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mounts: 000) Toaster Oven $2.250.000 Convection Oven Total

mounts: 000) Toaster Oven $2.250.000 Convection Oven Total

FINANCIAL ACCOUNTING
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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Sales Mix Variance Iliff, Inc., produces and sells two types of countertop ovens-the toaster oven and the convection oven. Budgeted and actual data for the two models are shown below. Budgeted Amounts: Sales: ($90 × 25,000) ($150 x 15,000) Variable expenses Contribution margin Actual Amounts: Sales: ($88 × 25,800) ($160 x 14,000) Variable expenses Contribution margin Required: Toaster Oven $2,250,000 500,000 $1,750,000 1. Calculate the sales mix variance. $ Unfavorable ▾ Toaster Oven $2,270,400 541,800 $1,728,600 Convection Oven $2,250,000 750,000 $1,500,000 Convection Oven $2,240,000 742,000 $1,498,000 Total $4,500,000 1,250,000 $3,250,000 Total $4,510,400 1,283,800 $3,226,600
Transcribed Image Text:Sales Mix Variance Iliff, Inc., produces and sells two types of countertop ovens-the toaster oven and the convection oven. Budgeted and actual data for the two models are shown below. Budgeted Amounts: Sales: ($90 × 25,000) ($150 x 15,000) Variable expenses Contribution margin Actual Amounts: Sales: ($88 × 25,800) ($160 x 14,000) Variable expenses Contribution margin Required: Toaster Oven $2,250,000 500,000 $1,750,000 1. Calculate the sales mix variance. $ Unfavorable ▾ Toaster Oven $2,270,400 541,800 $1,728,600 Convection Oven $2,250,000 750,000 $1,500,000 Convection Oven $2,240,000 742,000 $1,498,000 Total $4,500,000 1,250,000 $3,250,000 Total $4,510,400 1,283,800 $3,226,600
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