Thompson Company's production performance report for April includes the information shown below. (Click the icon...
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Thompson Company's production performance report for April includes the information shown below. (Click the icon to view the production performance report.) Requirement Prepare a flexible budget for the items shown and compute the flexible budget cost variances and planning cost variances for each item. Indicate whether the variances are favorable or unfavorable for each item. Begin with the master budget, then complete the flexible budget columns and the actual results columns. Label each variance as favorable (F) or unfavorable (U). (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label. Round interim calculations to the nearest cent.) Data table
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