The following table contains a hypothetical partial master budget performance report for European Fudge Company. (Click the icon to view the partial master budget performance report.) Fill in the missing amounts. Be sure to indicate whether variances are favorable (F) or unfavorable (U). (Enter the variances as positive numbers. Label each variance as favorable (F) or unfavorable (U). If the variance is 0, make sure to enter in a "0". A variance of zero is considered favorable.) European Fudge Company Flexible Budget Performance Report: Sales and Operating Expenses For Year Ended December 31 Sales volume (number of cases sold) Shipping expense ($4 per case sold) Actual Sales revenue ($34 per case) $ 419,500 $ Less variable expenses: Sales expense ($5 per case sold) Contribution margin 12,500 $ 60,100 49,500 309,900 Flexible Budget Variance Flexible Budget 2200 F 400 U 12,500 5,500 U$425,000 2900 F $ 62,500 50,000 312,500 Volume Variance 40800 F $ 6000 U$ 1200 U 33600 F Master Budget 11,600 394,400 58,000 46,400 290,000

The following table contains a hypothetical partial master budget performance report for European Fudge Company. (Click the icon to view the partial master budget performance report.) Fill in the missing amounts. Be sure to indicate whether variances are favorable (F) or unfavorable (U). (Enter the variances as positive numbers. Label each variance as favorable (F) or unfavorable (U). If the variance is 0, make sure to enter in a "0". A variance of zero is considered favorable.) European Fudge Company Flexible Budget Performance Report: Sales and Operating Expenses For Year Ended December 31 Sales volume (number of cases sold) Shipping expense ($4 per case sold) Actual Sales revenue ($34 per case) $ 419,500 $ Less variable expenses: Sales expense ($5 per case sold) Contribution margin 12,500 $ 60,100 49,500 309,900 Flexible Budget Variance Flexible Budget 2200 F 400 U 12,500 5,500 U$425,000 2900 F $ 62,500 50,000 312,500 Volume Variance 40800 F $ 6000 U$ 1200 U 33600 F Master Budget 11,600 394,400 58,000 46,400 290,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 13EA: Acme Inc. has the following information available: A. Compute the material price and quantity, and...

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