Cole Pro Company managers received the following incomplete performance reports

Cole Pro Company managers received the following incomplete performance reports:

E23-16 preparing a flexible budget performance report

Cole Pro Company managers received the following incomplete performance reports:

Cole Pro Company

Flexible budget performance report

For the year ended July 31, 2016

Actual Flexible Flexible sales static

Results Budget Budget volume Budget

Variance. Variance

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Units. 39,000. (a) 39000. 8000 F. (g)

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Sales

Revenue. $214,000. (b). $214000. $19000. F (h)

Variable

Expenses 86000. (c). 80000. 8000. U. (I)

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Contribution

Margin. 128000. (d). 134000. 11000 F. (j)

Fixed

Expenses. 10800. (e). 103000. 0. (k)

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Operating

Income. $20000. (f). $31000. $11000 F (l)

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Complete the performance report. Identify their employee Group that may deserve praise and the group that may be subject to criticism. Give your reasoning.

TUTORIAL PREVIEW

Req. 1

Cole Pro Company
Income Statement Performance Report
Year Ended July 31, 2016
	Actual Results at Actual Prices	Flexible Budget Variance	Flexible Budget for Actual Number of Output Units	Sales Volume Variance	Static (Master) Budget
Output units	39,000	0	39,000	8,000 F	31,000

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