PROBLEM 9. Basic Foods expected to sell 30,000 of itsfishcharon at P300 each. It actually sold 29,000 at P298.Variable cost per pack is P140.Determine the sales price variance and sales volume variance.PROBLEM 10 The controller of Palma Company is examiningthe following budgeted and actual income statements for itsprincipal product for 2021. All amounts are in thousands ofpesos.BudgetP4,800.01,668.0P3.120.0ActualP4,967.21.780.8P3.186.4SalesVariable costContribution marginThe budgeted unit selling price is P8.00. Actual unit volume is6% over budget, but the actual selling price is below budget.Per-unit variable costs are incurred as budgeted.Determine the sales price variance and sales volume variance.

Since you have asked multiple question, we will solve the first question for you. If you want any…

PROBLEM 9. Basic Foods expected to sell 30,000 of its fishcharon at P300 each. It actually sold 29,000 at P298. Variable cost per pack is P140. Determine the sales price variance and sales volume variance.

PROBLEM 9. Basic Foods expected to sell 30,000 of its fishcharon at P300 each. It actually sold 29,000 at P298. Variable cost per pack is P140. Determine the sales price variance and sales volume 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

Related questions

Q: Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its…

A: The variance is the difference between actual cost and standard cost of production.

Q: The sales price variance is * O Sample format: 111,111 F or 111,111 U Data for National Co. is as…

A: Sales Price Variance can be calculated as = Actual Quantity sold x Standard Selling price - Actual…

Q: Reynold's Grocery has fixed costs of $346,000, the unit selling price is $27, and the unit variable…

A: Break even sales means that level of sales revenue at which busines is fully recovering its fixed…

Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…

A: Variance:- When there is a difference in the budgeted amount and what actually produces or occur is…

Q: 7. Given the following information, decompose the payor's inpatient costs variance. Determine how…

A: Variance is difference between actual and budget. Calculation of variance due to price = (budgeted-…

Q: lia Wiz sells computers. During May, it sold 600 computers at a $700 per unit price. The fixed…

A: Variance analysis is essential to financial management and performance assessment since it enables…

Q: Atlantis Inc. wants to analyze the variances in its actual and budgeted gross profit. Compute for…

A: The correct option with proper calculation areas follows

Q: Income Statement with Variances Encinas Company produces a product that requires 6 standard pounds…

A: Encinas Company Income Statement Through Gross Profit For the Month Ended July 31Sales | $270 *…

Q: 1. Calculate the overall sales variance for December

A: Sales Variance = Actual Sales - Budgeted Sales Actual Sales = Actual Units x Actual Price = 58600…

Q: Exercise 8-26 (Algo) Computing sales variances LO A1 Mia Wiz sells computers. During May, it sold…

A: Sales variance analysis is a financial and management accounting approach used by firms to examine…

Q: Sharp Co. has generated these data for the 2 most recent years where 2021 sales price was 10% lower…

A: Sales volume variance refers to the difference between the actual sales and the budgeted sales as a…

Q: ok t nces Mia Wiz sells computers. During May, it sold 400 computers at a $1,100 per unit price. The…

A: SALES VALUE VARIANCE Sales Value Variance is the difference between the budgeted value of sales and…

Q: Trendy Trendy makes four products; it is always concerned that it might not make a profit as the…

A: Break-even point: The break-even point refers to a point where the total cost is equal to the total…

Q: 2021 Sales P190 Cost of Goods Sold 150 Gross Profit P40

A: Sale Price Variance is the difference between the actual and budgeted selling price into the actual…

Q: ad costs 0

A: A flexible budget is a budget that can be adjusted with the company's new volume level and any other…

Q: Income Statement with Variances Encinas Company produces a product that requires 6 standard pounds…

A: The question is based on the concept of cost accounting.

Q: Encinas Company produces a product that requires 6 standard pounds per unit. The standard price is…

A: Direct material price variance = (Actual price - Standard price) x Actual Quantity= ($2 - $1.75) x…

Q: Assuming actual volume is 14,000 units and planned volume is 18,000 units, the sales volume variance…

A: Lets understand the basics.Sales volume variance is a variance between the planned sales volume with…

Q: Columbus Industries makes a product that sells for $30 a unit. The product has a $22 per unit…

A: Break Even Point :— It is the point of production where total cost is equal to total revenue. At…

Q: Comparative Income Statements and Sales Performance Variances; Current to PriorYear Green Grow Inc.…

Q: Containers International decides to sell Small containers only, calculate the break-even point in…

A: Breakeven point in units is defined as the number of units of the goods and services that the firms…

Q: Required: (a) Which formula will correctly calculate the direct labour efficiency variance in cell…

A: (a) Direct labour efficiency variance = (26,000 x $48) - (150,000 x $8) = $1,248,000 - $1,200,000 =…

Q: Assume that a company has two cost drivers-number of textbooks and number of instructors. The…

A: Answer:- Spending Variance:- It is difference between flexible budget cost and actual cost. Flexible…

Q: Income Statement with Variances Dvorak Company produces a product that requires 5 standard pounds…

A: Income statement through gross profit for Dvorak Company for the month ended July 31:

Q: What is the Sales Volume Variance under 4-way analysis?*

A: Any of the variances can be studied in four ways Fixed price/spending variance Variable…

Q: P V The Foxmoore Company experienced a $100,000 shortfall in sales revenues for the year. Top…

A: in cost accounting variance analysis system in order to evaluate the result, when planning,…

Q: and The BUS Club prepares a budget for a trip. They expect to use 10 gallons of ga 1 pay $3.30 per…

A: Lets understand the basics. Price variance is a variance betwween the rate at which item should be…

Q: This year's total sales of Bulldogs Inc. is P4,600,000. The following variances are determined:…

A: Change in sales = Sales price variance + Sales volume variance = 750,000 + (-150,000) = 600,000

Q: equired: . Prepare the following variance analyses for both chocolates and the total, based on the…

A: The variance is the difference between actual cost of production and standard cost of production.

Q: Sales Price Variance, Sales Volume Variance, Overall Sales Variance Holland Company is a garden…

A: Variance analysis shows the differences between the actual and standard results and also shows the…

Q: Mission Foods produces two flavors of tacos-chicken and fish - with the following characteristics.…

A: A fixed cost is one that does not change no matter how many units of a good or service are produced…

Q: 3.1 Calculate the total Marginal Income and Net Profit/Loss if all the tables are sold. 3.2 Use the…

A: Break even value is the value which every business wants to earn from the product which they are…

Q: 4. Assume the role of manageméht Geller? Should he be more concerned? If so, why? 7-26 Price and…

A: Formulas:

Q: Sales Variances Presented is information pertaining to an item sold by Winding Creek General Store:…

A: Revenue Variance :— It is the difference between actual sales revenue and budgeted sales revenue.…

Q: Problem 6. Highland Coffee Company is concerned with its gross profit negating the increase of Its…

A: Gross profit variance is the difference of gross profit in two years. This shows how much gross…

Q: Suppose that the demand rate is 500 units per week. The fixed ordering cost is $50 per order. The…

A: Inventory: It is the goods that are held by a company at various stages like stock of raw materials,…

Q: Bulldogs Inc. sells the following products. The following were obtained from the records 2022 Cost…

A: The discrepancy between a company's budgeted and actual sales mix is known as sales mix variance.…

Q: Sales Price Variance, Sales Volume Variance, Overall Sales Variance Saginaw Company is a garden…

A: The management used to compute sales variance for identifying the cause of change in actual sales…

Q: Need answer

A: Step 1: Step 2: Step 3: Step 4:

Q: Mangia Pizza Company makes frozen pizzas that are sold through grocery stores. Mangia developed the…

A: It is the difference between the standard cost of the standard usage of direct material, and the…

Q: Problem 6. Highland Coffee Company is concerned with its gross profit negating the increase of its…

A: Gross profit variance refers to the difference between the actual gross profit and budgeted gross…

Q: Bulldogs Inc. sells the following products. The following were obtained from the records: 2022 Units…

A: Sales mix variance arises when units sold is not in the proportion of defined standard units.…

Q: Quesbon Required: The owners can see that the company sold a different amount of units than…

A: Planning (static) budget: A planning budget is a budget prepared by the planning committee For…

Question

PROBLEM 9. Basic Foods expected to sell 30,000 of its
fishcharon at P300 each. It actually sold 29,000 at P298.
Variable cost per pack is P140.
Determine the sales price variance and sales volume variance.
PROBLEM 10 The controller of Palma Company is examining
the following budgeted and actual income statements for its
principal product for 2021. All amounts are in thousands of
pesos.
Budget
P4,800.0
1,668.0
P3.120.0
Actual
P4,967.2
1.780.8
P3.186.4
Sales
Variable cost
Contribution margin
The budgeted unit selling price is P8.00. Actual unit volume is
6% over budget, but the actual selling price is below budget.
Per-unit variable costs are incurred as budgeted.
Determine the sales price variance and sales volume variance.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Calculating the Yield Variance Mangia Pizza Company makes frozen pizzas that are sold through grocery stores. Mangia developed the following standard mix for spreading on premade pizza shells to produce 17 giant-size sausage pizzas. Direct Material Mix Mix Proportion SP Standard Cost Tomato sauce 10 lbs. 0.325 $1.50 $15.00 Cheese 11 0.360 2.70 29.70 Sausage 9 0.315 2.10 18.90 Total 30 lbs. $63.60 Mangia put a batch of 2,000 pounds of direct materials (enough for 1,133 frozen sausage pizzas) into process. Of the total, 680 pounds were tomato sauce, 880 pounds were cheese, and the remaining 440 pounds were sausage. The actual yield was 760 pizzas. 1. Calculate the standard yield for actual input of 2,000 pounds of direct materials. Do not round intermediate calculations. Round your final answer to nearest whole number.fill in the blank 2. Calculate the yield variance. Do not round intermediate calculations, except…
60
Consumers' and Producers' Surplus The quantity demanded x (in units of a hundred) of the Mikado miniature cameras per week is related to the unit price p (in dollars) by p = -0.2x2 + 160 and the quantity x (in units of a hundred) that the supplier is willing to make available in the market is related to the unit price p (in dollars) by p = 0.1x2 + 5x + 80. If the market price is set at the equilibrium price, find the consumers' surplus and the producers' surplus. (Round your answers to the nearest dollar.) consumer's surplus $ producer's surplus $ %24
Please do not give solution in image format thanku
What is the cost price variance? * O Bulldogs Inc. sells the following products. The following were obtained from the records: 2022 Cost of Sales Gross Profit 2,000.00 Units sold Products Dog Food Sales 12,000.00 10,000.00 500.00 Dog Treats 10,000.00 9,000.00 1,000.00 250.00 22,000.00 19,000.00 3,000.00 750.00 2021 Products Dog Food Cost of Sales 10,000.00 Gross Profit 1,000.00 Sales Units 11,000.00 250.00 Dog Treats 10,000.00 8,000.00 2,000.00 250.00 21,000.00 18,000.00 3,000.00 500.00 O 7,500U O 6,000F O 8,000U O 9,000U
A company has the following information for one of its products: Standard per item (£) Actual per item (£) Selling price 20 22 Material 6 8 Labour 3 4 Variable overhead 2 4 It budgeted to sell 1,000 units but actually sold 100 less than this. What is the sales price variance? A £1,800 F B £2,000 F C £2,000 A D £1,800 A
TB MC Qu. 16-80 (Static) The net effect of AR-10's sales volume variance on profit: Duo, Incorporated Duo, Incorporated, carries two products and has the following year-end income statement (000s omitted) Product ZR-7 Units Sales $ Variable costs Product AR-10 Multiple Choice Budget 2,000 $ 6,000 2,400 1,800 $4,200 $ 1,800 Actual 2,800 $ 7,560 2,800 1,900 $4,700 $ 2,860 Fixed Costs Total Costs Operating income The net effect of AR-10's sales volume variance on profit is: Budget 6,000 $ 12,000 6,000 2,400 $ 8,400 $ 3,600 Actual 5,600 $ 11,760 5,880 2,400 $ 8,280 $ 3,480
Direct-cost and selling price variances. MicroDisk is the market leader in the Secure Digital (SD) card industry and sells memory cards for use in portable devices such as mobile phones, tablets, and digital cameras. Its most popular card is the Mini SD, which it sells through outlets such as Target and Walmart for an average selling price of $8. MicroDisk has a standard monthly production level of 420,000 Mini SDs in its Taiwan facility. The standard input quantities and prices for direct-cost inputs are as follows:
please do not give solution in image format
The production cost for a waterproof phone case is $9 per unit and fixed costs are $28,000 per month. How much is the favorable or unfavorable variance if 5,800 units were produced for a total of $79,500? Enter the amount as positive number. O variance $ Favorable Unfavorable
For the price per 200 gram, why its total cost is still 528.72?
The sale performance of a business can be summarized as follows Actual Budget Units produced and sold 11,200 10,500 Selling price per unit (£) £28 £25 Standard cost per unit (£) £14 £15 What was the selling price variance? £ 18,800 favourable £ 33,600 favourable £ 56,400 favourable £ 80,000 favourable What was the sales volume variance? £16,900 adverse £7,000 favourable £6,500 favourable £8,400 adverse