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Funky Kids Inc manufactures and sells toys. The information below relates to the...

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Accounting

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Funky Kids Inc manufactures and sells toys. The information below relates to the cost of producing and selling a particular toy (the Funny Android) for the 12 months that ended on 31 December 2020. The budgeted numbers below are from the budget which was drawn up on 1 January 2020. Actual total fixed cost: ? Budgeted total fixed cost: $80,000 Actual variable cost (per unit): $25 Budgeted variable cost (per unit): $30 Actual sales (in units): 120 units Budgeted sales (in units): ? Which of the following statements with regard to the flexible budget (for the Funny Android) for the same period is/are true: 1. The amount of total fixed cost in the flexible budget cannot be determined with the information provided. 2. The amount of total variable cost in the flexible budget cannot be determined with the information provided. 3. The flexible budget for the 12 months ending 31 December 2020 was drawn up on 1 January 2020. Statement 1 only Statement 2 only Statement 3 only Statements 1 and 2 only None of the above statements is true

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