Actual (500 units) Budgeted (800 units) 800,000 Sales 800,000 Cost of Goods Sold 700,000 640,000 Gross Profit 100,000 160,000
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Q: HASF PVT.LTD BUDGETED INCOME STATEMENT FOR 1st QUARTER 1999 Description JANUARY…
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Q: 3. Budji Corp. is preparing its budget for 19B. For 19A, the following were reported: Sales (100,000…
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What is the Volume Variance under 3-way analysis?
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- The following sales were budgeted for the year: Product A Product B Product C Demand (units) 1,000 2,000 3,000 Selling price $15 $20 $30 Profit per unit $2 $5 $2 Actual sales for the year showed the following results: Product A Product B Product C Units sold 1,100 2,050 2,800 Sales value $17,050 $38,950 $86,800 Profit $3,080 $10,455 $6,160 What is the sales mix variance? $2,292 Adverse $1,845 Favorable $200 Favorable $50 FavorableSamcor Limited manufactures tables. The following information was extracted from the budget June 2022: 1. 2. 3. 4. 5. Total production and sales Selling price per table Variable manufacturing costs per table: Direct material Direct labour Overheads Fixed manufacturing overheads Other costs: Fixed marketing and administrative costs Sales commission 2 400 units year R1 200 R288 R192 R96 R216 960 R144 000 5%Jameson Company provided the following information for the coming year: Units produced and sold 230,000 Cost of goods sold per unit $5.30 Selling price $9.70 Variable selling and administrative expenses per unit $1.60 Fixed selling and administrative expenses $387,000 Tax rate 35% Required: Prepare a budgeted income statement for Jameson Company for the coming year. Round all income statement amounts to the nearest dollar. Jameson Company Budgeted Income Statement For the Coming Year Sales $fill in the blank 1 Cost of goods sold fill in the blank 2 Gross margin $fill in the blank 3 Less: Variable selling and administrative expenses fill in the blank 4 Less: Fixed selling and administrative expenses fill in the blank 5 Operating income $fill in the blank 6 Less: Income taxes fill in the blank 7 Net income $fill in the blank 8
- COA Manufacturing Company's budget for the coming year revealed the following unit data. Budgeted Net Income : P458,000 Variable Manuf. : P14 Variable Selling : P2.50 Variable General : P 0.25 Unit Selling Price: P50 Fixed Manuf. : P12 Fixed Selling : P5.50 Fixed General : P 7 Compute for the margin of safety in peso and in percentage.Given the following information: Prior Year (Budget) Prior Year (Actual) Current Year (Budget) Current Year (Actual) Beginning Inventory (Units) 0 0 ? ? Sales (Units) 610,000 570,000 582,000 590,000 Manufactured (Units) 600,000 590,000 640,000 610,000 Selling Price ($/unit) 9.99 9.90 9.95 10.10 Variable Manufacturing Cost ($/unit) 4.93 4.93 4.96 4.96 Total Fixed Manufacturing Costs ($) 1,584,000 1,561,000 1,664,000 1,599,531 Variable Selling Cost ($/unit) 1.00 1.02 0.99 1.01 Total Fixed SG&A Costs ($) 360,000 363,000 356,850 348,000 Other information: The manufacturer uses FIFO (this is to make is easier to solve – weighted average would be a lot more difficult to solve) The manufacturer uses Standard Costing Required: Prepare an income statement for the Current Year based on Variable Costing. Prepare an income statement for the Current Year based on Absorption…Given the following information: Prior Year (Budget) Prior Year (Actual) Current Year (Budget) Current Year (Actual) Beginning Inventory (Units) 0 0 ? ? Sales (Units) 610,000 570,000 582,000 590,000 Manufactured (Units) 600,000 590,000 640,000 610,000 Selling Price ($/unit) 9.99 9.90 9.95 10.10 Variable Manufacturing Cost ($/unit) 4.93 4.93 4.96 4.96 Total Fixed Manufacturing Costs ($) 1,584,000 1,561,000 1,664,000 1,599,531 Variable Selling Cost ($/unit) 1.00 1.02 0.99 1.01 Total Fixed SG&A Costs ($) 360,000 363,000 356,850 348,000 Other information: The manufacturer uses FIFO (this is to make is easier to solve – weighted average would be a lot more difficult to solve) The manufacturer uses Standard Costing Required: Prepare an income statement for the Current Year based on Variable Costing. Prepare an income statement for the Current Year based on Absorption…
- 3. Budji Corp. is preparing its budget for 19B. For 19A, the following were reported: Sales (100,000 units) Cost of Goods Sold Gross Profit P1,000,000 600,000 P 400,000 Operating Expenses (including depreciation of P40,000) Net Income 240,000 P 160,000 Selling prices will increase by 10% and sales volume in units will decrease by 5%. The cost of goods sold as a percent of sales will increase to 62%. Other than depreciation, all operating costs are variable. Budji will budget a net income for 19B of a. P167,100 b. P167,500 c. P168,000 d. P176,000A manufacturing company's budgeted income statement includes the following data: Data extracted from budgeted income statement Sales revenue Commission expense (10% of sale) Salaries expense Miscellaneous expense-5% of sales Rent expense Utilities expense Insurance expense Depreciation expense Mar $120,000 12,000 33,000 6,000 3,900 2,000 2,700 4,400 OA. $53,900 OB. $50,500 OC. $45,400 OD. $56,400 Apr $80,000 8,000 33.000 4,000 3.900 2,000 2,700 4,400 May $130,000 13,000 33,000 6.500 3.900 2,000 2,700 4,400 Jun $110,000 11,000 33,000 5,500 3,900 2,000 2,700 4,400 The budget assumes that 60% of commission expenses are paid in the month they were incurred, and the remaining 40% are paid one month later. In addition, 50% of salaries expenses are paid in the month incurred and the remaining 50% are paid one month later. Miscellaneous expenses, rent expense, and utilities expenses are assumed to be paid in the same month in which they are incurred. Insurance was prepaid for the year on…Felsen Industries manufactures basketballs. The budgeted income statement for the year, before any special orders, is as follows: Per Unit $10.00 Amount $4,000,000 3,200,000 800,000 300,000 $500,000 Sales Cost of goods sold Gross Profit Selling expenses Operating income 8.00 2.00 .75 $1.25 Fixed costs included in the above data are $1,200,000 in cost of goods sold and $100,000 in selling expenses. A special order offering to buy 50,000 basketballs for $7.50 each was made to Felsen. There will be no additional selling expenses if the order is accepted. Assuming Felsen has enough capacity to manufacture 50,000 more basketballs, or decreased as a result of accepting the special order? $ decrease] (circle one) what amount would operating income be increased [increase,
- Oliver Company provided the following information for the coming year: Units produced and sold 160,000 Cost of goods sold per unit $6.30 Selling price $14 Variable selling and administrative expenses per unit $1.10 Fixed selling and administrative expenses $423,000 Tax rate 33 % Required: Prepare a budgeted income statement for Oliver Company for the coming year. Round all income statement amounts to the nearest dollar. Oliver Company Budgeted Income Statement For the Coming Year $fill in the blank fill in the blank $fill in the blank fill in the blank fill in the blank $fill in the blank fill in the blank $fill in the blankThe following information was extracted from the budget for the month ended 31 August 2022: Sales 10 000 units at R200 per unit Direct materials cost per unit R50 Direct labour cost per unit R34 Variable manufacturing overhead costs per unit R24 Variable selling costs per unit R12 Fixed manufacturing overhead cost R230 000 Fixed selling and administrative costs R170 000 3.1 The total Marginal Income and Net Profit/Loss if all 10 000 units are sold. 3.2 Break even value by using the marginal income ratio 3.3 Margin of safety (in units) 3.4 The sales volume required to earn a net profit of R560 000 3.5 The total Marginal Income and Net Profit/Loss if all the manufacturing costs increase by 10%.Consider the following budgeted figures: Sales £450,000 Opening inventory £20,000 Closing inventory £30,000 Raw materials £120,000 Direct labour £130,000 Production overhead £120,000 Administration £45,000 What is the budgeted operating profit for the period?