Preparing master and flexible budgets
Sexton Manufacturing Company established the following standard price and cost data.
Sales price | $8.00 per unit |
Variable manufacturing cost | 4.00 per unit |
Fixed manufacturing costs | 3,000 total |
Fixed selling and administrative costs | 1,000 total |
Sexton planned to produce and sell 2,000 units. Actual production and sales amounted to 2,200 units.
Required
a. Prepare the pro forma income statement in contribution format that would appear in a master budget.
b. Prepare the pro forma income statement in contribution format that would appear in a flexible budget.
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