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Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between...

Question:

Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between budgeted and actu
Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between budgeted and actual results. Budgeted $ 1,150 per unit %24 Actual Sales Variable expenses Fixed expenses (total) Units produced and sold $1,828,000 $ 726,000 $ 139,000 1,570 460 per unit $150, 500 1,370 List variable and fixed expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) LEWIS CO. Flexible Budget Performance Report For Month Ended May 31 Flexible Budget Actual Results Variances Fav/Unf.

Answers

LEWIS Co.

Flexible budget performance report

For month ended May 31

Flexible budget Actual results Variances Fav/Unfav
Sales 1805500 1828000 22500 Fav
Variable expense 722200 726000 3800 Unfav
Contribution margin 1083300 1102000 18700 Fav
Fixed cost 150500 139000 11500 Fav
Income (loss) 932800 963000 30200 Fav
.

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