Mathematics, 19.11.2021 16:30 exoticbunnylover123
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.
Prepare flexible budgets for the company at sales volumes of 14,000 and 16,000 units and classify all items listed in the fixed budget as variable or fixed.
PHOENIX COMPANY
Fixed Budget Report
For Year Ended December 31, 2019
Sales $ 3,300,000
Cost of goods sold
Direct materials $ 900,000
Direct labor 225,000
Machinery repairs (variable cost) 45,000
Depreciation—Plant equipment (straight-line) 315,000
Utilities ($45,000 is variable) 210,000
Plant management salaries 220,000 1,915,000
Gross profit 1,385,000
Selling expenses
Packaging 75,000
Shipping 105,000
Sales salary (fixed annual amount) 235,000 415,000
General and administrative expenses
Advertising expense 125,000
Salaries 230,000
Entertainment expense 85,000 440,000
Income from operations $ 530,000
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