Solitaire Company\'s fixed budget performance report for June follows. The $307,

Question

Solitaire Company's fixed budget performance report for June follows. The $307,500 budgeted expenses include $287000 varlable expenses and $20,500 fixed expenses. Actual expenses Include $28,000 fxed expenses. Actual Variances Fixed Budget Results Sales (in units) Sales (in dollars) Total expenses Income from operations 8,200 10,600 $410,000530,000 $120,000r 07,500371,000 63,500 U 56,500 Book Hint Ask Print $102,500 $159,000 Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and variable expenses separately. SOLITAIRE COMPANY Flexible Budget Performance Report For Month Ended June 30 Flexible Budget Actual ResultsVariances Fav.JUnf No variance 530,000 $ 530,000 Variable expenses Contribution margin avorable ixed avorable Income from operations Prev 1of 1 Next MacBook Air

Explanation / Answer

Prepare flexible budget performance report :

Flexible budget Actual results Variance Fav/Unfav Sales 530000 530000 0 No variance Variable cost 371000 343000 28000 Fav Contribution margin 159000 187000 28000 Fav Fixed expense 20500 28000 7500 Unfav Net operating income 138500 159000 20500 Fav

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