Reference no: EM132529086
Actual income statement information for 2015 is as follows:
Sales $3,500,000
Direct materials $500,000
Direct labor $400,000
Variable overhead $300,000
Fixed costs $600,000
Operating income $1,700,000
Question A. Make a budget for 2016 assuming sales and variable costs increase by 30% and fixed costs increase by $200,000
Actual results for 2016 were as follows:
Sales $3,200,000
Direct materials $480,000
Direct labor $380,000
Variable overhead $385,000
Fixed costs $600,000
Operating income $1,355,000
Question B. Make a flexible budget comparing the actual results for 2016 with the flexible budget for 2016
Question C. Calculate the variances for each line item in the budget in both dollar and percentage terms
Question D. Comment on the variances
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