Gary works in the accounting department of a local footwear manufacturer that specializes in clogs and boots. Clogs and boots typically sell for $101 and $210 per pair, respectively. Based on past experience, fashion trends, and seasonal shifts, the company expected to sell 770 pairs of clogs and 230 pairs of boots. The variable cost per pair was $48 for clogs and $76 for boots. At the end of the year, Gary evaluated the company's sales and contribution margin amounts against the budget. Actual results for the year were as follows. . . (a) Actual sales volume: clogs, 891; boots, 209. Actual selling price: clogs, $111 per pair; boots, $200 per pair Actual per-unit variable costs for each product were the same as budgeted. For the year just ended, determine the company's total revenues, total variable costs, and total contribution margin for its (1) master budget, (2) flexible budget, and (3) actual income statement. Total revenues Total variable costs $ $ Total contribution margin $ Master Budget Flexible Budget $ $ Actual

Gary works in the accounting department of a local footwear manufacturer that specializes in clogs and boots. Clogs and boots typically sell for $101 and $210 per pair, respectively. Based on past experience, fashion trends, and seasonal shifts, the company expected to sell 770 pairs of clogs and 230 pairs of boots. The variable cost per pair was $48 for clogs and $76 for boots. At the end of the year, Gary evaluated the company's sales and contribution margin amounts against the budget. Actual results for the year were as follows. . . (a) Actual sales volume: clogs, 891; boots, 209. Actual selling price: clogs, $111 per pair; boots, $200 per pair Actual per-unit variable costs for each product were the same as budgeted. For the year just ended, determine the company's total revenues, total variable costs, and total contribution margin for its (1) master budget, (2) flexible budget, and (3) actual income statement. Total revenues Total variable costs $ $ Total contribution margin $ Master Budget Flexible Budget $ $ Actual

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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