QS 23-1 Flexible budget performance report LO P1 Beech Company produced and sold

Question

QS 23-1 Flexible budget performance report LO P1 Beech Company produced and sold 110,000 units of its product in May. For the level of production achieved in May, the budgeted amounts were: sales, $1,330,000; variable costs, $843,000; and fixed costs, $370,000. The following actual financial results are available for May. Actual sales (110,000 units) Variable costs Fixed costs $1,300,000 806,500 370,000 Prepare a flexible budget performance report for May. BEECH COMPANY Flexible Budget Performance Report For Month Ended May 31 Favorable Unfavorable Flexible Budget Actual ResultsVariances Contribution margin

Explanation / Answer

BEECH COMPANY Flexible Budget Performance Report For The Month Ended May 31 Flexible Budget Actual Results Variances Favourable/Unfavourable X Y Z=X-Y A Sales $1,330,000 $1,300,000 $30,000 Un Favourable B Variable Costs $843,000 $806,500 $36,500 Favourable C=A-B Contribution Margin $487,000 $493,500 $6,500 Favourable D Fixed Costs $370,000 $370,000 $0 Not applicable E=C-D Profit $117,000 $123,500 $6,500 Unfavourable

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