Exercise 21-3 Preparing a flexible budget performance report LO P1 Solitaire Companys fixed budget performance...
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Exercise 21-3 Preparing a flexible budget performance report LO P1
Solitaire Companys fixed budget performance report for June follows. The $300,000 budgeted expenses include $272,000 variable expenses and $28,000 fixed expenses. Actual expenses include $36,500 fixed expenses.
| Fixed Budget | Actual Results | Variances | ||||||||
| Sales (in units) | 8,000 | 10,400 | ||||||||
| Sales (in dollars) | $ | 400,000 | $ | 520,000 | $ | 120,000 | F | |||
| Total expenses | 300,000 | 364,000 | 64,000 | U | ||||||
| Income from operations | $ | 100,000 | $ | 156,000 | $ | 56,000 | F | |||
Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and variable expenses separately.
SOLITAIRE COMPANYFlexible Budget Performance ReportFor Month Ended June 30Flexible BudgetActual ResultsVariancesFav./Unf.Contribution margin
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