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Top managers of Preston Industries predicted 2016 sales of 15,100 units of its product at...

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Accounting

Top managers of Preston Industries predicted 2016 sales of 15,100 units of its product at a unit price of $10.00. Actual sales for the year were 14,600 units at $11.00 each. Variable costs were budgeted at $2.00 per unit, and actual variable costs were $2.10 per unit. Actual fixed costs of $47,000 exceeded budgeted fixed costs by $5,200.
Prepare Preston's flexible budget performance report. What variance contributed most to the year's favorable results? What caused this variance?
Prepare a flexible budget performance report for the year. First, complete the flexible budget performance report through the contribution margin line, then complete the report through the operating income line. Finally, compute the total variances. (Enter a "O" for any zero balances. For any $0 variances, leave the Favorable (F)/Unfavorable (U) input blank.)
\table[[,,\table[[P],[Flexible B],[For the Yea]],\table[[Industri],[t Performa],[led Decem]],\table[[Report],[1,2016]],,],[,,1,\table[[2],[(1)-(3)
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