Exercise 21-3 Preparing a flexible budget performance report LO P1 Solitaire Companys fixed budget performance...
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Accounting
Exercise 21-3 Preparing a flexible budget performance report LO P1
Solitaire Companys 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.
