Margot's Ice Cream operates several stores in a major metropolitan city and its suburbs. Its budget and operating data forthe current year follow:Budgeted DataSellingPrice per Costs perGallonActual Operating ResultsSelling VariablePrice per Costs perGallon$ 0.65VariableFlavorGallons264,000330,000220,00066,000GallonGallonsGallonVanillaChocolateStrawberryAnchovy$ 1.45$ 0.75204,000300,000350,000186,000$ 1.301.752.201.902.001.000.900.900.952.901.403.401.60Required:1. Compute these variances for the individual flavors and total quantity sold. (Use the Contribution Margin in yourcalculations and do not round intermediate calculations.)b.FlavorSales Volume VarianceSales Mix VarianceSales Quantity Variance.VanillaChocolateStrawberryAnchovyTotal

The question is based on the concept of Cost Accounting.

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 Variable Price per Costs per Gallon Actual Operating Results Selling Price per Costs per Gallon $ 1.30 1.75 Variable Flavor Vanilla Chocolate Strawberry Anchovy Gallons Gallon Gallons 204,000 300, 000 350,000 186,000 Gallon $ 1.45 $ 0.75 264,000 330,000 220,000 66,000 $ 0.65 0.90 0.95 1.90 1.00 2.00 2.90 0.90 1.40 2.20 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.) Flavor Sales Volume Variance Sales Mix Variance Sales Quantity Variance Vanilla Chocolate

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 Variable Price per Costs per Gallon Actual Operating Results Selling Price per Costs per Gallon $ 1.30 1.75 Variable Flavor Vanilla Chocolate Strawberry Anchovy Gallons Gallon Gallons 204,000 300, 000 350,000 186,000 Gallon $ 1.45 $ 0.75 264,000 330,000 220,000 66,000 $ 0.65 0.90 0.95 1.90 1.00 2.00 2.90 0.90 1.40 2.20 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.) Flavor Sales Volume Variance Sales Mix Variance Sales Quantity Variance Vanilla Chocolate

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

Dineshbhai
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 Budgeted unit sales 34,000 54,000 27,000 54,000 Each T-shirt is expected to sell for $18. The purchasing manager buys the T-shirts for $7 each. The company needs to have enough T-shirts on hand at the end of each quarter to fill 28 percent of the next quarter’s sales demand. Selling and administrative expenses are budgeted at $68,000 per quarter plus 14 percent of total sales revenue. Required:. Determine budgeted cost of merchandise purchased for quarters 1, 2, and 3.. Determine budgeted cost of good sold for quarters 1, 2, and 3.. Determine selling and administrative expenses for quarters 1, 2, and 3.. Complete the budgeted income statement for quarters 1, 2, and 3.
Dinesh bhai
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.
answer in text form please (without image)
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 Gallons Budgeted Data Selling Price per Gallon Actual Operating Results Vanilla 324,000 $ 1.95 Variable Costs per Gallon $ 1.25 Selling Price per Variable Costs per Gallons Gallon Gallon 264,000 $ 1.80 $ 1.15 Chocolate 405,000 2.90 2.00 375,000 2.75 1.90 Strawberry Anchovy 270,000 2.50 1.40 400,000 2.70 1.45 81,000 3.90 2.40 201,000 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.) a. b. C. Flavor Sales Volume Variance Sales Mix Variance Sales Quantity Variance Vanilla Chocolate Strawberry Unfavorable Unfavorable Favorable Unfavorable Favorable Unfavorable Favorable Favorable Favorable Anchovy Favorable Favorable Favorable Total Favorable Favorable Favorable
please answer this with must explanation , computation , for each steps and each parts answer in text form
Don't provide answers in image format
Sky has set up a jam-making business and is calculating the raw material requirements for the year ahead. Her sales estimates and raw materials usage assumptions are as follows: TABLE 1: Jam sales budget in units (jars) Gooseberry 245,000 Rhubarb Sales units (jars) Opening inventory (jars) 60,000 5,500 30,000 TABLE 2: Jam raw material usage assumptions Gooseberry 0.7kg 0.6kg Rhubarb Fruit per jar Sugar per jar 1.1kg 1.0kg Calculate: (i) The production budget (in quantities) using the opening inventory assumptions in Table 1 above and assuming that closing inventory should be 10% of sales units. (ii) The materials budget (in quantities), identifying how much of each type of raw material is required. (iii) The total raw material purchase budget (in value £ and to the nearest whole £) if gooseberries cost £1.60 per kg; and rhubarb cost £2.25 per kg. Sugar costs £0.21 per kg, jars cost £0.15 each, lids cost £0.02 each and labels (one per jar) cost £0.01 each. (iv) The total cost per jar…
Edward Food Processing Company is a wholesale distributor of biscuits in Holborn.The Company has achieved steady growth over the past few years while Biscuitprices have been on the increase. The Company is planning its budget for the nextfinancial year. Presented below are the data used to project the current year’s aftertax income of £110,400. £Average Sales Price per Box 4.00Average variable costs per Box Cost of Biscuits 2.00 Profit on sale 0.40 Total 2.40Annual fixed cost Selling 160,000 Administrative 280,000 Total 440.000Expected annual sales volume (390,000 boxes) £1,560,000Tax rate 20%Biscuit manufacturers have announced that they will increase prices of theirproducts by an average of 15% in the coming year due to increase in material andlabour costs. Edward Food Processing expects same rates or levels as the currentyear. Required: Determine the Volume of sales the company must achieve in the comingyear to maintain the same net income as projected for the current yearif the…
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
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 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: Determine budgeted sales revenue for each quarter. Determine budgeted cost of merchandise purchased for each quarter. Determine budgeted cost of good sold for each quarter. Determine selling and administrative expense for each quarter. Complete the budgeted income statement for each quarter.