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html?isRegz true& returnUrls https%3A%2 .. Q Sear Seved Exercise 21-4 Preparing a flexible budget performance report LO P1 Bay City Company's fixed budget performance report for July follows. The $ variable expenses and $160.000 fixed 64 l expenses include $158.000 fixed expenses expenses. Actual 7500 budgete d total expenses include $487500 BudgetAetua Sales (in units) sales (in dollars) Total expenses 7,500 7,200 $737, 000$13,000 v 647,500 6102,50096 641,000 ,500 F s 96,000 6,500 u Prepare a flexible budget performance report that shows any variances between variable expenses separately. budgeted results and actual results. List fixed ar BAY CITY co Flexible Budget Actual Results Va Contribution margin

Explanation / Answer

1) Flexible Budget Performance Budget :-

* = (($647500 - $160000) / 7500)*7200 = 468000

** = ($641000 - $158000) = $483000

Particulars Flexible Budget Actual Results Variance Sales (($750000/7500)*7200)=$720000 $737000 $17000 Fav. Less : Variable Cost ($468000)* $483000** -$15000 Unf. Contribution Margin $252000 $254000 $2000 Fav. Less : Fixed Cost ($160000) ($158000) $2000 Fav. Net Income $92000 $96000 $4000 Fav.

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