Acct 1012-Cimarron Company’S Fixed Budget Performance Report

Cimarron Company’s fixed budget performance report for July follows. The $630,000 budgeted expenses include $588,000 variable expenses and $42,000 fixed expenses. Actual expenses include $54,000 fixed expenses. Fixed BudgetActual ResultsVariances Sales (in units)8,40010,800 Sales (in dollars)$840,000$1,080,000$240,000 F Total expenses630,000756,000126,000 U Income from operations$210,000$324,000$114,000 FPrepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately. (Indicate the effect of each variance by selecting “F” for favorable, “U” for unfavorable, and “None” for no effect (i. e. , zero variance). Leave no cells blank – be certain to enter “0” wherever required. Input all amounts as positive values. Omit the “$” sign in your response. )CIMARRON COMPANYFlexible Budget Performance ReportFor Month Ended July 31Flexible BudgetActual ResultsVariances (Click to select)Income from operationsOffice rentSalesAccounts receivableAccounts payable$ $ $ (Click to select)UNoneF (Click to select)Office rentFixed expensesVariable expensesAccounts receivableAccounts payable (Click to select)NoneFU (Click to select)Contribution marginGross margin (Click to select)UFNone (Click to select)Income from operationsAccounts receivableVariable expensesAccounts payableFixed expenses (Click to select)UNoneF (Click to select)Accounts receivableVariable expensesFixed expensesAccounts payableIncome from operations$ $ $ (Click to select)UNoneF

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