James Manufacturing had the following information available for July: Actual Results Units Sales revenue Less: Variable manufacturing costs Variable marketing and administrative Contribution margin What was James's master budget sales revenue? Multiple Choice о O $162,100 $187,000 O $163,200 13,600 ? $ 93,750 ? $53,200 Flexible Budget Variance $ 13,600 F $ 3,550 U ? Flexible Budget ? ? $ 97,000 ? ? Sales Activity Variance 4,700 U ? ? $ 4,300 F $ 6,300 U Master Budget ? ? $ 142,800 $ 30,600 ?

James Manufacturing had the following information available for July: Actual Results Units Sales revenue Less: Variable manufacturing costs Variable marketing and administrative Contribution margin What was James's master budget sales revenue? Multiple Choice о O $162,100 $187,000 O $163,200 13,600 ? $ 93,750 ? $53,200 Flexible Budget Variance $ 13,600 F $ 3,550 U ? Flexible Budget ? ? $ 97,000 ? ? Sales Activity Variance 4,700 U ? ? $ 4,300 F $ 6,300 U Master Budget ? ? $ 142,800 $ 30,600 ?

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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S TB MC Qu. 16-41 (Algo) James Manufacturing had the following... James Manufacturing had the following information available for July: Actual Results 13,300 Units Sales revenue Less: Variable manufacturing costs Variable marketing and administrative Contribution margin What was James's flexible budget contribution margin for July? ere to search Multiple Choice $52,600 $50 750 O $ 90,750 ? $ 52,600 ? Sales Activity Variance 3,350 U ? $ 4,150 F $ 6,150 U Master Budget ? ? $ 123,900 $30,300 ? 37°F Cloudy ^-4
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Little Table of Information (L'TOI) The table reminds you about the difference between finished units (sales volume) and resources units used to produce those sales. Also, BOTH the +2 and SQ must reflect the actual and standard (planned) resource units needed to produce the actual sales volume. Little Table of Information (L'TOI) Flexible Budget Actual Actual Finished Units (FU) Sold 17,000 17,000 x Resource Units per FU 1.00 1.50 = Total Resource Units (RU) (SQ) 17,000 25,500 (AQ) x Price per RU (SP) $8.00 $7.00 (AP) = Total cost $136,000 $178,500 Problem 6.1: In August, Phelps produced 5,000 award medals, 100 more than expected. During the month, the company purchased 1,100 ounces of gold for $875,000. Material standards per medal: 0.21 ounces @ $800 per ounce. The company actually used 1,000 ounces of gold for production. Calculate direct materials price and quantity variances. Problem 6.2: Shevlin Enterprises purchased 60,000 gallons of direct materials during the year at a price…