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PHOENIX COMPANY_Flexible Budget

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Homework ID: 516236 Client: azharr Budget: $20-$50 Deadline: 24 Hours Engineering & Sciences High School

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PHOENIX COMPANY_Flexible Budget

Problem 23-4A Preparation and analysis of a flexible budget performance report LO P1, P2, A1


Phoenix Company’s 2013 master budget included the following fixed budget report. It is based on an expected production and sales volume of 17,000 units.




PHOENIX COMPANY

 Fixed Budget Report

 For Year Ended December 31, 2013




  Sales








$


4,250,000


  Cost of goods sold












     Direct materials


$


975,000








     Direct labor




240,000








     Machinery repairs (variable cost)




60,000








     Depreciation—plant equipment




315,000








     Utilities ($55,000 is variable)




215,000








     Plant management salaries




215,000






2,020,000














  Gross profit










2,230,000


  Selling expenses












     Packaging




80,000








     Shipping




110,000








     Sales salary (fixed annual amount)




250,000






440,000














  General and administrative expenses












     Advertising expense




126,000








     Salaries




251,000








     Entertainment expense




100,000






477,000














  Income from operations








$


1,313,000




Phoenix Company’s actual income statement for 2013 follows.




PHOENIX COMPANY

 Statement of Income from Operations

 For Year Ended December 31, 2013




  Sales (20,000 units)








$


5,063,000


  Cost of goods sold












     Direct materials


$


1,163,059








     Direct labor




291,353








     Machinery repairs (variable cost)




61,588








     Depreciation—plant equipment




315,000








     Utilities (fixed cost is $158,000)




221,706








     Plant management salaries




226,000






2,278,706














  Gross profit










2,784,294


  Selling expenses












     Packaging




91,368








     Shipping




122,412








     Sales salary (annual)




269,000






482,780














  General and administrative expenses












     Advertising expense




135,000








     Salaries




251,000








     Entertainment expense




103,500






489,500














  Income from operations








$


1,812,014


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