A souvenir shop has the following information about T-shirt sales. What is the quantity variance of T-shirt revenue? Budgeted number of T-shirts sold: 2700. Actual number of T-shirts sold: 2500. 2400 Unfavorable 3000 Unfavorable 8100 Favorable 7500 Favorable Budgeted price: $12 Actual price: $15

A souvenir shop has the following information about T-shirt sales. What is the quantity variance of T-shirt revenue? Budgeted number of T-shirts sold: 2700. Actual number of T-shirts sold: 2500. 2400 Unfavorable 3000 Unfavorable 8100 Favorable 7500 Favorable Budgeted price: $12 Actual price: $15

Name: A souvenir shop has the following information about T-shirt sales. Wh
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Description: A souvenir shop has the following information about T-shirt sales. What is thequantity variance of T-shirt revenue?Budgeted number of T-shirts sold: 2700.Actual number of T-shirts sold: 2500.2400 Unfavorable3000 Unfavorable8100 Favorable7500 Favorab

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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[The following information applies to the questions displayedbelow.]We discuss how budgeting for a merchandiser is different thanbudgeting for a manufacturer. Merchandising firms prepare amerchandise purchases budget instead of a production budget. Allof the other budgets prepared by a merchandiser are similar tothose of a manufacturing firm. Knowledge Check 01Cobra, Inc., a sporting goods retailer, estimates to sell 50,000 units in the nextquarter. The beginning inventory is 4,000 units and ending inventory is estimated tobe 20 percent of estimated sales. How many units should be purchased?
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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 ✓ ✓ ✓ ✓
GENERAL DIRECTIONS: Write only the amount needed. Do not write Peso sign or P to indicate peso value. Use the PARENTHESES symbol () to denote negative values. Use comma (if necessary) when writing values. Round off your final answer to the nearest whole number.
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