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Jordan Manufacturing Company established the following standard price and cost data.           Sales price $ 8.50 per unit Variable manufacturing cost $ 3.60 per unit Fixed manufacturing cost $ 2,300 total Fixed selling and administrative cost $ 700 total     Jordan planned to produce and sell 2,500 units. Actual production and sales amounted to 2,700 units.   Required Determine the sales and variable cost volume variances. Classify the variances as favorable (F) or unfavorable (U). Determine the amount of fixed cost that will appear in the flexible budget. Determine the fixed cost per unit based on planned activity and the fixed cost per unit based on actual activit

Jordan Manufacturing Company established the following standard price and cost data.           Sales price $ 8.50 per unit Variable manufacturing cost $ 3.60 per unit Fixed manufacturing cost $ 2,300 total Fixed selling and administrative cost $ 700 total     Jordan planned to produce and sell 2,500 units. Actual production and sales amounted to 2,700 units.   Required Determine the sales and variable cost volume variances. Classify the variances as favorable (F) or unfavorable (U). Determine the amount of fixed cost that will appear in the flexible budget. Determine the fixed cost per unit based on planned activity and the fixed cost per unit based on actual activit

FINANCIAL ACCOUNTING
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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Jordan Manufacturing Company established the following standard price and cost data.

 

       
Sales price $ 8.50 per unit
Variable manufacturing cost $ 3.60 per unit
Fixed manufacturing cost $ 2,300 total
Fixed selling and administrative cost $ 700 total
 

 

Jordan planned to produce and sell 2,500 units. Actual production and sales amounted to 2,700 units.

 

Required

  1. Determine the sales and variable cost volume variances.
  2. Classify the variances as favorable (F) or unfavorable (U).
  1. Determine the amount of fixed cost that will appear in the flexible budget.
  2. Determine the fixed cost per unit based on planned activity and the fixed cost per unit based on actual activity.
Complete this question by entering your answers in the tabs below. Req A and B Reg D Determine the sales and variable cost volume variances and classify the variances as favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) a. Sales b. Variable manufacturing Req A and B Req E Complete this question by entering your answers in the tabs below. Volume Variances Req D Req E Determine the amount of fixed cost that will appear in the flexible budget. Flexible Budget Fixed manufacturing cost Fixed selling and administrative costs Complete this question by entering your answers in the tabs below. Fixed cost per unit Req A and B Req D Req E Determine the fixed cost per unit based on planned activity and the fixed cost per unit based on actual activity. (Round your answers to 2 decimal places.) Master Budget Flexible Budget
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Req A and B Reg D Determine the sales and variable cost volume variances and classify the variances as favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) a. Sales b. Variable manufacturing Req A and B Req E Complete this question by entering your answers in the tabs below. Volume Variances Req D Req E Determine the amount of fixed cost that will appear in the flexible budget. Flexible Budget Fixed manufacturing cost Fixed selling and administrative costs Complete this question by entering your answers in the tabs below. Fixed cost per unit Req A and B Req D Req E Determine the fixed cost per unit based on planned activity and the fixed cost per unit based on actual activity. (Round your answers to 2 decimal places.) Master Budget Flexible Budget
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