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 $251300 variable expenses and $52,650 fixed expenses Actual expenses include $61150 fixed expenses. nts Actual Fixed Budeet Results 8,108 18,580 Sales (in units) Sales (in dollars) Total expenses 405,000 525,0 $128,900F 303,758 36530 367,50063 75eu eBook Income from operations 5101,25 157,500 s 56,258F 55,250 Hint Prepare a fiexible budget performance report showing any varlances between budgeted and actual results. List fived and variable expenses separately SOLITAIRE COMPA Fiexible Budget Performance Report For Month Ended June 30 Flexible Budget Actual Results VarancesFav.Unt Contribution margin

Explanation / Answer

SOLITAIRE COMPANY Flexible Budget Performance Report For Month Ended June 30 Flexible Budget Actual Results Variances Favorable/ Unfavorable Sales 525000 525000 No variance Variable expenses 3,25,500 3,06,350 19,150 Favorable Contribution margin 1,99,500 2,18,650 19,150 Favorable Fixed expenses 52,650 61,150 8,500 Unfavorable Income from operations 1,46,850 1,57,500 10,650 Favorable

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