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During the year of 20XX, a firm plans to produce and sell 15,000 units at...

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Accounting

During the year of 20XX, a firm plans to produce and sell 15,000 units at $35 per unit. Budgeted variable costs are 40% of sales revenue and fixed costs are $241,500. Actual results are now available and the firm produced and sold 15,500 units at $35.50 per unit. Actual variable costs were $216,000 and actual fixed costs were $244,800. Prepare a complete Income Statement Performance Report (like the one shown on p. 1112 of your 3rd ed. textbook) and compute the Flexible budget variance and sales volume variance. Be sure to note if a variance is favorable (F) or unfavorable (U).

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