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Exercise 21-3 Preparing a flexible budget performance report LO P1 Solitaire Company’s fixed budget performance report...

Exercise 21-3 Preparing a flexible budget performance report LO P1

Solitaire Company’s fixed budget performance report for June follows. The $300,000 budgeted expenses include $272,000 variable expenses and $28,000 fixed expenses. Actual expenses include $36,500 fixed expenses.

Fixed Budget Actual Results Variances
Sales (in units) 8,000 10,400
Sales (in dollars) $ 400,000 $ 520,000 $ 120,000 F
Total expenses 300,000 364,000 64,000 U
Income from operations $ 100,000 $ 156,000 $ 56,000 F


Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and variable expenses separately.

SOLITAIRE COMPANYFlexible Budget Performance ReportFor Month Ended June 30Flexible BudgetActual ResultsVariancesFav./Unf.Contribution margin

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Answer #1
SOLITAIRE COMPANY
Flexible Budget Performance Report
For Month Ended June 30
Flexible Budget Actual Results Variances Favorable/ Unfavorable
Sales 520000 520000 0 No variance
Variable expenses 353600 327500 26100 Favorable
Contribution margin 166400 192500 26100 Favorable
Fixed expenses 28000 36500 8500 Unfavorable
Income from operations 138400 156000 17600 Favorable
Workings:
Flexible Budget
Sales 520000 =400000/8000*10400
Variable expenses 353600 =272000/8000*10400
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