N2.Account Contribution Margin Variance, Contribution Margin Volume Variance, Sales Mix VarianceHaysbert Company provides management services for apartments and rental units. In general, Haysbert packages itsservices into two groups: basic and complete. The basic package includes advertising vacant units, showing potential rentersthrough them, and collecting monthly rent and remitting it to the owner. The complete package adds maintenance of unitsand bookkeeping to the basic package. Packages are priced on a per-rental unit basis. Actual results from last year are asfollows:Basic CompleteSales (rental units) 2,000Selling price.$140Variable expenses$85Haysbert had budgeted the following amounts:Basic CompleteSales (rental units) 1,950Selling price$145Variable expenses$90-400$300$240460$290$242 Required:1. Calculate the contribution margin variance.Favorable ✔2. Calculate the contribution margin volume variance. Round the budgeted averageunit contribution margin to four decimal places. Round your final answer to thenearest cent.Unfavorable ✔3. Calculate the sales mix variance. Round the budgeted average unit contributionmargin to four decimal places. Round your final answer to the nearest cent.Favorable

Contribution = Sales - Variable Cost ( VC ) S.no Actual results for the year Basic…

Required: 1. Calculate the contribution margin variance. $ Favorable ✔ 2. Calculate the contribution margin volume variance. Round the budgeted average unit contribution margin to four decimal places. Round your final answer to the nearest cent. Unfavorable ✔ 3. Calculate the sales mix variance. Round the budgeted average unit contribution margin to four decimal places. Round your final answer to the nearest cent. Favorable ✔

Required: 1. Calculate the contribution margin variance. $ Favorable ✔ 2. Calculate the contribution margin volume variance. Round the budgeted average unit contribution margin to four decimal places. Round your final answer to the nearest cent. Unfavorable ✔ 3. Calculate the sales mix variance. Round the budgeted average unit contribution margin to four decimal places. Round your final answer to the nearest cent. Favorable ✔

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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