Xion Co. budgets a selling price of $81 per unit, variable costs of $35 per unit, and total fixed costs of $278,000. During June, the company produced and sold 11,600 units and incurred actual variable costs of $359,000 and actual fixed costs of $293,000. Actual sales for June were $965,000. Prepare a flexible budget report showing variances between budgeted and actual results. List variable and fixed expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance)
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Answer | ||||
XION CO. | ||||
Flexible budget report | ||||
For month ended June 30 | ||||
Flexible budget | Actual results | Variances | Fav./Unf. | |
Sales | $ 9,39,600 | $ 9,65,000 | $ 25,400 | Favorable |
(-) Variable cost | $ 4,06,000 | $ 3,59,000 | $ 47,000 | Favorable |
Contribution | $ 5,33,600 | $ 6,06,000 | $ 72,400 | Favorable |
(-) Fixed cost | $ 2,78,000 | $ 2,93,000 | $ 15,000 | Unfavorable |
Net income | $ 2,55,600 | $ 3,13,000 | $ 57,400 | Favorable |
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Xion Co. budgets a selling price of $81 per unit, variable costs of $35 per unit,...
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