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Latif Shop sells a variety of magic Toys. In a recent month, it's accounting information system revealed the following information: Budget Actual Units Sales revenue 2,500 3,200 $10,000 $12,000 Variable product costs 1,200 2,000 Fixed manufacturing costs 800 700 Variable selling costs 1,500 1,400 Fixed nonmanufacturing costs 500 600 Calculate the following variances: i. Revenue budget variance. ii. Sales price variance. iii. Revenue sales quantity variance.

Latif Shop sells a variety of magic Toys. In a recent month, it's accounting information system revealed the following information: Budget Actual Units Sales revenue 2,500 3,200 $10,000 $12,000 Variable product costs 1,200 2,000 Fixed manufacturing costs 800 700 Variable selling costs 1,500 1,400 Fixed nonmanufacturing costs 500 600 Calculate the following variances: i. Revenue budget variance. ii. Sales price variance. iii. Revenue sales quantity variance.

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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Latif Shop sells a variety of magic Toys. In a recent month, it's accounting information system revealed the following information: Budget Actual Units Sales revenue 2,500 3,200 $10,000 $12,000 Variable product costs 1,200 2,000 Fixed manufacturing costs 800 700 Variable selling costs 1,500 1,400 Fixed nonmanufacturing costs 500 600 Calculate the following variances: i. Revenue budget variance. ii. Sales price variance. iii. Revenue sales quantity variance.
Transcribed Image Text:Latif Shop sells a variety of magic Toys. In a recent month, it's accounting information system revealed the following information: Budget Actual Units Sales revenue 2,500 3,200 $10,000 $12,000 Variable product costs 1,200 2,000 Fixed manufacturing costs 800 700 Variable selling costs 1,500 1,400 Fixed nonmanufacturing costs 500 600 Calculate the following variances: i. Revenue budget variance. ii. Sales price variance. iii. Revenue sales quantity variance.
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