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Adams Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead $ 128,000 Selling, general, and administrative 48,000 Assume that Adams actually produced and sold 39,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Actual fixed costs. $36.50 8.00 4.00 5.50 7.10 Manufacturing overhead Selling, general, and administrative $ 35.50 8.20 3.90 5.55 6.90 $ 113,000 54,000

Adams Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead $ 128,000 Selling, general, and administrative 48,000 Assume that Adams actually produced and sold 39,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Actual fixed costs. $36.50 8.00 4.00 5.50 7.10 Manufacturing overhead Selling, general, and administrative $ 35.50 8.20 3.90 5.55 6.90 $ 113,000 54,000

FINANCIAL ACCOUNTING
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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Adams Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead $ 128,000 Selling, general, and administrative 48,000 Assume that Adams actually produced and sold 39,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Actual fixed costs $36.50 8.00 4.00 5.50 7.10 Manufacturing overhead Selling, general, and administrative $ 35.50 8.20 3.90 5.55 6.90 $ 113,000 54,000
Transcribed Image Text:Adams Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead $ 128,000 Selling, general, and administrative 48,000 Assume that Adams actually produced and sold 39,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Actual fixed costs $36.50 8.00 4.00 5.50 7.10 Manufacturing overhead Selling, general, and administrative $ 35.50 8.20 3.90 5.55 6.90 $ 113,000 54,000
Required a. & b. Determine the flexible budget variances and also indicate the effect of each variance by selecting favorable (F) or unfavorable (U). Note: Select "None" if there is no effect (i.e., zero variance). Sales revenue Variable manufacturing costs Materials Labor Overhead Selling, general, and administrative costs Contribution margin Fixed costs Manufacturing overhead Selling, general, and administrative costs Net income Flexible Budget Variances
Transcribed Image Text:Required a. & b. Determine the flexible budget variances and also indicate the effect of each variance by selecting favorable (F) or unfavorable (U). Note: Select "None" if there is no effect (i.e., zero variance). Sales revenue Variable manufacturing costs Materials Labor Overhead Selling, general, and administrative costs Contribution margin Fixed costs Manufacturing overhead Selling, general, and administrative costs Net income Flexible Budget Variances
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