Using the following information,prepare a single report setting forth the variable costing income statement as well as a performance report for Profit Center West.
Budgeted sales Budgeted sales variance Actual variable cost of goods sold Actual variable cost of goods sold variance Budgeted variable selling expenses Actual variable selling expenses Budgeted fixed manufacturing costs Budgeted fixed manufacturing costs variance Budgeted fixed selling expenses Budgeted fixed selling expenses variance Actual number of orders processed Actual number of orders processed variance Budgeted average daily sales Budgeted average daily sales variance Actual number of units sold Actual number of units sold variance $20,000$5,000$8,000$10,000$5,000$3,000$1,000$50$2,000$10010010$500$20045025 (F) (F) (F) (F) (U) (F) (F)
Definitions:
Factory Overhead
All indirect costs associated with manufacturing, including utilities, rent, and maintenance of equipment, which are not directly tied to production.
Direct Labor
The labor costs directly associated with the production of goods or services, typically including wages of workers directly involved in manufacturing.
Direct Materials
Raw materials that are directly used in the production of a product and can be easily traced to it.
Schedule of Cost
A detailed list showing the total costs involved in a specific project or for a specific period, categorized by type.