Folsom Fashions sells a line of women's dresses. Folsom's performance report for November is shown below. (CMA adapted) The company uses a flexible budget to analyze its performance and to measure the effect on operating income of the various factors affecting the difference between budgeted and actual operating income. Dresses sold Sales Variable costs Contribution margin Fixed costs Operating income 5,000 Actual $235,000 ($145,000) $90,000 ($84,000) $6,000 Budget 6,000 $300,000 ($180,000) $120,000 ($80,000) $40,000 1. The effect of the sales quantity variance on the contribution margin for November is: $30000 U, $18000 U, $20000 U, $15000 U 2. The sales price variance for November is: $30000 U, $18000 U, $20000 U, $15000 U

Folsom Fashions sells a line of women's dresses. Folsom's performance report for November is shown below. (CMA adapted) The company uses a flexible budget to analyze its performance and to measure the effect on operating income of the various factors affecting the difference between budgeted and actual operating income. Dresses sold Sales Variable costs Contribution margin Fixed costs Operating income 5,000 Actual $235,000 ($145,000) $90,000 ($84,000) $6,000 Budget 6,000 $300,000 ($180,000) $120,000 ($80,000) $40,000 1. The effect of the sales quantity variance on the contribution margin for November is: $30000 U, $18000 U, $20000 U, $15000 U 2. The sales price variance for November is: $30000 U, $18000 U, $20000 U, $15000 U

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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