Answers
Perry Company | |||||||
Budget Report | |||||||
Month ending May 31, 20xx | |||||||
Planning budget (1) | Variance (2) = (1) - (3) | F (or) U | Flexible budget (3) | Variance (4) = (3) - (5) | F (or) U | Actual results (5) | |
Units | 10,800 | 12,000 | 12,000 | ||||
Sales revenue | $486,000 | 54,000 | F | $540,000 | 0 | $540,000 | |
Cost of Goods Sold: | |||||||
Direct material | $34,992 | $3,888 | U | $38,880 | $7,320 | U | $46,200 |
Direct Labor | $184,680 | $20,520 | U | $205,200 | $4,560 | U | $209,760 |
Variable overhead | $62,208 | $6,912 | U | $69,120 | $720 | F | $68,400 |
Fixed overhead | $85,000 | 0 | U | $85,000 | $3,000 | U | $88,000 |
Total Cost Of Goods Sold | $366,880 | $31,320 | U | $398,200 | $14,160 | U | $412,360 |
Gross profit | $119,120 | $22,680 | F | $141,800 | $14,160 | U | $127,640 |
Selling and administation expenses | $35,959 | $3,551 | U | $39,510 | $12,490 | U | $52,000 |
Net Operating Income | $83,161 | $19,129 | F | $102,290 | $26,650 | U | $75,640 |
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