Phoenix Company’s 2019 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units.d. Organize a template for variable costing income statements in which the sales volume is a variable.e. Test your template for 15,000 units sales volume to see if you get the same income as stated above Fixed Budget ReportFor Year Ended December 31, 2019Sales....$3,000,000Cost of goods soldDirect materials ..$975,000Direct labor....225,000Machinery repairs (variable cost) ..60,000300,000Depreciation-Plant equipment (straight-line).Utilities ($45,000 is variable)195,000Plant management salaries200,0001,955,000Gross profit..1,045,000Selling expensesPackaging...75,000Shipping...105,000Sales salary (fixed annual amount).250,000430,000General and administrative expensesAdvertising expense ..125,000Salaries.....241,000Entertainment expense ..90,000456,000Income from operations$ 159,000

Solution d &e: Template of variable costing income statement and test of income at volume of…

Fixed Budget Report For Year Ended December 31, 2019 Sales..... $3,000,000 Cost of goods sold Direct materials ... Direct labor.... $975,000 225,000 Machinery repairs (variable cost) 60,000 Depreciation-Plant equipment (straight-line).. Utilities ($45,000 is variable) Plant management salaries 300,000 195,000 200,000 1,955,000 Gross profit.... Selling expenses 1,045,000 Packaging.. 75,000 Shipping.... Sales salary (fixed annual amount) . 105,000 250,000 430,000 General and administrative expenses Advertising expense 125,000 Salaries..... 241,000 Entertainment expense. 90,000 456,000 ... Income from operations $ 159,000

Fixed Budget Report For Year Ended December 31, 2019 Sales..... $3,000,000 Cost of goods sold Direct materials ... Direct labor.... $975,000 225,000 Machinery repairs (variable cost) 60,000 Depreciation-Plant equipment (straight-line).. Utilities ($45,000 is variable) Plant management salaries 300,000 195,000 200,000 1,955,000 Gross profit.... Selling expenses 1,045,000 Packaging.. 75,000 Shipping.... Sales salary (fixed annual amount) . 105,000 250,000 430,000 General and administrative expenses Advertising expense 125,000 Salaries..... 241,000 Entertainment expense. 90,000 456,000 ... Income from operations $ 159,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 6PB: Relevant data from the operating budget of The Framers are: Other data: Capital assets were sold in...

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Relevant data from the operating budget of The Framers are: Other data: Capital assets were sold in quarter 1 and $8,000 was collected in quarter 1 and $500 collected in quarter 2. Dividends of $500 will be paid in May The beginning cash balance was $50,000 and a required minimum cash balance is $10,000. Prepare a cash budget for the first two quarters of the year.
ework Required O Saved Help Phoenix Company's 2019 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. PHOENIX CОМPANY Fixed Budget Report For Year Ended December 31, 2019 Sales $3,150,000 Cost of goods sold Direct materials $ 915,000 240,000 Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($60,000 is variable) Plant management salaries Gross profit Selling expenses Packaging Shipping Sales salary (fixed annual amount) General and administrative expenses Advertising expense 45,000 315,000 210,000 210,000 1,935,000 1,215,000 75,000 90,000 235,000 400,000 125,000 230,000 85,000 Salaries Entertainment expense 440,000 nces Income from operations $375,000 Problem 23-1A Part 1&2 Prev 1 3 of 8 Next > here to search PriSc Dele Ins C F5 F9 F10 F11 F12 F6 F7 F8 F1 F3 F4 F2 23 3 4. 6. 7 8. 9. T Y 11 D G H. K L A Z. C V M + II V B L.
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Required information [The following information applies to the questions displayed below.] Phoenix Company's 2019 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales $3,000,000 Cost of goods sold Direct materials $975,000 225,000 60,000 300,000 195,000 200,000 Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($45,000 is variable) Plant management salaries Gross profit Selling expenses Packaging Shipping Sales salary (fixed annual amount) General and administrative expenses Advertising expense 1,955,000 1,045,000 75,000 105,000 250,000 430,000 125,000 241,000 90,000 Salaries Entertainment expense 456,000 Income from operations $ 159,000 3. The company's business conditions are improving. One possible result is a sales volume of 18,000 units. The company president is confident that…
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