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Phoenix Company’s 2019 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units.

1. Classify all items listed in the fixed budget as variable or fixed. Also determine their amounts per unit or their amounts for the year, as appropriate.
2. Identify the unit variable costs in the format of variable costing, according to your findings in part a
3. Organize a template for variable costing income statements in which the sales volume is a variable. Test your template for 15,000 units sales volume to see if you get the
   same income as stated above
4. Find the breakeven point and provide the income statement at break even for the 15,000 units.
5. Provide income statement at sales volume 12,000, 14,000, 16,000, and 18,000

Sample Solution

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For this assignment, you will read the scenario and then use the provided Excel and Word document templates
to complete your assignment before uploading them to the assignment submission area.
Scenario
Larry and Beth are both married, working adults. They both plan for retirement and consider the $6,000 annual
contribution a must.
First, consider Beth’s savings. She began working at age 20 and began making an annual contribution to her
IRA of $6,000 each year until age 32 (12 contributions). She then left full-time work to have children and be a
stay-at-home mom. She left her IRA invested and plans to begin drawing from her IRA when she is 65.
Larry started contributing to his IRA at age 32. In the first 12 years of his working career, he used his
discretionary income to buy a home, upgrade the family cars, take vacations, and pursue his golfing hobby. At
age 32, he made his first $6,000 contribution to an IRA and contributed $6,000 every year up until age 65 (33
contributions). He plans to retire at age 65 and make withdrawals from his IRA.
Both IRA accounts grow at an 8% annual rate. Do not consider any tax or inflation effect.
Instructions
Create a chart summarizing the details of the investment for both Larry and Beth.
Write a one-paragraph summary in which you explain the results in terms of the time value of money for both
Larry and Beth. (Hint: discuss why one person was able to save a great deal more than the other.)

Sample Solution

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