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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A company offers three products, A,B,C The current budget for the upcoming accounting period is presented below, by product: A B C # of units 18 12 30 Selling price per unit ($) 75 50 60 Variable cost per unit ($) 25 20 15 Fixed costs (total $) 500 360 900 There is a different customer market for each of these products. Fixed costs reflect product-specific machinery. Required 1. Identify which of the two methods to compute the break-even point best suits this scenario. 2. Describe why the method you identified in (1) best suits this scenario. 3. Compute the break-even point in units using this method.
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