Phoenix company_flexible budget | Accounting homework help
Phoenix company_flexible budget | Accounting homework help
Phoenix Company’s 2013 master budget included the following fixed budget report. It is based on an expected production and sales volume of 17,000 units.
| PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2013 |
| Sales | $ | 4,250,000 | |||
| Cost of goods sold | |||||
| Direct materials | $ | 975,000 | |||
| Direct labor | 240,000 | ||||
| Machinery repairs (variable cost) | 60,000 | ||||
| Depreciation—plant equipment | 315,000 | ||||
| Utilities ($55,000 is variable) | 215,000 | ||||
| Plant management salaries | 215,000 | 2,020,000 | |||
| Gross profit | 2,230,000 | ||||
| Selling expenses | |||||
| Packaging | 80,000 | ||||
| Shipping | 110,000 | ||||
| Sales salary (fixed annual amount) | 250,000 | 440,000 | |||
| General and administrative expenses | |||||
| Advertising expense | 126,000 | ||||
| Salaries | 251,000 | ||||
| Entertainment expense | 100,000 | 477,000 | |||
| Income from operations | $ | 1,313,000 |
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