2 Margot's Ice Cream operates several stores in a major metropolitan city and its suburbs. Its budget and operating data for the currentyear follow:FlavorVanillaChocolateStrawberryAnchovyFlavorVanillaGallons342,000427,500285,00085,500ChocolateStrawberryAnchovyTotalBudgeted DataSellingPrice perGallon$ 2.103.202.654.20a.VariableCosts perGallon$ 1.402.301.552.70Required:1. Compute these variances for the individual flavors and total quantity sold. (Use the Contribution Margin in your calculations and donot round intermediate calculations.)Sales Volume VarianceActual Operating ResultsSellingPrice perGallon$ 1.953.052.854.70Gallons282,000397,500415,000205,500VariableCosts perGallon$ 1.302.201.602.90b.Sales Mix VarianceC.Sales Quantity Variance

Variance is the difference in the value of budgeted cost\quantity\price and the actual…

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 Gallons 342,000 427,500 285,000 85,500 Flavor Vanilla Chocolate Strawberry Anchovy Total Budgeted Data Selling Variable Price per Costs per Gallon Gallon. $ 1.40 $ 2.10 3.20 2.65 2.30 1.55 2.70 4.20 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. Actual Operating Results Selling Variable Price per Costs per Gallon Gallon $ 1.95 $ 1.30 2.20 3.05 2.85 1.60 4.70 2.90 Sales Volume Variance Gallons. 282,000 397,500 415,000 205,500 b. Sales Mix Variance C. 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 Gallons 342,000 427,500 285,000 85,500 Flavor Vanilla Chocolate Strawberry Anchovy Total Budgeted Data Selling Variable Price per Costs per Gallon Gallon. $ 1.40 $ 2.10 3.20 2.65 2.30 1.55 2.70 4.20 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. Actual Operating Results Selling Variable Price per Costs per Gallon Gallon $ 1.95 $ 1.30 2.20 3.05 2.85 1.60 4.70 2.90 Sales Volume Variance Gallons. 282,000 397,500 415,000 205,500 b. Sales Mix Variance C. Sales Quantity Variance

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 answer this with must explanation , computation , for each steps and each parts answer in text form
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.
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…
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…
Rahul
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.)
please answer the follong question thanks
quetion is attached in thee ss below need help asap asap thanks fn4wgo25ohin5 h5noih
please help me
Timpco, a retailer, makes both cash and credit sales (i.e., sales on open account). Information regarding budgeted sales for the last quarter of the year is as follows: OctoberNovemberDecemberCash sales$ 60,000$ 55,000$ 75,000Credit sales60,00066,00082,500Total$ 120,000$ 121,000$ 157,500 Past experience shows that 5% of credit sales are uncollectible. Of the credit sales that are collectible, 60% are collected in the month of sale; the remaining 40% are collected in the month following the month of sale. Customers are granted a 1.5% discount for payment within 10 days of billing. Approximately 75% of collectible credit sales take advantage of the cash discount. Inventory purchases each month are 100% of the cost of the following month’s projected sales. (The gross profit rate for Timpco is approximately 30%.) All merchandise purchases are made on credit, with 20% paid in the month of purchase and the remainder paid in the following month. No cash discounts for early payment are…
please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly
Refer to the information regarding Stillwater Designs above.Required:1. Prepare a sales budget for each quarter of 20X1 and for the year in total. Show sales byproduct and in total for each time period.2. CONCEPTUAL CONNECTION How will Stillwater Designs use this sales budget?