147.Based on predicted production of 25,000 units, Marvel Mix Co. anticipates $175,000 of variable costs and $137,500 of fixed costs. What are the flexible budget amounts of total costs for 28,000 units?
148.Anniston Co. planned to produce and sell 40,000 units. At that volume level, variable costs are determined to be $320,000 and fixed costs are $30,000. The planned selling price is $10 per unit. Anniston actually produced and sold 42,000 units.
Using a contribution margin format:
(a) Prepare a fixed budget income statement for the planned level of sales and production.
(b) Prepare a flexible budget income statement for the actual level of sales and production.
149.Clevenger Co. planned to produce and sell 30,000 units with a selling price of $10 per unit. Variable costs are expected to be $4 per unit and fixed costs are expected to be $80,000. Clevenger actually produced and sold 37,000 units.
Using a contribution margin format:
Prepare a fixed budget income statement for the planned level of sales and production.
150.Clevenger Co. planned to produce and sell 30,000 units with a selling price of $10 per unit. Variable costs are expected to be $4 per unit and fixed costs are expected to be $80,000. Clevenger actually produced and sold 37,000 units.
Using a contribution margin format:
Prepare a flexible budget income statement for the actual level of sales and production.
151.A product has a sales price of $20. Based on a 15,000-unit production level, the variable costs are $12 per unit and the fixed costs are $6 per unit. Using a flexible budget for an actual production and sales level of 18,000 units, what is the budgeted operating income?
152.Engineworks Co. provides the following fixed budget data for the year:
Sales (20,000 units)$600,000
Cost of sales:
Direct materials$200,000
Direct labor160,000
Variable overhead60,000
Fixed overhead80,000500,000
Gross profit$100,000
Operating expenses:
Fixed$12,000
Variable40,00052,000
Income from operations$48,000
The company’s actual activity for the year follows:
Sales (21,000 units)$651,000
Cost of goods sold:
Direct materials$231,000
Direct labor168,000
Variable overhead73,500
Fixed overhead77,500550,000
Gross profit$101,000
Operating expenses:
Fixed12,000
Variable39,50051,500
Income from operations$49,500
Required:
Prepare a flexible budget performance report for the year using the contribution margin format.