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. Budgeted selling price Budgeted variable cost Budgeted selling quantity Actual selling price Actual variable cost Actual selling quantity Req A Req B and C Sauvignon Blanc $ 11.10 $ 8.40 b. Activity variance c. Mix variance 20,100 $ 11.35 8.10 21,900 $ 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. Quantity variance Chardonnay $12.10 $10.20 7,500 $ 8.15 $9.85 7,600 Complete this question by entering your answers in the tabs below. Riesling $ 9.00 $ 7.50 12,300 $ 9.40 $ 7.25 12,100 Total 39,900 b. Compute the activity variance for Lake Cellars for August. c. Compute the mix and quantity variances for Lake Cellars for August. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Enter your answers rounded to the nearest whole dollar.) Show less A 41,600

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. Budgeted selling price Budgeted variable cost Budgeted selling quantity Actual selling price Actual variable cost Actual selling quantity Req A Req B and C Sauvignon Blanc $ 11.10 $ 8.40 b. Activity variance c. Mix variance 20,100 $ 11.35 8.10 21,900 $ 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. Quantity variance Chardonnay $12.10 $10.20 7,500 $ 8.15 $9.85 7,600 Complete this question by entering your answers in the tabs below. Riesling $ 9.00 $ 7.50 12,300 $ 9.40 $ 7.25 12,100 Total 39,900 b. Compute the activity variance for Lake Cellars for August. c. Compute the mix and quantity variances for Lake Cellars for August. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Enter your answers rounded to the nearest whole dollar.) Show less A 41,600

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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The budget director of Royal Furniture Company requests estimates of sales, production, and other operating data from the various administrative units every month. Selected information concerning sales and production for February is summarized as follows: a. Estimated sales of King and Prince chairs for February by sales territory: Northern Domestic: King 610 units at $780 per unit Prince 750 units at $550 per unit Southern Domestic: King 340 units at $780 per unit Prince 440 units at $550 per unit International: King 360 units at $850 per unit Prince 290 units at $600 per unit b. Estimated inventories at February 1: Direct materials: Fabric 420 sq. yds. Wood 580 linear ft. Filler 250 cu. ft. Springs 660 units Finished products: King 90 units Prince 25 units c. Desired inventories at February 28: Direct materials: Fabric 390 sq. yds. Wood 650 linear ft. Filler 300 cu. ft.…
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You are required to calculate:i. The sales price variance. ii. The sales volume profit variance. iii. The sales mix variance profit. iv. The sales quantity profit volume variance.
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