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prepare a flexible budget performance report that shows any variances between budget 648663

Cimarron Company’s fixed budget performance report for July follows. The $630,000 budgeted expenses include $588,000 variable expenses and $42,000 fixed expenses. Actual expenses include $54,000 fixed expenses. Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately.

 

Fixed Budget

Actual Results

Variances

Sales (in units)

8,400

10,800

 

Sales (in dollars)

$840,000

$1,080,000

$240,000 F

Total expenses

630,000

756,000

126,000 U

Income from operations

$210,000

$ 324,000

$114,000 F

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