For the year ending december 31, 2020, cobb company accumulates the following data for the plastics division which it operates as an investment center: contribution margin—$669,900 budget, $685,225 actual; controllable fixed costs—$298,200 budget, $303,200 actual. average operating assets for the year were $2,065,000. prepare a responsibility report for the plastics division beginning with contribution margin for the year ending december 31, 2020.

                                                Cobb Company

Responsibility report for the Plastics Division beginning with contribution margin for the year ending December 31, 2020.

Report to product manager                      budget                          over (under)

Contribution margin                                 $669,000                       $16,225

Dirrect fixed cost                                     -$298,200                      -$5,000

Product margin                                         $370,800                        $11,225

Explanation:

In preparing reponsibility report, the difference between actual and budgeted is reported as over or under depending on if the item is an income or expense item. If the item is an income item, example, contribution margin, the difference between budget and actual is over when actual value is higher than budgeted.

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