8. GP Variance Analysis with Complete InformationNacho Chips Company prepared the following budgetary information for July 2021:Sales (12,000 units)Cost of Goods SoldGross ProfitIn July, actual operations resulted in the production and sale of 13,000 units which were sold for aselling price of P 34 per unit. The unit cost of goods sold increased by P 3.REQUIRED:1. Overall GP variance2. Sales price variance3. Sales volume variance4. Cost price variance5. Cost volume varianceP 432,000288.000P 144,0009. GP Variance Analysis with Incomplete InformationChix Pesto Company has requested you to determine the cause of the difference between its 2020 and2021 gross profit based on the following data:1. Overall GP variance2.Price factor3. Cost factor4. Volume factor2020P 200,000120,000P 80,000SalesCost of Goods SoldGross ProfitNo additional data was made available except that unit sales increased by 20% in 2021.REQUIRED:2021P 252,000180,000P 72,000

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8. GP Variance Analysis with Complete Information Nacho Chips Company prepared the following budgetary information for July 2021: Sales (12,000 units) Cost of Goods Sold Gross Profit In July, actual operations resulted in the production and sale of 13,000 units which were sold for a selling price of P 34 per unit. The unit cost of goods sold increased by P 3. REQUIRED: 1. Overall GP variance 2. Sales price variance 3. Sales volume variance P 432,000 288.000 P 144,000 4. Cost price variance 5. Cost volume variance 9. GP Variance Analysis with Incomplete Information Chix Pesto Company has requested you to determine the cause of the difference between its 2020 and 2021 gross profit based on the following data: 2021 2020

8. GP Variance Analysis with Complete Information Nacho Chips Company prepared the following budgetary information for July 2021: Sales (12,000 units) Cost of Goods Sold Gross Profit In July, actual operations resulted in the production and sale of 13,000 units which were sold for a selling price of P 34 per unit. The unit cost of goods sold increased by P 3. REQUIRED: 1. Overall GP variance 2. Sales price variance 3. Sales volume variance P 432,000 288.000 P 144,000 4. Cost price variance 5. Cost volume variance 9. GP Variance Analysis with Incomplete Information Chix Pesto Company has requested you to determine the cause of the difference between its 2020 and 2021 gross profit based on the following data: 2021 2020

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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Hh1.
Information relating to actual costs and variances for year 2019 is shown below. The budgeted production for year 2019 was 42,000 products. Actual data Actual production 43,200 products Direct materials costs:32,400 kg RM162,000 Direct labour costs: 17,280 hours RM217,728 Variable production overhead costs RM108,000 Fixed production overhead costs RM170,400 Variances Direct material price variance RM8,100 (F) Direct material usage variance RM11,340 (F) Direct labour rate variance RM1,724 (F) Direct labour efficiency variance RM54,864 (F) Variable production overhead expenditure variance RM864 (A) Variable production overhead efficiency variance RM26,784 (F) Fixed production overhead variance RM7,550 (A) The company operates a standard variable costing system. REQUIRED Using the information provided above, prepare: (a) The standard cost card for one product. (b) A…
Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavo The company budgets a selling price of $81 per unit and variable costs of $35 per unit. (Indicate the effect of each variance selecting favorable, unfavorable, or no variance.) For Month Ended June 30 Sales Variable costs Contribution margin Fixed costs Income Flexible Budget Performance Report Flexible Budget Actual Results (11,400 units) (11,400 units) 524,400 276,000 357,000 291,000 Variances Favorable/Unfavorable $ 21,600 Favorable
Budgeted Revenues = $300,000, COGS = $180,000, SG&A=90,000. Actual Revenues = $285,000, COGS = $178,000, SG&A= $87,000. What is the COGS variance from adjusted budget (in dollars)? O $7,000 O $2,000 O-$2,000 O $1,900
Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($340.00q) Expenses: Wages and salaries ($3,300 + $91.00q) Fuel ($32.00q) Airport fees ($850 + $31.00q) Aircraft depreciation ($10.00q) Office expenses ($210+ $1.00q) Total expenses Net operating income Actual Results 55 $ 16,100 8,263 1,926 2,410 550 433 13,582 $ 2,518 Flexible Planning Budget Budget 53 $ 18,020 55 $ 18,700 8,305 1,760 2,555 550 265 13,435 $ 5,265 8,123 1,696 2,493 530 263 13,105 $ 4,915 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount.
Q50 In September, Numbers Incorporated sold 45,000 units of its only product for $394,000, and incurred a total cost of $365,000, of which $39,000 was fixed costs. The flexible budget for September showed total sales of $440,000. Among variances of the period were: total variable cost flexible-budget variance, $7,500U; total flexible-budget variance, $76,000U; and, sales volume variance, in terms of contribution margin, $41,000U. The budgeted fixed cost for September was: Multiple Choice $83,500. $16,500. $45,500. $134,000. $105,000.
Sunshine Goods Ltd is a revenue maximizing firm that engages in the analysis of variances to provide useful information to management. The company manufactures and sells three (3) products, RG, KC and MG. During July 2019 the following budgeted and actual results were presented to you the management accountant for analysis: Budgeted Results Product Total Sales $ Volume/units Price $ Contribution margin per unit $ Total contribution margin $ RG 585,000 900 650 820 738,000 KC 500,000 500 1,000 850 425,000 MG 300,000 600 500 720 432,000 Total 2,000 1,595,000 Actual Results Product Total Sales $ Volume/units Price $ Contribution margin per unit $ Total contribution margin $ RG 500,000 500 1,000 800 400,000 KC 270,000 300 900 `900 270,000 MG 105,000 350 300 700 245,000 Total 1,150 915,000 Required: Sales margin quantity…
Lewis Company reports the following foxed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs For Month Ended May 31 Fixed Budget 1,380 $ 1,200 per unit $4809 per unit $152,000 LEWIS COMPANY Flexible Badget Performance Report Flexible Budget Actual Results Variances (1.500 units) (1,500 units) Actual Results 1,500 $ 1,961,000 $799,000 $ 140,000 Favorable/Unfavorable
Sunshine Goods Ltd is a revenue maximizing firm that engages in the analysis of variances to provide useful information to management. The company manufactures and sells three (3) products, RG, KC and MG. During July 2019 the following budgeted and actual results were presented to you the management accountant for analysis: Budgeted Results Product Total Sales $ Volume/units Price $ Contribution margin per unit $ Total contribution margin $ RG 585,000 900 650 820 738,000 KC 500,000 500 1,000 850 425,000 MG 300,000 600 500 720 432,000 Total 2,000 1,595,000 Actual Results Product Total Sales $ Volume/units Price $ Contribution margin per unit $ Total contribution margin $ RG 500,000 500 1,000 800 400,000 KC 270,000 300 900 `900 270,000 MG 105,000 350 300 700 245,000 Total 1,150 915,000 Required: Sales margin price…
Actual and budgeted information about the sales of a product are presented below for June: (CIA adapted) Units Sales Revenue Actual 9,800 $ 289,100 The sales price variance for June was: Budget 11,800 336,300 Multiple Cholce $11,800 unfavorable. $9,800 unfavorable. $12,300 unfavorable $9.800 favorable.
The total variable costs charged to expense for the year, assuming that NUBD uses variable costing would be
Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results. Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no variance. Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs For Month Ended May 31 Fixed Budget 1,370 $1,150 per unit $460 per unit $ 150,500 LEWIS COMPANY Flexible Budget Performance Report Flexible Budget Actual Results (1,570 units) (1,570 units) Variances Actual Results 1,570 $ 1,828,000 $ 726,000 $ 139,000 Favorable or Unfavorable