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Solitaire Company\'s fixed budget performance report for June follows. The $318,

ID: 2590709 • Letter: S

Question

Solitaire Company's fixed budget performance report for June follows. The $318,750 budgeted include $263,500 variable expenses and $55,250 fixed expenses. Actual expenses include $62,550 fixed expenses. Sales (in units) 8,500 10,900 $425,000 545,000 $120,000 F 318,750 381,500 62,750 U Sales (in dollars) $106,250 163,500 57,250 F Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and variable expenses separately. SOLITAIRE COMPANY Flexible Budget Performance Report For Month Ended June 30 Flexible Budget Actual Results Variances Favorable/ Unfavorable Contribution margin

Explanation / Answer

Explanation

Total fixed budget sales -------------------------------------------- $425000

Total fixed budget units ------------------------------------------- ÷ 8500

---------------------

Budgeted selling price (per unit) --------------------------- $50

Flexible budget units ---------------------------- × 10900

--------------------------

Flexible budget sales -------------------------- $545000

Total fixed budget variable expenses --------------------- $263500

Total units budgeted ----------------------------------------- ÷ 8500

-------------------------

Budgeted variable expenses (per unit) ---------- $31

Flexible budget units ×10900

--------------------------

Flexible budget variable expenses $337900

Total actual expenses ----------------------------------------$381500

Less actual fixed expenses---------------------------- $62550

----------------------------

Total actual variable expenses ------------------ $318950

favourable

note= 1.contribution margin=sales - variable expenses

SOLITAIRE COMPANY Flexible Budget Performance Report For Month Ended June 30 Flexible Budget Actual Results Variances Favorable/ Unfavorable sales 545000 545000 no variance variable expenses 337900 318950 18950 Favorable contribution margin 207100 226050 18950 favourable fixed expenses 55250 62550 7300 unfavourable income from operation 151850 163500 11650

favourable

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