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Xion Co. budgets a selling price of $81 per unit, variable costs of $35 per unit,...

Xion Co. budgets a selling price of $81 per unit, variable costs of $35 per unit, and total fixed costs of $278,000. During June, the company produced and sold 11,600 units and incurred actual variable costs of $359,000 and actual fixed costs of $293,000. Actual sales for June were $965,000. Prepare a flexible budget report showing variances between budgeted and actual results. List variable and fixed expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance)

XION CO.
Flexible Budget Report
For Month Ended June 30
Flexible Budget Actual Results Variances Fav./Unf.
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XION CO.
Flexible budget report
For month ended June 30
Flexible budget Actual results Variances Fav./Unf.
Sales $                9,39,600 $            9,65,000 $       25,400 Favorable
(-) Variable cost $                4,06,000 $            3,59,000 $       47,000 Favorable
Contribution $                5,33,600 $            6,06,000 $       72,400 Favorable
(-) Fixed cost $                2,78,000 $            2,93,000 $       15,000 Unfavorable
Net income $                2,55,600 $            3,13,000 $       57,400 Favorable
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