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Required a. & b. Determine the flexible budget variances and also Indicate whether each variance is favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Flexible Budget Variances Sales revenue Variable manufacturing costs Materials Labor Overhead Variable seling. general, and administrative costs Contribution margin Fixed costs Manufacturing overhead Seling, general, and administrative costs Net income

Required a. & b. Determine the flexible budget variances and also Indicate whether each variance is favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Flexible Budget Variances Sales revenue Variable manufacturing costs Materials Labor Overhead Variable seling. general, and administrative costs Contribution margin Fixed costs Manufacturing overhead Seling, general, and administrative costs Net income

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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Required a. & b. Determine the flexible budget variances and also Indicate whether each variance is favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Flexible Budget Variances Sales revenue Variable manufacturing costs Materials Labor Overhead Variable selling. general, and administrative costs Contribution margin Fixed costs Manufacturing overhead Seling, general, and administrative costs Net income
Transcribed Image Text:Required a. & b. Determine the flexible budget variances and also Indicate whether each variance is favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Flexible Budget Variances Sales revenue Variable manufacturing costs Materials Labor Overhead Variable selling. general, and administrative costs Contribution margin Fixed costs Manufacturing overhead Seling, general, and administrative costs Net income
Fanning Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative $ 36.50 8.40 4.30 5.90 6.90 $130,000 51,000 Assume that Fanning actually produced and sold 28,000 books. The actual sales price and costs incurred follow. Actual price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and adeinistrative costs Actual fixed costs Manufacturing overhead Selling, general, and adainistrative $ 35.50 8.60 4.20 5.95 6.70 $115,000 57,000
Transcribed Image Text:Fanning Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative $ 36.50 8.40 4.30 5.90 6.90 $130,000 51,000 Assume that Fanning actually produced and sold 28,000 books. The actual sales price and costs incurred follow. Actual price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and adeinistrative costs Actual fixed costs Manufacturing overhead Selling, general, and adainistrative $ 35.50 8.60 4.20 5.95 6.70 $115,000 57,000
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