5. Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 5,000 units. These variances were observed: Actual Results Variances Sales $150,000 $25,000 Favorable Variable expenses Fixed expenses Net income (loss) 77,800 12,800 Unfavorable Unfavorable 70,300 1,900 300 11,900 Unfavorable Determine the static budget and use the information to prepare a flexible budget and analysis for the 6,000 units actually sold.

5. Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 5,000 units. These variances were observed: Actual Results Variances Sales $150,000 $25,000 Favorable Variable expenses Fixed expenses Net income (loss) 77,800 12,800 Unfavorable Unfavorable 70,300 1,900 300 11,900 Unfavorable Determine the static budget and use the information to prepare a flexible budget and analysis for the 6,000 units actually sold.

Name: 5. Titanium Blades refines titanium for use in all brands of razor bl
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Description: 5. Titanium Blades refines titanium for use in all brands of razor blades. It prepared a staticbudget for the sales of 5,000 units. These variances were observed:Actual ResultsVariancesSales$150,000$25,000FavorableVariable expensesFixed expensesNet

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Replenish sells shampoo that removes chlorine from hair. It prepared a static budget for the sales of 10,000 units. These variances were observed: Actual Results Variances Sales $264,000 $66,000 Unfavorable Variable expenses Fixed expenses Net income (loss) 70,500 19,500 Favorable 70,270 270 Unfavorable 123,230 46,770 Unfavorable Determine the static budget and use the information to prepare a flexible budget and analysis for the 8,000 units actually sold.
Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 5,500 units. The following variances were observed: Units Sales Variable Expenses Fixed Expenses Net Income (loss) Units Sales Determine the static budget and use the information to prepare a flexible budget and analysis for the 6,500 units actually sold. If no effect, select "No Effect" and leave the amount boxes blank. For those boxes in which you must nter negative numbers use a minus sign. (Example: -300). > Static budget Flexible budget Variable Expenses Fixed Expenses Actual Results Net Income (Loss) $175,500 $27,000 Favorable 77,800 11,800 Unfavorable 93,800 300 Unfavorable $3,900 $14,900 Unfavorable LA 5,500 ✔ $ 148,500✔ 66,000 X Variances 93,500 X -11,000 ✓ 6,500 $ 175,500 ✓ $ 11,800 X 93,500 X 4,000 Actual Results $ 175,500✔ LA 93,800 X 93,800 X 3,900 ✔ $ tA LA 0 Variances ✓ No Effect 200✔ Favorable 300 X Unfavora 100 X Unfavora
Contribution Margin Volume Variance Iliff, Inc., produces and sells two types of countertop ovens—the toaster oven and the convection oven. Budgeted and actual data for the two models are shown below. Budgeted Amounts: ToasterOven ConvectionOven Total Sales: ($92 × 29,500) $2,714,000 ($155 × 15,500) $2,402,500 $5,116,500 Variable expenses 495,000 780,000 1,275,000 Contribution margin $2,219,000 $1,622,500 $3,841,500 Actual Amounts: ToasterOven ConvectionOven Total Sales: ($81 × 25,000) $2,025,000 ($165 × 12,500) $2,062,500 $4,087,500 Variable expenses 539,600 712,300 1,251,900 Contribution margin $1,485,400 $1,350,200 $2,835,600 Required: 1. Calculate the budgeted average unit contribution margin. Round your answer to the nearest cent. Use rounded answer in subsequent computations. 2.…
Static and Flexible Budgets Graham Corporation used the following data to evaluate its current operating system. The company sells items for $10 each and used a budgeted selling price of $10 per unit. Units sold Variable costs Fixed costs a. Prepare the actual income statement, flexible budget, and static budget. Do not use negative signs with any of your answers below. Actual Budgeted 1,180,000 1,200,000 2,200,000 2,400,000 1,875,000 1,837,000 Units sold Revenues Variable costs Contribution margin Fixed costs Operating income $ $0 $0 Actual Results Flexible Budget Static Budget $ 0 $ For questions b., c., and d., do not use negative signs with your answers. Select either U for Unfavorable or F for Favorable using the drop down box next to each of your variance answers. b. What is the static-budget variance of revenues? C. What is the flexible budget variance for variable costs? <¶► 0 0 $ 0 0 0 0 $ ◆ 0 0 $ 0 0 0 0 $ d. What is the flexible budget variance for fixed costs? 0 0 0 0 0 0
Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 5,500 units. The following variances were observed: Actual Results Variances Units Sales $175,500 $27,000 Favorable Variable Expenses 77,800 11,800 Unfavorable Fixed Expenses 93,800 300 Unfavorable Net Income (loss) $3,900 $14,900 Unfavorable Determine the static budget and use the information to prepare a flexible budget and analysis for the 6,500 units actually sold. If no effect, select "No Effect" and leave the amount boxes blank. For those boxes in which you must enter negative numbers use a minus sign. (Example: -300). Static budget Flexible budget Actual Results Variances Units Sales Variable Expenses Fixed Expenses Net Income (Loss) Favorable Unfavorable No Effect
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Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 5,500 units. The following variances were observed: Units Sales Variable Expenses Fixed Expenses Net Income (loss) Units Sales Actual Results Determine the static budget and use the information to prepare a flexible budget and analysis for the 6,500 units actually sold. If no effect, select "No Effect" and leave the amount boxes blank. For those boxes in which you must enter negative numbers use a minus sign. (Example: -300). Static budget Flexible budget Actual Results Variances Variable Expenses Fixed Expenses Net Income (Loss) Variances $ $169,000 $26,000 Favorable 77,800 11,800 Unfavorable 88,300 300 Unfavorable $2,900 $13,900 Unfavorable No Effect Favorable Unfavorable Unfavorable ✓ ✓ ✓ ✓
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Fill in the blank cells Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Enter all variances as positive values. Revenue Variable Costs Contribution Margin Fixed Costs Operating Income Units Produced and Sold $ $ Actual $187,000 $ $76,000 $4,200 6,100 Flexible Budget Variance $98,070 $0 $98,070 0 U U ◆ Flexible Budget $ LA $23,330 $ $71,800 Sales-Volume Variance $13,900 $7,930 $0 $7,930 U U U 43 Static Budget $29,300 $182,000 $110.200 8,100