Finch 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 Selling, general, and administrative Number of units Finch planned to make and sell 31,000 copies of the book. Required: a.-d. Prepare the pro forma Income statement that would appear in the master budget and also flexible budget Income statements. assuming production volumes of 30,000 and 32,000 units. Determine the sales and variable cost volume variances, assuming volume Is actually 32.000 units. Indicate whether the variances are favorable (F) or unfavorable (U). (Select "None" if there is no effect (1.e.. zero varlance).) Variable manufacturing costs $36.30 8.40 3.88 5.70 6.50 Fixed costs $127,000 49,000 Master Budget 31,000 $ 0 0 $ Flexible Budgets 30,000 0 $ 32,000 Volume Variances

Finch 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 Selling, general, and administrative Number of units Finch planned to make and sell 31,000 copies of the book. Required: a.-d. Prepare the pro forma Income statement that would appear in the master budget and also flexible budget Income statements. assuming production volumes of 30,000 and 32,000 units. Determine the sales and variable cost volume variances, assuming volume Is actually 32.000 units. Indicate whether the variances are favorable (F) or unfavorable (U). (Select "None" if there is no effect (1.e.. zero varlance).) Variable manufacturing costs $36.30 8.40 3.88 5.70 6.50 Fixed costs $127,000 49,000 Master Budget 31,000 $ 0 0 $ Flexible Budgets 30,000 0 $ 32,000 Volume Variances

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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