Baird Publications established the following standard price and costs for a hardcover picture book that the compa produces. Standard price and variable costs. Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative $ 36.70 8.20 4.40 5.90 7.10 $ 131,000 47,000 Assume that Baird actually produced and sold 20,000 books. The actual sales price and costs incurred follow. Actual price and variable costs Materials cost sales price Labor cost Overhead cost Selling, general, and administrative costs Actual fixed costs Manufacturing overhead Selling, general, and administrative Required $ 35.70 8.40 4.30 5.95 6.90 $ 116,000 53,000 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). Answer is complete but not entirely correct. Flexible Budget Variances S 20,000 U 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 (4,000) U 2,000 F (1,000) U 4,000 F 9 U 15,000 F (6,000) U S OXU 11669 300

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Pricing

Pricing is used as a term in finance and economics, pricing is the process of fixing a value for a product or a service. Pricing establishes a value for a product or service that the customer has to pay. A business can choose from different strategies while deciding to set prices.