Lincoln Corporation used the following data to evaluate their current operating system. The company sells items for $12 each and used a budgeted selling price of $12 per unit. Actual Budgeted Units sold 42,000 units 32,000 units Variable costs $161,000 $154,000 Fixed costs $43,000 $49,000 What is the static-budget variance of revenues? O A. $1,000 favorable O B. $120,000 unfavorable OC. $120,000 favorable D. $10,000 unfavorable

Lincoln Corporation used the following data to evaluate their current operating system. The company sells items for $12 each and used a budgeted selling price of $12 per unit. Actual Budgeted Units sold 42,000 units 32,000 units Variable costs $161,000 $154,000 Fixed costs $43,000 $49,000 What is the static-budget variance of revenues? O A. $1,000 favorable O B. $120,000 unfavorable OC. $120,000 favorable D. $10,000 unfavorable

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please competely answer
Correo Company had a static budgeted operating income of $8.6 million. Actual operating income was $6.4 million. The flexible budget operating income at the actual level of output is $7,000,000. What is the staticbudget variance of operating income? Question content area bottom Part 1 A. $1.6 million Unfavorable B. $1.6 million Favorable C. $2.2 million Favorable D. $2.2 million Unfavorable Please provide only typed answer solution no handwritten solution needed allowed.. Please do it neat and clean correctly.
Carson CPAS specializes in preparing 1040EZ returns for low-income clients. The firm charged $100 per return this year and budgeted $100 per return. Additional information for the firm includes: Actual Budgeted 800 750 $37,500 12,000 Returns processed Variable costs Fixed costs Prepare Carson's static budget and the static budget performance report. Note: Do not use negative signs with any of your answers. Note: Indicate whether the variance is favorable (F) or unfavorable (U) using the drop-down menu in the last column next to the variable amount. Budgeted returns Actual returns Returns processed variance Revenue Variable costs Fixed costs Net income $36,000 12,500 $ $ Actual Results 0 For U $ 0$ Budget Results $ 0$ Variances 0 0 0 0 For U ♦ + >
Coroid Corporation used the following data to evaluate their current operating system. The company sells items for $16 each and had used a budgeted selling price of $17 per unit. Actual 290,000 units 273,000 units $960,000 $61,000 Budgeted Units sold Vanable costs $889,000 $45,000 Fixed costs What is the static-budget variance of variable costs? O $61,000 favorable O $61,000 unfavorable O $77,000 favorable O $77,000 unfavorable
The cost accountant for Carlos Candies, Incorporated prepared the following static budget based on expected activity of 4,200 units: Revenues Variable Costs Contribution Margin Fixed Costs Net Income Multiple Choice If Carlos actually produced 3,300 units, the flexible budget would show fixed costs amounting to O O O $25,300. $ 124,000 $118,000. (94,500) 29,500 (23,500) $ 6,000 None of these answers are correct. $23,500.
None
Vinubhai
Please do not give solution in image format
! Required information Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below.] The fixed budget for 21,800 units of production shows sales of $479,600; variable costs of $65,400; and fixed costs of $140,000. QS 21-3 (Algo) Flexible budget income calculation LO P1 If the company actually produces and sells 26,300 units, calculate the flexible budget income. Sales Variable costs Contribution margin Fixed costs Income ------Flexible Budget------ Variable Amount per Unit $ 0 Total Fixed Cost ------Flexible Budget at 21,800 units $ $ 0 0 26,300 units $ $ 0 0