Question

Please fill out financial statement until Operating Income.

Prepare a segment margin performance report for the pharmaceutical segment. Calculate a variance and a variance porcentage for each line in the report. Round to the nearest hundredth for the variance percentages (for example, if your Answer is 16.2384%, round it to 16.24%). Clifford Industries has gathered the following information about the actual sales revenues and expenses for its pharmaceuticals segment for the most recent year. (Click the icon to view the actual data) Budgeted data for the same time period for the pharmaceutical segment are as follows (all data is in millions): (Click the icon to view the budgeted data) Begin by preparing the performance report through the contribution margin line. Next, complete the report through the segment margin line, and then, finally, complete the report through the operating income line. (Enter the variances as positive numbers. Round the variance percentages to the nearest hundredth percent, X.XX%.) Performance Report Clifford - Pharmaceutical Segment For Fiscal Year Ending December 31 Actual Bugeted Variance 1402440 1209000193440 Variance % % * Data Table Sales Data Table Less Variable Expenses: Variable Cost of Goods Sold Variable Operating Expenses Contribution Margin 9,300 130 30 Budgeted sales in units Budgeted average selling price per unit .......S Variable Cost of Goods Sold per unit Variable Operating Expenses per unit............................. Direct Fixed Manufacturing Overhead (in total) .....................$ Direct Fixed Operating Expenses (in total) ......................$ Common Fixed Expenses Allocated to the Pharmaceutical Segment....S Sales ..... .... .....S 1.402.440 Variable Cost of Goods Sold ............ S 298,530 Variable Operating Expenses ........... 139,872 Direct Fixed Manufacturing Overhead ....S 69,440 Direct Fixed Operating Expenses........S 16,800 Common Fixed Expenses..............S 23,320 16 Choose from any list or enter any number in the input fields and then click Che 86,000 16,000 22,000 2 parts remaining

Answer 1

	Actual results	Flexible Budget	Flexible Budget Variance (F or U)		Percentage Variance (F or U)
		(a)	(b)		[(b) / (a)] X 100
Net Sales revenue	$ 14,02,440	$ 12,09,000	$   1,93,440	F	16.00%
Variable expenses:
Variable cost of goods sold	$   2,98,530	$   2,79,000	$      19,530	U	7.00%
Variable operating expenses	$   1,39,872	$   1,48,800	$         8,928	F	6.00%
Contribution margin	$   9,64,038	$   7,81,200	$   1,82,838	F	23.40%
Direct fixed expenses:
Fixed manufacturing overhead	$       89,440	$       86,000	$         3,440	U	4.00%
Fixed operating expenses	$       16,800	$       16,000	$            800	U	5.00%
Segment margin	$   8,57,798	$   6,79,200	$   1,78,598	F	26.30%
Less: Common fixed expenses	$       23,320	$       22,000	$         1,320	U	6.00%
Operating Income	$   8,34,478	$   6,57,200	$   1,77,278	F	26.97%