Lake Cellars produces and sells white wine. The following data concern the three varietals of white wine the company currently offers. Sales data for August are given as follows. Sauvignon Blanc Budgeted selling price Budgeted variable cost Budgeted selling quantity Actual selling price Actual variable cost Actual selling quantity $ $ $ $ 9.40 6.60 19,900 9.30 6.35 21,500 Chardonnay Required: a. Compute the sales price variance for all three wines. b. Compute the activity variance for Lake Cellars for August. c. Compute the mix and quantity variances for Lake Cellars for August. Riesling Total $ $ $ $ 10.60 7.80 7,200 9.65 8.00 7,400 $7.50 $5.50 11,900 $7.45 $ 5.15 11,800 39,000 40,700

Lake Cellars produces and sells white wine. The following data concern the three varietals of white wine the company currently offers. Sales data for August are given as follows. Sauvignon Blanc Budgeted selling price Budgeted variable cost Budgeted selling quantity Actual selling price Actual variable cost Actual selling quantity $ $ $ $ 9.40 6.60 19,900 9.30 6.35 21,500 Chardonnay Required: a. Compute the sales price variance for all three wines. b. Compute the activity variance for Lake Cellars for August. c. Compute the mix and quantity variances for Lake Cellars for August. Riesling Total $ $ $ $ 10.60 7.80 7,200 9.65 8.00 7,400 $7.50 $5.50 11,900 $7.45 $ 5.15 11,800 39,000 40,700

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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