ty VarianceOFMasterBudget(19,200 units)57,600 The following, partially complete profit variance analysis is from October for La Salle Manufacturing:Required:Find the values of the missing items. Assume that the actual sales volume equals actual production volume. (There are no inventorylevel changes.)Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" forunfavorable. If there is no effect, do not select either option.Sales revenueVariable manufacturing costsVariable marketing and administrative costsContribution marginReportedIncomeStatement(18,000 units)$ 468,000$297,600ManufacturingVariance$ 14,400 FMarketing andAdministrativeVarianceSales Price VarianceFlexible Budget$18,000 units486,000Sales Activity Varianc9,120 F

The contribution margin is the amount of a product's sales revenue that is left over after deducting…

Find the values of the missing items. Assume that the actual sales volume equals actual production volume. (There are no inventory evel changes.) Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for infavorable. If there is no effect do not select either option

Find the values of the missing items. Assume that the actual sales volume equals actual production volume. (There are no inventory evel changes.) Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for infavorable. If there is no effect do not select either option

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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Which statement is true? A. Gross profit (GP) variance analysis, is an essential part of financial statements analysis that is used to evaluate the performance of a firm's departments responsible for the firm's line activities (functions). B. Increases and decreases in sales and cost of sales have direct relationship with increases and decreases in GP. C. If there is a negative sales price variance and there is no cost variance, the gross profit variance will be equal to the sales price variance. D. A zero cost variance indicates that there is no difference between the standard cost prices and actual cost prices. E. none of the above
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Should both favorable and unfavorable variances be investigated, or only the unfavorable ones? Explain your response. What if a company found that they had a favorable price variance and an unfavorable quantity variance for direct materials. What might be the cause(s) of this pattern of variances?
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At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material - 270,000 pounds at a cost of $1,026,000 Direct Labor - 187,500 hours at a cost of $4,125,000 Variable Overhead - 135,000 machine hours at a cost of $567,000 Fixed Overhead - $900,000 At the end of year, the actual results were as follows - Production - 73,000 units Raw Material - 265,720 pounds purchased and used at a cost of $1,036,308 Direct Labor - 179,580 hours at a cost of $3,968,718 Variable Overhead - 133,590 machine hours at a cost of $558,406.20 Fixed Overhead - $891,000
Is it possible for a retail store such as Apple to use variances in analyzing its operating performance? Explain.