Margot's Ice Cream operates several stores in a major metropolitan city and its suburbs. Its budget and operating data for the currentyear follow:FlavorVanillaChocolateStrawberryAnchovyFlavorVanillaChocolateStrawberryAnchovyTotalWSRequired:1. Compute these variances for the Individual flavors and total quantity sold. (Use the Contribution Margin in your calculations and donot round Intermediate calculations.)#320EF3Gellons330,000412,500275,00082,500DBudgeted DataSelling VariablePrice par Coste perGallonGallon$ 1.30$ 2.003.002.554.002.101.452.50Sales Volume Variance$4F4RFL%5Actual Operating ResultaSellingPrice parGallon$ 1.852.852.754.50F5dallona270,000382,500405,000202,500T< PrevSales Mix VarianceGMacBook Air<62 of 3...VariableCosta perGallon$ 1.202.001.502.70Y&7HSales Quantity VarianceNext >U► 11*008J-9KMO0F10L<

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 Vanilla Chocolate Strawberry Anchovy Gellons 330,000 412,500 275,000 82,500 Flavor Vanilla Chocolate Strawberry Anchovy Total Budgeted Data Belling Variable Price par Coste par Gallon dallon $ 2.00 $ 1.30 2.10 3.00 2.55 4.00 1.45 2.50 Actual Operating Results Selling Price par Gallon $ 1.85 Sales Volume Verlance Gallona 270,000 382,500 405,000 202,500 2.85 2.75 4.50 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.) Variable Costa per Gallon $ 1.20 2.00 1.50 2.70 b Sales Mix Varlance 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: Flavor Vanilla Chocolate Strawberry Anchovy Gellons 330,000 412,500 275,000 82,500 Flavor Vanilla Chocolate Strawberry Anchovy Total Budgeted Data Belling Variable Price par Coste par Gallon dallon $ 2.00 $ 1.30 2.10 3.00 2.55 4.00 1.45 2.50 Actual Operating Results Selling Price par Gallon $ 1.85 Sales Volume Verlance Gallona 270,000 382,500 405,000 202,500 2.85 2.75 4.50 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.) Variable Costa per Gallon $ 1.20 2.00 1.50 2.70 b Sales Mix Varlance Sales Quantity Variance

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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Stone Canyon Muffins sells its muffins to restaurants and coffee houses for an average selling price of $27 per case. The following information relates to the budget for Stone Canyon Muffins for this year (all figures are annual totals unless otherwise noted): Budget information: Budgeted sales in cases. . . . . . 9,300 cases Packaging cost per case. . . . . . $4 Shipping expense per case. . . . $2 Sales commission expense. . . . 1% of sales price Salaries expense. . . . . . . . . . . . $7,000 Office rent. . . . . . . . . . . . . . . . . $3,800 Depreciation. . . . . . . . . . . . . . . $2,600 Insurance expense. . . . . . . . . . $2,500 Office supplies expense. . . . . . $600 Actual expenses: Packaging cost. . . . . . . . . . . . . . $39,300 Shipping expense. . . . . . . . . . . . $21,800 Sales commission expense. . . . . $2,641 Salaries expense. . . . . . . . . . . . . $8,500 Office rent.…
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 coming year, along with the following information: ● Quarter 1 Quarter 2 Quarter 3 Quarter 4 38,000 58,000 29,000 58,000 Budgeted unit sales Each T-shirt is expected to sell for $13. The purchasing manager buys the T-shirts for $5 each. The company needs to have enough T-shirts on hand at the end of each quarter to fill 23 percent of the next quarter's sales demand. Selling and administrative expenses are budgeted at $76,000 per quarter plus 18 percent of total sales revenue. Required: 1. Determine budgeted sales revenue for each quarter. 2. Determine budgeted cost of merchandise purchased for each quarter. 3. Determine budgeted cost of good sold for each quarter. 4. Determine selling and administrative expense for each quarter. 5. Complete the budgeted income statement for each quarter.
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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 Costs per Gallon Actual Operating Results Selling Variable Price per Costs per Gallon $ 0.65 Variable Flavor Gallons 264,000 330,000 220,000 66,000 Gallon Gallons Gallon Vanilla Chocolate Strawberry Anchovy $ 1.45 $ 0.75 204,000 300,000 350,000 186,000 $ 1.30 1.75 2.20 1.90 2.00 1.00 0.90 0.90 0.95 2.90 1.40 3.40 1.60 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.) b. Flavor Sales Volume Variance Sales Mix Variance Sales Quantity Variance. Vanilla Chocolate Strawberry Anchovy Total
WXY Corporation manufactures lambs. Here below static budget and actual results are presented; Actual Results as of Dec,31,2011 Static Budget as of Jan,01,2011 Units sold 184.000 units 180.000 units Revenues $1.840.000 $1.800.000 Variable costs $901.600 $864.000 Fixed costs $190.000 $200.000 Required: Please prepare five column income statement performance report. Discuss the advantages of using flexible budgets in detail. Describe the purpose of variance analysis and its relation to responsibility management by using examples.
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Vibrant Inc. manufactures two models of speakers, Rumble and Thunder. Based on the following production and sales data for June, prepare (a) a sales budget and (b) a production budget: Rumble Thunder Estimated inventory (units), June 1 258 70 Desired inventory (units), June 30 296 61 Expected sales volume (units): North Region 3,250 3,650 South Region 5,200 4,500 Unit sales price $95 $185 a. Prepare a sales budget. Vibrant Inc. Sales Budget For the Month Ending June 30 Unit Unit Total Sales Selling Sales Volume Price Product and Area Model Rumble: North Region South Region Total Model Thunder: North Region South Region Total Total revenue from sales b. Prepare a production budget. Vibrant Inc. Production Budget For the Month Ending June 30 Units Units Model Model Rumble Thunder Expected units to be sold Total units required Total units to be produced