Exercise 21-4 Preparing a flexlble budget performance report LO P1 Bay City Comp

Question

Exercise 21-4 Preparing a flexlble budget performance report LO P1 Bay City Companys flixed budget performance report for July follows. The $440,000 budgeted total expenses include $300,000 variable expenses and $140,000 flxed expenses Actual expenses include $130,000 fbxed expenses. Sales (in $436,100900 Enoome from operations 28,100 11,900 Prepare a flexible budget performance report that shows any varlances between budgeted results and actuel results. List fixed and variable expenses separately For Month Ended July 31 Fav iUnf margin Reference links

Explanation / Answer

Prepare flexible budget performance report :

Flexible budget Actual Result Vaiance Fav/Unfav Sales 392000 436100 44100 Favourable Variable expenses (245000) (278000) 33000 Unfavourable Contribution margin 147000 158100 11100 Favourable Fixed cost (140000) (130000) 10000 Favourable Net operating income 7000 28100 21100 Favourable

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