Solitaire Company\'s fixed budget performance report for June follows. The $318,

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Solitaire Company's fixed budget performance report for June follows. The $318,750 budgeted expenses include $280,500 variable expenses and $38,250 fixed expenses. Actual expenses include $46,950 fixed expenses. Pixed Budget Results Actual Variances Sales (in units) Sales (in dollars) Total expenses Income from operations 8,500 $425,000 318,750 $106,250 10,900 $545,000 381,500 $163,500 $120,000 F 62,750 U 57,250 F Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and ces Variable expenses separately SOLITAIRE COMPANY Flexible Budget Performance Report For Month Ended June 30 Flexible Budget Actual Results Variances Fav./Unf 545,000 545,000$ 359,700 185,300 O No variance expenses Contribution margin 38,250 46,950 (8,700) ixed expenses Income from operations 147,050

Explanation / Answer

Prepare flexible budget performance :

Flexible budget Actual results Variance Fav/Unfav Sales 545000 545000 0 No variance Variable expense 359700 334550 25150 Fav Contribution margin 185300 210450 25150 Fav Fixed expenses 38250 46950 8700 Unfav Income from operations 147050 163500 16450 Fav

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