James Manufacturing has the following information available for July: Flexible Sales Actual Budget Flexible Activity Master Results Variance Budget Variance Budget Units 15,000 2,000U Sales revenue ? $16,000F Less: Variable manufacturing $92,750 $104,000 $145,000 costs Variable marketing and $ 2,750U $3,500F $ 50,000 administrative Contribution margin $69,000 $৪, 00ou What was James's actual sales revenue for July?

James Manufacturing has the following information available for July: Flexible Sales Actual Budget Flexible Activity Master Results Variance Budget Variance Budget Units 15,000 2,000U Sales revenue ? $16,000F Less: Variable manufacturing $92,750 $104,000 $145,000 costs Variable marketing and $ 2,750U $3,500F $ 50,000 administrative Contribution margin $69,000 $৪, 00ou What was James's actual sales revenue for July?

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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TB MC Qu. 16-40 (Algo) James Manufacturing has the following... James Manufacturing has the following information available for July: Actual Results Flexible Budget Variance Flexible Budget Sales Activity Variance Master Budget Units 11,500 ? 4,000 U ? Sales revenue ? $ 14,000 F ? ? ? Less: Variable manufacturing costs $ 88,750 $ 93,000 ? $ 113,000 Variable marketing and administrative ? $ 6,250 U ? $ 7,000 F $ 34,000 Contribution margin $ 53,000 ? ? $ 6,400 U ? What was James’s actual sales revenue for July? Multiple Choice $207,000 $175,000 $217,000 $161,000
Arberg Company’s controller prepared the following budgeted income statement for the coming year: Sales $417,000 Variable cost 287,730 Contribution margin $129,270 Fixed cost 75,950 Operating income $53,320 2. Suppose Arberg’s actual revenues are $29,900 more than budgeted. By how much will operating income increase?
A company provides delivery services and uses two activity measures for its costs: the miles driven and the number of customer order. For the most recent month, the company reported the following information: Budgeted Fixed cost per month Variable cost per mile Variable cost per order Actual $13,070 $ 26 per mile $ 14 per order $ 25 $ 13 Miles driven Customer orders Budgeted 74 480 Actual 64 miles 460 orders Spending Variance for total costs $ 294 Unfavorable Q: What was the company's budgeted fixed cost per month? ANS: $ Q: What was the company's activity variance for the month? ANS: $ (Click to select) v
A company's flexible budget for 9,000 units of production showed per unit contribution margin of $4.80 and fixed costs, $20,000. The income expected If the company produces and sells 14,000 units is: Multiple Choice $47,200. $3.000. $67,200. $23.200. $20.000. A company's flexible budget for 13,300 units of production showed sales, $43,890; variable costs, $15,960; and fixed costs, $15,400, The income expected if the company produces and sells 17,300 units is: Multiple Choice $3,333. $12,530. $25,500. $20,930. $26,313.
Lincoln Corporation used the following data to evaluate their current operating system. The company sells items for $12 each and used a budgeted selling price of $12 per unit. Actual Budgeted Units sold 42,000 units 36,000 units Variable costs $168,000 $151,000 $58,000 Fixed costs $45,000 What is the static-budget variance of revenues? O A. $72,000 unfavorable OB. $6,000 unfavorable O C. $72,000 favorable O D. $4,000 favorable O Time Re esc
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
i Required information [The following information applies to the questions displayed below] Adger Corporation is a service company that measures its output based on the number of customers served. The company provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results for May as shown below: Revenue Employee salaries and wages Travel expenses Other expenses Fixed Element per Month Variable Element per Customer Served Actual Total for May $ 6,600 $ 213,500 $ 62,000 $ 2,300 $ 141,100 $ 540 $ 15,700 $ 41,000 $ 38,900 When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35 customers. 5. What activity variances would Adger report with respect to each of its expenses for May? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive…
Coroid Corporation used the following data to evaluate their current operating system. The company sells items for $16 each and had used a budgeted selling price of $17 per unit. Actual 290,000 units 273,000 units $960,000 $61,000 Budgeted Units sold Vanable costs $889,000 $45,000 Fixed costs What is the static-budget variance of variable costs? O $61,000 favorable O $61,000 unfavorable O $77,000 favorable O $77,000 unfavorable
Winston Company had two products code named X and Y. The firm had the following budget for August: Product X $ 296,040 197,360 $ 98,680 50,000 Product Y $ 541,000 216,400 $324,600 108,000 $216,600 $ 50 $ 48,680 $ 120 Sales Variable Costs Contribution Margin Fixed costs Operating Income Selling Price per unit On September 1, the following actual operating results for August were reported: Product X $366,800 203,500 $ 163,300 58,500 $ 104,800 3,170 Sales Variable Costs Contribution Margin Fixed costs Operating Income Units Sold Product Y $ 546,800 224,500 $322,300 116,500 $ 205,800 9,850 Total industry volume for both products X and Y was estimated to be 138,500 units at the time of the budget. Actual industry volume for the period for products X and Y was 106,800 units. The contribution margin sales volume variance for Product X is: Multiple Choice $12,500 unfavorable. $15,800 favorable. $23,200 favorable. $23,200 unfavorable. Total $ 837, 040 413,760 $ 423,280 158,000 $ 265,280 $28,120…
Your Corporation's flexible budget cost formula for supplies, a variable overhead cost, is $2.17 per unit of output. The company's flexible budget performance report for last month showed a $4,531 favorable variance for supplies. During that month, 16,500 units were produced. Budgeted activity for the month had been 20,000 units. What was the actual cost per unit paid for indirect materials? O $1.90 $2.17 $2.44 O $1.94 O $2.40
Prestridge Corporation is a service company that measures its output by the number of customers served. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results of operations for August. Fixed Element per Month Revenue Variable Element per Customer Served $ 4,100 Actual Total for August $ 120,500 Employee salaries and wages $ 41,500 $ 1,000 $ 71,200 Travel expenses $ 500 $ 14,800 Other expenses $ 38,900 $ 38,400 When the company prepared its planning budget at the beginning of August, it assumed that 31 customers would have been served. However, 29 customers were actually served during August. The spending variance for total expenses for August would have been closest to:
Sales in units Contribution margin Estimated demand Actual demand Calculate the following: Total sales-mix variances Question 9 O $200,000 U $800,000 U $200,000 F $(1,000,000) F Listen Static Budget Retall Wholesale 10,000 20,000 30,000 4,000,000 10,000,000 14,000,000 Sales in units Contribution margin Estimated demand Actual demand 400,000 units 350,000 units Static Budget Retail Wholesale 10,000 20,000 30,000 4,000,000 10,000,000 14,000,000 400,000 units 350.000 units Calculate the following: Total sales-quantity variances $(1,600,000) F $5,600,000 F $(4,000,000) F $5,600,000 U Total Total Wholesale 12,000 5,000,000 Wholesale 12,000 5,000,000 Actual Results Retall 30,000 1,200,000 Actual Results Retail 30,000 1,200,000 Total 42,000 6,200,000 Total 42,000 6,200,000