Exercise 8-3 Preparing a flexible budget performance report LO P1 Solitaire Comp

Question

Exercise 8-3 Preparing a flexible budget performance report LO P1 Solitaire Company's fixed budget performance report for June follows. The $303,750 budgeted expenses include $283,500 variable expenses and $20,250 fixed expenses. Actual expenses include $28,650 fixed expenses. Fixed Budget Results Actual Variances Sales (in units) Sales (in dollars) Total expenses Income from operations 8,100 405,000 $101,250 10,500 $525,000 03,750 367,500 $120,000 F 63,750 U 157,500 56,250 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 Results Variances Fav./Unf. Contribution margin

Explanation / Answer

Flexible Budget Performance Report is as prepared below:

Solitaire Company Flexible Budget Performance Report For Month Ended June 30 Flexible Budget Actual Results Variances Fav./Unf Sales 525,000 525,000 0 Nobe Less: Variable Costs 367,500 338,850 28,650 Fav Contribution Margin 157,500 186,150 -28,650 Fav Less: Fixed Costs 20,250 28,650 -8,400 Unf Income from operations 137,250 157,500 -20,250 Fav Working: Sales 405,000/8,100*10,500 Variable Cost 283,500/8,100*10,500

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