Margot's Ice Cream operates several stores in a major metropolitan city and its suburbs. Its budget and operating data for the currentyear follow:Actual Operating ResultsBudgeted DataFlavorGallons.SellingPrice perGallonVariableCosts perGallonSellingPrice perVariableCosts perGallonsGallonGallonVanillaChocolateStrawberryAnchovy324,000 $ 1.95$ 1.25264,000$ 1.80$ 1.15405,0002.902.00375,0002.751.90270,0002.501.48400,0002.701.4581,0003.902.40201,0004.402.60Required:1. Compute these variances for the individual flavors and total quantity sold. (Use the Contribution Margin in your calculations and donot round Intermediate calculations.)FlavorVanillaChocolateStrawberryAnchovyTotalSales Volume VarianceSales Mix VarianceSales Quantity Variance

Margot's Ice Cream operates several stores in a major metropolitan city and its suburbs. Its budget and operating data for the current year follow: Budgeted Data Selling Actual Operating Results Variable Price per Costs per Selling Variable Price per Costs per Flavor Gallons Gallon Gallon Gallons Gallon Gallon Vanilla 324,000 $1.95 $1.25 264,000 $ 1.80 $1.15 Chocolate Strawberry Anchovy 405,000 2.90 2.00 375,000 2.75 1.90 270,000 2.50 1.40 81,000 3.90 2.40 400,000 201,000 2.70 1.45 4.40 2.60 Required: 1. Compute these variances for the individual flavors and total quantity sold. (Use the Contribution Margin in your calculations and do not round Intermediate calculations.) Flavor Vanilla Sales Volume Variance Sales Mix Variance Sales Quantity Variance

Margot's Ice Cream operates several stores in a major metropolitan city and its suburbs. Its budget and operating data for the current year follow: Budgeted Data Selling Actual Operating Results Variable Price per Costs per Selling Variable Price per Costs per Flavor Gallons Gallon Gallon Gallons Gallon Gallon Vanilla 324,000 $1.95 $1.25 264,000 $ 1.80 $1.15 Chocolate Strawberry Anchovy 405,000 2.90 2.00 375,000 2.75 1.90 270,000 2.50 1.40 81,000 3.90 2.40 400,000 201,000 2.70 1.45 4.40 2.60 Required: 1. Compute these variances for the individual flavors and total quantity sold. (Use the Contribution Margin in your calculations and do not round Intermediate calculations.) Flavor Vanilla Sales Volume Variance Sales Mix Variance Sales Quantity Variance

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter3: Cost Behavior

Section: Chapter Questions

Problem 38P: Friendly Bank is attempting to determine the cost behavior of its small business lending operations....

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We discuss how to prepare the different component budgets of theoperating budget, including the sales, production, direct materials,direct labor, manufacturing overhead, cost of goods sold, andselling and administrative expense budgets. We also discuss howto use information from all of these operating budgets to prepare abudgeted income statement. Knowledge Check 05WellWheats, Inc. produces breakfast cereal and sells each box, or unit, for $7.The company is projecting sales of 1,000 units for the month of March. The totalcost of producing one unit includes $2 for direct materials, $1 for direct labor,and $0.50 for manufacturing overhead.Calculate the cost of goods sold for the month of March.
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Bean There Inc. manufactures coffee makers. Selected budget and actual information for 2020 are provided below: Budget Information Actual Information Units sold 1 36,000 Sales in dollars $ 1,272,335 1,363,217 Average selling price per unit $ 50 4 Variable cost per unit $ 30 5 Variable cost in total 2 $ 817,930 Fixed selling and admin $ 302,900 $ 293,200 Operating income 3 6 Calculate on excel: 1. Complete the missing information above (1,2,3,4,5,6) 2. Prepare a flexible budget based on the actual quantity of units sold 3. Prepare a performance report comparing actual results to budgeted results in contribution income statement format. Ensure that the report breaks down variances between actual and budget into price and volume variances for sales, variable costs, and selling and admin expenses including which variances are favorable and which…
Margot's Ice Cream operates several stores in a major metropolitan city and its suburbs. Its budget and operating data for the current year follow: Budgeted Data Selling Price per Actual Operating Results Selling Price per Variable Variable Costs per Costs per Flavor Gallons Gallon Gallon Gallons Gallon Gallon $ 1.35 $ 0.65 $ 1.20 $ 0.55 252,000 315,000 210,000 63,000 192,000 285,000 340,000 183,000 Vanilla Chocolate 1.70 0.80 1.55 0.70 Strawberry Anchovy 1.90 0.80 2.10 0.85 2.70 1.20 3.20 1.40 Required: 1. Compute these variances for the individual flavors and total quantity sold. (Use the Contribution Margin in your calculations and do not round intermediate calculations.) a. b. C. Flavor Sales Volume Variance Sales Mix Variance Sales Quantity Variance Vanilla Chocolate Strawberry Anchovy Total
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Dear Bartleby, can you please help with "calculations for cost of goods sold/operating expenses occured in the following problem, for March, April, May and June, thank you. Following are the budgeted income statements for the second quarter of 2019 for SeaTech Inc.: April May June Sales $ 112,000 $ 136,000 $ 152,000 Cost of goods sold* 76,800 91,200 100,800 Gross profit $ 35,200 $ 44,800 $ 51,200 Operating expenses† 17,600 20,000 21,600 Operating income $ 17,600 $ 24,800 $ 29,600 *Includes all product costs (i.e., direct materials, direct labor, and manufacturing overhead).†Includes all period costs (i.e., selling, general, and administrative expenses).The company expects about 40% of sales to be cash transactions. Of sales on account, 65% are expected to be collected in the first month after the sale is made, and 35% are expected to be collected in the second month after sale. Depreciation,…
Margot’s Ice Cream operates several stores in a major metropolitan city and its suburbs. Its budget and operating data for the current year follow: Flavor Budgeted Data Actual Operating Results Gallons Selling Price per Gallon Variable Costs per Gallon Gallons Selling Price per Gallon Variable Costs per Gallon Vanilla 306,000 $ 1.80 $ 1.10 246,000 $ 1.65 $ 1.00 Chocolate 382,500 2.60 1.70 352,500 2.45 1.60 Strawberry 255,000 2.35 1.25 385,000 2.55 1.30 Anchovy 76,500 3.60 2.10 196,500 4.10 2.30 Required: 1. Compute these variances (sales volume variance, sales mix variance, sales quantity variance) for the individual flavors and total quantity sold. (Use the Contribution Margin in your calculations and do not round intermediate calculations.)
Required: Prepare the following for the first quarter: 1. Cost of goods sold budget. 2. Selling and administrative expense budget. 3. Budgeted income statement for the handisaw product. Preparing Operating Budgets for a Merchandising Firm РАЗЗ-6 Red Canyon T-shirt Company operates a chain of T-shirt shops in the southwestern United States. The sales manager has provided a sales forecast for the LO33-5 coming year, along with the following information: Quarter 1 Quarter 2 Quarter 3 Quarter 4 Budgeted unit sales 40,000 60,000 30,000 60,000 • Each T-shirt is expected to sell for $15. • The purchasing manager buys the T-shirts for $6 each. • The company needs to have enough T-shirts on hand at the end of each quarter to fill 25 percent of the next quarter's sales demand. Selling and administrative expenses are budgeted at $80,000 per quarter plus 10 percent of total sales revenue. Required: Prepare the following operating budgets for quarters 1, 2, and 3. (You do not have enough…
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