Solitaire Company’s fixed budget performance report for June follows. The $337,5

Question

Solitaire Company’s fixed budget performance report for June follows. The $337,500 budgeted expenses include $288,000 variable expenses and $49,500 fixed expenses. Actual expenses include $56,200 fixed expenses. Fixed Budget Actual Results Variances Sales (in units) 9,000 11,400 Sales (in dollars) $ 450,000 $ 570,000 $ 120,000 F Total expenses 337,500 399,000 61,500 U Income from operations $ 112,500 $ 171,000 $ 58,500 F Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and variable expenses separately.

Explanation / Answer

SOLITAIRE COMPANY

SOLITAIRE COMPANY

Flexible Budget Performance Report For Month Ended June 30 Flexible budget Actual results Variances Fav./Unf. units 11400 11400 0 variable expenses 364800 342800 22000 F fixed 49500 56200 -6700 U Contribution 205200 227200 22000 F net income 155700 171000 -15300 F

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