College Accounting: E24-4 Bay City Company’s fixed budget performance report

College Accounting
E24-4 Fixed budget performance report
Bay City Company’s fixed budget performance report for July follows. The $647,500 budgeted expenses include $487,500 variable expenses and $160,000 fixed expenses. Actual expenses include $158,000 fixed expenses.
Fixed Budget Actual Results Variances
Sales (in units) 7,500 7,200
Sales (in dollars) 750,000 737,000 13,000
Total expenses 647,500 641,000 6,500
Income from operations 102,500 96,000 6,500

Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately. (Do not round intermediate calculations.)
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