Oriole Industries has the following actual and master budget information for its two product lines:Volume in UnitsUnit Contribution MarginSales quantity variance GadgetsSales quantity variance GizmosActual ResultsTotal sales quantity varianceGadgets Gizmos1,1501,870$6$9Compute the Sales Quantity Variances for the Gadgets, Gizmos, and in Total. (Round intermediate calculations to 4 decimal places, eg.2.3337 and final answers to O decimal places, e.g. 2,555.)$$tAMaster Budget$Gadgets1,350$5Gizmos1,770$10>

Variance analysis is a costing tool to identify the deviations in the budget prepared as per the…

Oriole Industries has the following actual and master budget information for its two product lines: Volume in Units Unit Contribution Margin Actual Results Gadgets Gizmos 1,150 1,870 $6 $9 Master Budget Gadgets 1,350 $5 Gizmos 1,770 $10

Oriole Industries has the following actual and master budget information for its two product lines: Volume in Units Unit Contribution Margin Actual Results Gadgets Gizmos 1,150 1,870 $6 $9 Master Budget Gadgets 1,350 $5 Gizmos 1,770 $10

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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Concept explainers

Management by Exception

A manager’s job is a very tough one. A manager needs to look at the various areas of work and as a manager he has to look after two or more important jobs or activities at the same time for the growth of the business. In order to do all these things in an effective manner, a manager must adopt or practice different management styles and tactics.

Question

Oriole Industries has the following actual and master budget information for its two product lines:
Volume in Units
Unit Contribution Margin
Sales quantity variance Gadgets
Sales quantity variance Gizmos
Actual Results
Total sales quantity variance
Gadgets Gizmos
1,150
1,870
$6
$9
Compute the Sales Quantity Variances for the Gadgets, Gizmos, and in Total. (Round intermediate calculations to 4 decimal places, eg.
2.3337 and final answers to O decimal places, e.g. 2,555.)
$
$
tA
Master Budget
$
Gadgets
1,350
$5
Gizmos
1,770
$10
>

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