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(Solved) (Latest ver. Aug 2020) - Lynam Company

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1. Lynam Company's fixed budget for the 1st quarter of calendar year 2007 revealed the following. Prepare flexible budgets that show variable costs per unit, fixed costs, and 3 different flexible budgets for sale volumes of 6,000, 7,000 and 8,000 units.

Sales (7,000 units) $2,800,000
Cost of Goods Sold
Direct Materials $280,000
Direct Labor 490,000
Production supplies 175,000
Plant manager supply 65,000 1,010,000
Gross Profit 1,790,000
Selling Expenses
Sales commissions 140,000
Packaging 154,000
Advertising 125,000 419,000
Administrative expenses
Administrative salaries 85,000
Depreciation- Office Equip 35,000
Insurance 20,000
Office Rent 36,000 176,000
Income from operations 1,195,000


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