Question

Torres Company accumulates the following summary data for the year ending December 31, 2020, for its Water Division, which it operates as a profit center: sales—$2,043,900 budget, $2,180,900 actual; variable costs—$1,011,800 budget, $1,044,400 actual; and controllable fixed costs—$299,800 budget, $302,900 actual.

Prepare a responsibility report for the Water Division for the year ending December 31, 2020.

TORRES COMPANY Water Division Responsibility Report For the Year Ended December 31, 2020
						Difference
		Budget		Actual		Favorable Unfavorable Neither Favorable nor Unfavorable
Select an opening responsibility report item                                                          Net Income/(Loss)Fixed CostsVariable CostsContribution MarginSalesGross ProfitControllable Fixed CostsControllable Margin		$Enter a dollar amount		$Enter a dollar amount		$Enter the difference	Select an option                                                          FavorableUnfavorableNeither Favorable nor Unfavorable
Select a responsibility report item                                                          Controllable Fixed CostsFixed CostsControllable MarginContribution MarginSalesVariable CostsNet Income/(Loss)Gross Profit		Enter a dollar amount		Enter a dollar amount		Enter the difference	Select an option                                                          FavorableUnfavorableNeither Favorable nor Unfavorable
Select a responsibility report item                                                          Fixed CostsSalesControllable MarginNet Income/(Loss)Contribution MarginGross ProfitVariable CostsControllable Fixed Costs		Enter a total of the two previous amounts		Enter a total of the two previous amounts		Enter the difference	Select an option                                                          FavorableUnfavorableNeither Favorable nor Unfavorable
Select a responsibility report item                                                          SalesControllable Fixed CostsContribution MarginVariable CostsGross ProfitFixed CostsNet Income/(Loss)Controllable Margin		Enter a dollar amount		Enter a dollar amount		Enter the difference	Select an option                                                          FavorableUnfavorableNeither Favorable nor Unfavorable
Select a closing responsibility report item                                                          Net Income/(Loss)SalesVariable CostsControllable Fixed CostsFixed CostsContribution MarginControllable MarginGross Profit		$Enter a total amount for this statement		$Enter a total amount for this statement		$Enter the difference

Answer 1

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