The Real Estate Products Division of Ivanhoe Co. is operated as a profit center. Sales for the division were budgeted for 2022 at $1,260,000. The only variable costs budgeted for the division were cost of goods sold ($618,000) and selling and administrative ($84,000). Fixed costs were budgeted at $136,000 for cost of goods sold, $126,000 for selling and administrative costs, and $99,000 for noncontrollable fixed costs. Actual results for these items were as follows: Sales Cost of goods sold Variable Fixed $1,187,572 551,000 150,000 Selling and administrative Variable Fixed 90,000 104,000 Noncontrollable fixed 109,000 Prepare a responsibility report for the Real Estate Products Division for 2022. (List variable costs before fixed costs.) IVANHOE CO. Real Estate Products Division Responsibility Report 2022 Budget $ $ Actual $ Difference Favorable (F) Unfavorable (U) Not Applicable (NA
The Real Estate Products Division of Ivanhoe Co. is operated as a profit center. Sales for the division were budgeted for 2022 at $1,260,000. The only variable costs budgeted for the division were cost of goods sold ($618,000) and selling and administrative ($84,000). Fixed costs were budgeted at $136,000 for cost of goods sold, $126,000 for selling and administrative costs, and $99,000 for noncontrollable fixed costs. Actual results for these items were as follows: Sales Cost of goods sold Variable Fixed $1,187,572 551,000 150,000 Selling and administrative Variable Fixed 90,000 104,000 Noncontrollable fixed 109,000 Prepare a responsibility report for the Real Estate Products Division for 2022. (List variable costs before fixed costs.) IVANHOE CO. Real Estate Products Division Responsibility Report 2022 Budget $ $ Actual $ Difference Favorable (F) Unfavorable (U) Not Applicable (NA
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![The Real Estate Products Division of Ivanhoe Co. is operated as a profit center. Sales for the division were budgeted for 2022 at
$1,260,000. The only variable costs budgeted for the division were cost of goods sold ($618,000) and selling and administrative
($84,000). Fixed costs were budgeted at $136,000 for cost of goods sold, $126,000 for selling and administrative costs, and $99,000
for noncontrollable fixed costs. Actual results for these items were as follows:
Sales
Cost of goods sold
Variable
Fixed
$1,187,572
551,000
150,000
Selling and
administrative
Variable
Fixed
90,000
104,000
Noncontrollable fixed
109,000
Prepare a responsibility report for the Real Estate Products Division for 2022. (List variable costs before fixed costs.)
IVANHOE CO.
Real Estate Products Division
Responsibility Report
2022
Budget
$
$
Actual
$
Difference
Favorable (F)
Unfavorable (U)
Not Applicable (NA](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7fcc935b-e2c6-4c3c-916e-5de737ece38a%2F2a38cf19-a658-46fc-bccc-730ca7a2f40f%2Fir6ucw_processed.png&w=3840&q=75)
Transcribed Image Text:The Real Estate Products Division of Ivanhoe Co. is operated as a profit center. Sales for the division were budgeted for 2022 at
$1,260,000. The only variable costs budgeted for the division were cost of goods sold ($618,000) and selling and administrative
($84,000). Fixed costs were budgeted at $136,000 for cost of goods sold, $126,000 for selling and administrative costs, and $99,000
for noncontrollable fixed costs. Actual results for these items were as follows:
Sales
Cost of goods sold
Variable
Fixed
$1,187,572
551,000
150,000
Selling and
administrative
Variable
Fixed
90,000
104,000
Noncontrollable fixed
109,000
Prepare a responsibility report for the Real Estate Products Division for 2022. (List variable costs before fixed costs.)
IVANHOE CO.
Real Estate Products Division
Responsibility Report
2022
Budget
$
$
Actual
$
Difference
Favorable (F)
Unfavorable (U)
Not Applicable (NA
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