Torres Company accumulates the following summary data for the year ending December 31, 2020, for its Water Division, which it operates as a profit center: sales—$2,021,500 budget, $2,183,800 actual; variable costs—$1,001,600 budget, $1,044,200 actual; and controllable fixed costs—$299,100 budget, $302,200 actual. Prepare a responsibility report for the Water Division for the year ending December 31, 2020. TORRES COMPANY Water Division Responsibility Report For the Year Ended December 31, 2020 Difference Budget Actual Favorable Unfavorable Neither Favorable nor Unfavorable Select an opening responsibility report item Variable CostsSalesFixed CostsControllable Fixed CostsContribution MarginControllable MarginNet Income/(Loss)Gross Profit $Enter a dollar amount $Enter a dollar amount $Enter the difference Select an option FavorableUnfavorableNeither Favorable nor Unfavorable Select a responsibility report item SalesVariable CostsContribution MarginControllable MarginControllable Fixed CostsFixed CostsGross ProfitNet Income/(Loss) Enter a dollar amount Enter a dollar amount Enter the difference Select an option FavorableUnfavorableNeither Favorable nor Unfavorable Select a responsibility report item Variable CostsControllable Fixed CostsControllable MarginContribution MarginFixed CostsGross ProfitNet Income/(Loss)Sales Enter a total of the two previous amounts Enter a total of the two previous amounts Enter the difference Select an option FavorableUnfavorableNeither Favorable nor Unfavorable Select a responsibility report item Contribution MarginFixed CostsVariable CostsSalesGross ProfitControllable Fixed CostsNet Income/(Loss)Controllable Margin Enter a dollar amount Enter a dollar amount Enter the difference Select an option FavorableUnfavorableNeither Favorable nor Unfavorable Select a closing responsibility report item Variable CostsGross ProfitControllable MarginFixed CostsNet Income/(Loss)Contribution MarginSalesControllable Fixed Costs $Enter a total amount for this statement $Enter a total amount for this statement $Enter the difference Select an option FavorableUnfavorableNeither Favorable nor Unfavorable

TORRES COMPANY Water Division Responsibility Report For the Year Ended December 31, 2020 Budget Actual Difference Sales 2021500 2183800 162300 Favorable Variable Costs 1001600 1044200 42600 Unfavorable Contribution Margin 1019900 1139600 119700 Favorable Controllable Fixed Costs 299100 302200 3100 Unfavorable Controllable Margin 720800 837400 116600 Favorable .

Torres Company accumulates the following summary data…

TORRES COMPANY Water Division Responsibility Report For the Year Ended December 31, 2020
			Difference
	Budget	Actual	Favorable Unfavorable Neither Favorable nor Unfavorable
Select an opening responsibility report item Variable CostsSalesFixed CostsControllable Fixed CostsContribution MarginControllable MarginNet Income/(Loss)Gross Profit	$Enter a dollar amount	$Enter a dollar amount	$Enter the difference	Select an option FavorableUnfavorableNeither Favorable nor Unfavorable
Select a responsibility report item SalesVariable CostsContribution MarginControllable MarginControllable Fixed CostsFixed CostsGross ProfitNet Income/(Loss)	Enter a dollar amount	Enter a dollar amount	Enter the difference	Select an option FavorableUnfavorableNeither Favorable nor Unfavorable
Select a responsibility report item Variable CostsControllable Fixed CostsControllable MarginContribution MarginFixed CostsGross ProfitNet Income/(Loss)Sales	Enter a total of the two previous amounts	Enter a total of the two previous amounts	Enter the difference	Select an option FavorableUnfavorableNeither Favorable nor Unfavorable
Select a responsibility report item Contribution MarginFixed CostsVariable CostsSalesGross ProfitControllable Fixed CostsNet Income/(Loss)Controllable Margin	Enter a dollar amount	Enter a dollar amount	Enter the difference	Select an option FavorableUnfavorableNeither Favorable nor Unfavorable
Select a closing responsibility report item Variable CostsGross ProfitControllable MarginFixed CostsNet Income/(Loss)Contribution MarginSalesControllable Fixed Costs	$Enter a total amount for this statement	$Enter a total amount for this statement	$Enter the difference	Select an option FavorableUnfavorableNeither Favorable nor Unfavorable

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TORRES COMPANY
Water Division
Responsibility Report
For the Year Ended December 31, 2020
	Budget	Actual	Difference
Sales	2021500	2183800	162300	Favorable
Variable Costs	1001600	1044200	42600	Unfavorable
Contribution Margin	1019900	1139600	119700	Favorable
Controllable Fixed Costs	299100	302200	3100	Unfavorable
Controllable Margin	720800	837400	116600	Favorable

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