Problem 5. Angel Company is a wholesaler that sells a single product at P103.40 per unit. Its cost analyst has collated the necessary information for the gross profit analysis, comparing actual to budget for its product. The actual and budget data for the month of March of the current year show: Actual Budgeted Sales volume (units) 5,000 6,000 Cost of goods sold P315,500 P378,600 Required: Present the gross profit variance analysis.

Problem 5. Angel Company is a wholesaler that sells a single product at P103.40 per unit. Its cost analyst has collated the necessary information for the gross profit analysis, comparing actual to budget for its product. The actual and budget data for the month of March of the current year show: Actual Budgeted Sales volume (units) 5,000 6,000 Cost of goods sold P315,500 P378,600 Required: Present the gross profit variance analysis.

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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The following information was drawn from the accounting records of Ashton Company. Budgeted Actual Sales $ 10,000 $ 13,000 Cost of Goods Sold (5,000 ) (6,600 ) Gross Margin 5,000 6,400 Variable Cost (2,000 ) (2,700 ) Fixed Cost (2,500 ) (1,900 ) Net Income $ 500 $ 1,800 Based on this information Ashton Company has a Multiple Choice $1,300 favorable sales variance $1,300 unfavorable sales variance $3,000 favorable sales variance $3,000 unfavorable sales variance
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