Phoenix Company’s 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 17,000 units.
Phoenix Company’s actual income statement for 2017 follows.
Required:
1. Prepare a flexible budget performance report
for 2017.
Homework Answers
| Flexible budget performance report | ||||
| For the Year ende 31st December 2017 | ||||
| Flexible Budget | Actual Result | Variance | Fav. / Unfav. | |
| Sales (20000 units) | 5000000 | 5063000 | 63,000.0 | Favorable |
| Variable Costs | ||||
| Direct Materials | 12,00,000.0 | 12,17,000.0 | 17,000.0 | Unfavorable |
| Direct Labor | 2,00,000.0 | 2,08,000.0 | 8,000.0 | Unfavorable |
| Machinery Repairs | 60,000.0 | 51,000.0 | 9,000.0 | Favorable |
| Utilities | 40,000.0 | 39,500.0 | 500.0 | Favorable |
| Packaging | 80,000.0 | 77,750.0 | 2,250.0 | Favorable |
| Shipping | 1,20,000.0 | 1,12,500.0 | 7,500.0 | Favorable |
| Total Variable Cost | 17,00,000.0 | 17,05,750.0 | 5,750.0 | Unfavorable |
| Contribution Margin | 33,00,000.0 | 33,57,250.0 | 57,250.0 | Favorable |
| Fixed Costs | ||||
| Depreciation | 3,30,000.0 | 3,30,000.0 | - | - |
| Utilities | 1,50,000.0 | 1,47,500.0 | 2,500.0 | Favorable |
| Plant Management Salaries | 2,15,000.0 | 2,24,000.0 | 9,000.0 | Unfavorable |
| Sales Salary | 2,70,000.0 | 2,88,000.0 | 18,000.0 | Unfavorable |
| Advertising Expenses | 1,31,000.0 | 1,39,000.0 | 8,000.0 | Unfavorable |
| Salaries | 2,41,000.0 | 2,41,000.0 | - | - |
| Entertainment Expenses | 90,000.0 | 94,000.0 | 4,000.0 | Unfavorable |
| Total Fixed Cost | 14,27,000.0 | 14,63,500.0 | 36,500.0 | Unfavorable |
| Income From operations | 18,73,000.0 | 18,93,750.0 | 20,750.0 | Favorable |
Working:
| Fixed Budget | Unit Cost/Price (/17000) | Flexible Budget | |
| Sales | 42,50,000.0 | 250 | 50,00,000.0 |
| (17000 units) | (Unit Cost *20000) | ||
| Variable Costs | |||
| Direct Materials | 10,20,000.0 | 60.00 | 12,00,000.0 |
| Direct Labor | 1,70,000.0 | 10.00 | 2,00,000.0 |
| Machinery Repairs | 51,000.0 | 3.00 | 60,000.0 |
| Utilities | 34,000.0 | 2.00 | 40,000.0 |
| Packaging | 68,000.0 | 4.00 | 80,000.0 |
| Shipping | 1,02,000.0 | 6.00 | 1,20,000.0 |
| 14,45,000.0 | 17,00,000.0 |
Hope you understood. Thank you.
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Phoenix Company’s 2017 master budget included the following
fixed budget report. It is based on an...
Phoenix Company’s 2017 master budget included the following fixed budget report. It is based on an...
Phoenix Company’s 2017 master budget included the following
fixed budget report. It is based on an expected production and
sales volume of 18,000 units.
PHOENIX COMPANY
Fixed Budget Report
For Year Ended December 31, 2017
Sales
$
4,500,000
Cost of goods sold
Direct materials
$
1,170,000
Direct labor
180,000
Machinery repairs (variable cost)
90,000
Depreciation—Plant equipment (straight-line)
300,000
Utilities ($72,000 is variable)
222,000
Plant management salaries
215,000
2,177,000
Gross profit
2,323,000
Selling expenses
Packaging
108,000
Shipping
144,000
Sales salary (fixed...
Phoenix Company’s 2017 master budget included the following fixed budget report. It is based on an...
Phoenix Company’s 2017 master budget included the following
fixed budget report. It is based on an expected production and
sales volume of 17,000 units.
Phoenix Company’s actual income statement for 2017 follows.
$4,250,000 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($34,000 is variable) Plant management salaries Gross profit Selling expenses Packaging Shipping Sales salary (fixed annual amount) General and...
Phoenix Company’s 2017 master budget included the following fixed budget report. It is based on an...
Phoenix Company’s 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 18,000 units. PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales $ 4,500,000 Cost of goods sold Direct materials $ 1,170,000 Direct labor 360,000 Machinery repairs (variable cost) 36,000 Depreciation—Plant equipment (straight-line) 315,000 Utilities ($18,000 is variable) 168,000 Plant management salaries 230,000 2,279,000 Gross profit 2,221,000 Selling expenses Packaging 54,000 Shipping 90,000 Sales salary (fixed...
Phoenix Company's 2017 master budget included the following fixed budget report. It is based on an...
Phoenix Company's 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 17.000 units. $4,250,000 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales Cost of goods sold Direct materials $1,020,000 Direct labor 255,000 Machinery repairs (variable cost) 68,000 Depreciation-Plant equipment (straight- 300,000 line) Utilities ($51,000 is variable) 201,000 Plant management salaries 230,000 Gross profit Selling expenses Packaging 85,000 Shipping 119,000 Sales salary (fixed annual amount) 270,000...
Phoenix Company’s 2017 master budget included the following fixed budget report. It is based on an...
Phoenix Company’s 2017 master budget included the following
fixed budget report. It is based on an expected production and
sales volume of 16,000 units.
Required:
1. Prepare a flexible budget performance report
for 2017.
$3,600,000 $ 880,000 160,000 80,000 315,000 214,000 200,000 Fixed Budget Report For Year Ended December 31, 2017 Sales Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($64,000 is variable) Plant management salaries Gross profit Selling expenses Packaging Shipping...
Phoenix Company's 2019 master budget included the following fixed budget report. It is based on an...
Phoenix Company's 2019 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. $3,000,000 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales Cost of goods sold Direct materials $975,000 Direct labor 225,000 Machinery repairs (variable cost) 60,000 Depreciation-Plant equipment (straight-line) 300,000 Utilities ($45,000 is variable) 195,000 Plant management salaries 200,000 Gross profit Selling expenses Packaging 75,000 Shipping 105,000 Sales salary (fixed annual amount) 250,000 General...
prepare a flexible budget performance report for 2017 Phoenix Company's 2017 master budget included the following...
prepare a flexible budget performance report for 2017
Phoenix Company's 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. $3,375,000 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($45,000 is variable) Plant management salaries Gross profit Selling expenses Packaging Shipping Sales salary (fixed annual amount) General and...
Phoenix Company's 2017 master budget included the following fixed budget report. It is based on an...
Phoenix Company's 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. $3,300,000 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales Cost of goods sold Direct materials $930,000 Direct labor 210,000 Machinery repairs (variable cost) 45,000 Depreciation-Plant equipment (straight-line) 300,000 Utilities ($30,000 is variable) 195,000 Plant management malaries 180,000 Gross profit Selling expenses Packaging 90,000 Shipping 105,000 Sales salary (fixed annual amount) 235,000 General...
Phoenix Company’s 2017 master budget included the following fixed budget report. It is based on an...
Phoenix Company’s 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales $ 3,150,000 Cost of goods sold Direct materials $ 915,000 Direct labor 210,000 Machinery repairs (variable cost) 45,000 Depreciation—Plant equipment (straight-line) 330,000 Utilities ($60,000 is variable) 195,000 Plant management salaries 200,000 1,895,000 Gross profit 1,255,000 Selling expenses Packaging 75,000 Shipping 105,000 Sales salary (fixed...
Phoenix Company's 2017 master budget included the following foed budget report. It is based on an...
Phoenix Company's 2017 master budget included the following foed budget report. It is based on an expected production and sales volume of 16,000 units. Required: 1. Prepare a flexible budget performance report for 2017, PHOENIX COMPANY Fixed Budget Report Por Year Ended December 31, 2017 $3,200,000 Cost of goods sold Direct materials $1,040,000 Direct labor 240,000 Machinery repairs (variable 32,000 cost) Depreciation-Plant equipment (straight-line) 330,000 Utilities ($15,000 is 176,000 variable) Plant management salaries 215,000 2,033,000 Gross profit 1,167,000 Selling expenses...
Phoenix Company’s 2017 master budget included the following
fixed budget report. It is based on an expected production and
sales volume of 18,000 units.
PHOENIX COMPANY
Fixed Budget Report
For Year Ended December 31, 2017
Sales
$
4,500,000
Cost of goods sold
Direct materials
$
1,170,000
Direct labor
180,000
Machinery repairs (variable cost)
90,000
Depreciation—Plant equipment (straight-line)
300,000
Utilities ($72,000 is variable)
222,000
Plant management salaries
215,000
2,177,000
Gross profit
2,323,000
Selling expenses
Packaging
108,000
Shipping
144,000
Sales salary (fixed...
Phoenix Company’s 2017 master budget included the following
fixed budget report. It is based on an expected production and
sales volume of 17,000 units.
Phoenix Company’s actual income statement for 2017 follows.
$4,250,000 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($34,000 is variable) Plant management salaries Gross profit Selling expenses Packaging Shipping Sales salary (fixed annual amount) General and...
Phoenix Company's 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 17.000 units. $4,250,000 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales Cost of goods sold Direct materials $1,020,000 Direct labor 255,000 Machinery repairs (variable cost) 68,000 Depreciation-Plant equipment (straight- 300,000 line) Utilities ($51,000 is variable) 201,000 Plant management salaries 230,000 Gross profit Selling expenses Packaging 85,000 Shipping 119,000 Sales salary (fixed annual amount) 270,000...
Phoenix Company’s 2017 master budget included the following
fixed budget report. It is based on an expected production and
sales volume of 16,000 units.
Required:
1. Prepare a flexible budget performance report
for 2017.
$3,600,000 $ 880,000 160,000 80,000 315,000 214,000 200,000 Fixed Budget Report For Year Ended December 31, 2017 Sales Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($64,000 is variable) Plant management salaries Gross profit Selling expenses Packaging Shipping...
Phoenix Company's 2019 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. $3,000,000 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales Cost of goods sold Direct materials $975,000 Direct labor 225,000 Machinery repairs (variable cost) 60,000 Depreciation-Plant equipment (straight-line) 300,000 Utilities ($45,000 is variable) 195,000 Plant management salaries 200,000 Gross profit Selling expenses Packaging 75,000 Shipping 105,000 Sales salary (fixed annual amount) 250,000 General...
prepare a flexible budget performance report for 2017
Phoenix Company's 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. $3,375,000 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($45,000 is variable) Plant management salaries Gross profit Selling expenses Packaging Shipping Sales salary (fixed annual amount) General and...
Phoenix Company's 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. $3,300,000 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales Cost of goods sold Direct materials $930,000 Direct labor 210,000 Machinery repairs (variable cost) 45,000 Depreciation-Plant equipment (straight-line) 300,000 Utilities ($30,000 is variable) 195,000 Plant management malaries 180,000 Gross profit Selling expenses Packaging 90,000 Shipping 105,000 Sales salary (fixed annual amount) 235,000 General...
Phoenix Company's 2017 master budget included the following foed budget report. It is based on an expected production and sales volume of 16,000 units. Required: 1. Prepare a flexible budget performance report for 2017, PHOENIX COMPANY Fixed Budget Report Por Year Ended December 31, 2017 $3,200,000 Cost of goods sold Direct materials $1,040,000 Direct labor 240,000 Machinery repairs (variable 32,000 cost) Depreciation-Plant equipment (straight-line) 330,000 Utilities ($15,000 is 176,000 variable) Plant management salaries 215,000 2,033,000 Gross profit 1,167,000 Selling expenses...
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