Jordan Company nas provided the following year data.BudgetSalesVariable product costsVariable selling expenseOther variable expensesFixed product costsFixed selling expenseOther fixed expensesInterest expenseVariancesSalesVariable product costs.Variable selling expenseOther variable expensesFixed product costsFixed selling expenseOther fixed expensesInterest expenseJORDAN COMPANYInternal Income Statement for Year 2BudgetSalesVariable expenses:Product costsSelling expensesOther expensesContribution margin$ 519,000202,000RequiredPrepare a budgeted and actual income statement for Internal use.Fixed expenses:Product costsSelling expensesOther expensesOperating income (loss)Interest expenseNet income (loss)49,0003,20016,00024,0001,4006888,200 Unfavorable5,000 Favorable2,200 Unfavorable1,100 Unfavorable290 Favorable460 Favorable140 Unfavorable100 FavorableActual

The budget is prepared to estimate the variance between actual and standard production data. The…

Answered: Jordan Company nas provided the…

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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Sales Variances Presented is information pertaining to an item sold by Winding Creek General Store: Actual Budget 150 125 $26 $25 (20) $6 Unit sales Unit selling price Unit standard variable costs Unit contribution margin Revenues Variable costs $ $3,900 $3,125 (3,000) (2,500) Contribution margin at standard costs $ 900 $ 625 Compute the revenue, sales price, and the sales volume variances. Revenue variance Sales price variance $ LA (20) $5 4 Sales volume variance
Absorption and Variable Costing Income Statements for Two Months and Analysis During the first month of operations ended July 31, Head Gear Inc. manufactured 33,900 hats, of which 32,200 vwere sold. Operating data for the month are summarized as follows: Sales $296,240 Manufacturing costs: Direct materials $176,280 Direct labor 47,460 Variable manufacturing cost 20,340 Fixed manufacturing cost 20,340 264/420 Selling and administrative expenses: Variable $16,100 Fixed 11,750 27,850 During August Head Gear Inc, manufectured 30,500 hats and sold 32,200 hats. Operating data for August are summarized as folovsi Sales $296,240 Manufacturing costs: Direct materials $158,600 Direct labor 42.700 Variable manufacturing cost 18,300 20,340 239,940 Fixed manufacturing cost Selling and administrative expenses: $16.100 Variable 11.750 27 850 Fixed Required:
Munoz Company has provided the following Year 2 data. Budget Sales Variable product costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense Variances Sales Variable product costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense Required $ 513,000 204,000 47,000 3,100 16,600 24,200 1,300 680 7,800 Unfavorable 4,800 Favorable 1,700 Unfavorable 1,500 Unfavorable 230 Favorable 390 Favorable 140 Unfavorable 110 Favorable Prepare a budgeted and actual Income statement for Internal use. MUNOZ COMPANY Internal Income Statement for Year 2 Sales Variable expenses: Product costs Selling expenses Other expenses Contribution margin Fixed expenses. Product costs Selling expenses Other expenses Operating income (loss) Interest expense Net income (loss) Budget Actual
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Highlight T Strikethrough Calculator A company sells two products and has calculated the following information relating to sales variances: Sales mix variance = $1,000 Sales price variance = $200F Sales volume variance = $1,400A There is no indication as to whether the sales mix variance is adverse or favourable but it was caused by a lower proportion of the more profitable item being sold. What is the sales quantity variance? $200 Adverse $400 Adverse $2,400 Adverse $400 Favourable
Variable Costing Income Statement The following data were adapted from a recent income statement of The Bluth Company: Sales Operating costs: Cost of products sold Marketing, administrative, and other expenses Total operating costs Operating income Cost of products sold Marketing, administrative, and other expenses The Bluth Company Variable Costing Income Assume that the variable amount of each category of operating costs is as follows: Statement (assumed) (in millions) (in millions) $162,030 Fixed costs: $(77,770) (51,850) a. Based on the data given, prepare a variable costing income statement for Bluth, assuming that the company maintained constant inventory levels during the period. $(129,620) $32,410 would be (in millions) $43,750 21,060 b. If the Bluth company reduced its inventories during the period, what impact would that have on the operating income determined under absorption costing? If the Bluth company reduced its inventories during the period, then the cost of products…
Problem 17-55 (Algo) Derive Amounts for Profit Variance Analysis (LO 17-6) Classics, Ltd., details cars. Classics wants to compare this quarter's results with those for last quarter, which is belleved to be typical for operations. Assume that the following information is provided. Last Quarter 510 $87,210 28,620 This Quarter 663 $70, 200 34,020 Number of detailings Revenues Variable costs Contribution margini $58,590 $36, 180 Required: a. Compute the flexible budget and sales activity varlance and prepare a profit varlance analysis. (Hint Use last quarter as the master budget and this quarter as "actual.") b. What impact did the changes in number of detallings and average revenues (L.e., sales price) have on Classics, Ltd.s contributlon margin? Complete this questlon by entering your answers In the tabs below. Required A Required B Compute the flexible budget and sales activity variance and prepare a profit variance analysis. (Hint: Use last quarter as the master budget and this q…
Amazin' 69 Corp. Income Statement For Month Ending May 31, 20XX Fixed Cost of Goods Sold Fixed Selling and Administrative Costs Sales Revenue Variable Cost of Goods Sold Variable Selling and Administrative Costs Operating Income Calculate the contribution margin and operating income for May Amazin' 69 Corp. Contribution Margin Income Statement For Month Ending May 31 20XX
Q.What are the actual and budgeted selling prices? What are the actual and budgeted variable costs per unit?
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Absorption Costing Income Statement On October 31, the end of the first month of operations, Maryville Equipment Company prepared the following income statement, based on the variable costing concept: Maryville Equipment Company Variable Costing Income Statement For the Month Ended October 31 Sales (220,000 units) Variable cost of goods sold: Variable cost of goods manufactured Inventory, October 31 (45,000 units) Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income Line Item Description Amount Amount $6,360,000 (1,080,000) Cost of goods sold: $530,000 100,000 $7,920,000 (5,280,000) $2,640,000 (330,000) $2,310,000 Prepare an income statement under absorption costing. Maryville Equipment Company Absorption Costing Income Statement For the Month Ended October 31 (630,000) $1,680,000

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