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Complete the following table by filling in the unknown quantities and U/F designations for variances. Actual Results Flexible Budget Variance Flexible Budget Sales Volume Variance Master Budget Units 3,500 3,200 Sales revenues $252,000 Variable...

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Question

Accounting

Complete the following table by filling in the unknownquantities and U/F designations for variances.

Actual

Results

Flexible

Budget

Variance

Flexible

Budget

Sales

Volume

Variance

Master

Budget

Units

3,500

3,200

Sales revenues

$252,000

Variable costs

2,000 U

121,600

Contribution margin

Fixed costs

22,000

20,000

Operating income

$ 92,000

Answer & Explanation Solved by verified expert
3.7 Ratings (720 Votes)

Actual results [A]]

Flexible

Budget

Variance[A-B]

 Flexible budget[B] sales volume variance[B-C] master budget[C]
Units 3500 0 3500 300 F 3200
sales revenue 252000 7000 F 245000    [133000+112000] 21000 F 224000  
Variable cost 135000 2000 U 133000    11400 U 121600
contribution margin 117000 5000 F 112000     [20000+92000] 9600 F 102400
Fixed cost 22000 2000 U 20000 0 20000  
operating income 95000 3000 F 92000 9600 F 82400

Flexible budget is prepared for actual results.

**fixed cost remain constant (so it same under flexible and master budget)

**variable cost under flexible budget = 121600*3500/3200 = 133000

**sales -variable cost= contribution

contribution -fixed cost = net income

This formula is to be modified as per requirement

**sales in master budget = 245000*3200/3500 = 224000

**Actual variable cost = variable cost under flexible budget +Unfavorable variance

       = 133000+2000 = 135000
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