no effect 45000 Operating income 45400 24600    F 20800 2350       U 23150 *Flexible budget variance   =   Flexible budget - Actual results *Sales volume variance = Static budget - Flexible budget *Calculation: Actual Flexible Static Results Budget Budget Units 14000 14000 14500 Sales Revenue (14000 * 9.5) (14000*7.5) (14500*7.5) Variable costs (14000 * 2.9) (14000*2.8) (14500*2.8) Contribution margin (Sales - variable) (Sales - variable) (Sales - variable) Fixed costs 47000 (47000 - 2000) (47000 - 2000) Operating income (contribution - Fixed) (contribution - Fixed) (contribution - Fixed) *Increase in sales, Contribution & Operating income = Favourable *Decrease in sales, Contribution & Operating income = Unfavourable *Increase in Variable cost and fixed = Unfavourable *Decrease in Variable cost and fixed = Favourable

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