Anthony works in the accounting department of a local footwear manufacturer that specializes in clogs and boots. Clogs and boots typically sell for $95 and $191 per pair, respectively. Based on past experience, fashion trends, and seasonal shifts, the company expected to sell 750 pairs of clogs and 250 pairs of boots. The variable cost per pair was $48 for clogs and $77 for boots. At the end of the year, Anthony evaluated the company's sales and contribution margin amounts against the budget. Actual results for the year were as follows. . . . (a) Actual sales volume: clogs, 858; boots, 242. Actual selling price: clogs, $106 per pair; boots, $182 per pair. Actual per-unit variable costs for each product were the same as budgeted. For the year just ended, determine the company's total revenues, total variable costs, and total contribution margin for its (1) master budget, (2) flexible budget, and (3) actual income statement. Total revenues Total variable costs $ eTextbook and Media. $ Total contribution margin $ Master Budget I $ $ to $ Flexible Budget $ $ $ Actual
Anthony works in the accounting department of a local footwear manufacturer that specializes in clogs and boots. Clogs and boots typically sell for $95 and $191 per pair, respectively. Based on past experience, fashion trends, and seasonal shifts, the company expected to sell 750 pairs of clogs and 250 pairs of boots. The variable cost per pair was $48 for clogs and $77 for boots. At the end of the year, Anthony evaluated the company's sales and contribution margin amounts against the budget. Actual results for the year were as follows. . . . (a) Actual sales volume: clogs, 858; boots, 242. Actual selling price: clogs, $106 per pair; boots, $182 per pair. Actual per-unit variable costs for each product were the same as budgeted. For the year just ended, determine the company's total revenues, total variable costs, and total contribution margin for its (1) master budget, (2) flexible budget, and (3) actual income statement. Total revenues Total variable costs $ eTextbook and Media. $ Total contribution margin $ Master Budget I $ $ to $ Flexible Budget $ $ $ Actual
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Question
Please dont provide solution image based thanx
Transcribed Image Text:Anthony works in the accounting department of a local footwear manufacturer that specializes in clogs and boots. Clogs and boots
typically sell for $95 and $191 per pair, respectively. Based on past experience, fashion trends, and seasonal shifts, the company
expected to sell 750 pairs of clogs and 250 pairs of boots. The variable cost per pair was $48 for clogs and $77 for boots.
At the end of the year, Anthony evaluated the company's sales and contribution margin amounts against the budget. Actual results for
the year were as follows.
.
.
.
(a)
Actual sales volume: clogs, 858; boots, 242.
Actual selling price: clogs, $106 per pair; boots, $182 per pair.
Actual per unit variable costs for each product were the same as budgeted.
For the year just ended, determine the company's total revenues, total variable costs, and total contribution margin for its (1)
master budget, (2) flexible budget, and (3) actual income statement.
Total revenues
Total variable costs
$
eTextbook and Media
$
Total contribution margin $
Master Budget
I
$
$
$
Flexible Budget
$
$
$
Actual
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education