Connolly Enterprises manufactures tires for the Formula 1 motor racing circuit. For August 2017, it...
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Accounting
Connolly Enterprises manufactures tires for the Formula 1 motor racing circuit. For August 2017, it budgeted to manufacture and sell 2,900 tires at a variable cost of $73 per tire and total fixed costs of $56,500. The budgeted selling price was $116 per tire. The actual results in August 2017 were 2,800 tires manufactured and sold at a selling price of $117 per tire. The actual total variable costs were $226,800, and the actual total fixed costs were $51,500.
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Requirement 1. Prepare a performance report that uses a flexible budget and a static budget.
Begin with the actualresults, then complete the flexible budget columns and the static budget columns. Label each variance as favorable or unfavorable.(For variances with a$0 balance, make sure to enter"0" in the appropriate field. If the variance iszero, do not select alabel.)
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