Exercise 17-33 (Algo) Sales Mix and Quantity Variances (LO 17-4)Lee Lighting produces two models of floor lamps: Standard and Smart. The two differ primarily in the quality of the materials and theadditional electronics required for the Smart lamp. At budget, Standard sells for $24 per unit and has a variable cost to produce of $15.The Smart lamp sells for a budgeted $68 per lamp and has a budgeted variable cost to produce of $50. Lee expects to sell 40 percentSmart lamps, and budgeted sales at a total of 98,380 lamps of both models for May. Lee actually sold 94.380 lamps, of which 39,880were Smart lamps. Smart lamp actual revenues represented 40 percent of May total actual revenue.Required:a. Compute the sales activity variance for Lee for May.b. Compute the sales mix and sales quantity variances for May.Complete this question by entering your answers in the tabs below.Required A Required BCompute the sales mix and sales quantity variances for May.Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" forunfavorable. If there is no effect, do not select either option.Mix varianceQuantity variance< Required ARequired B cesExercise 17-33 (Algo) Sales Mix and Quantity Variances (LO 17-4)Lee Lighting produces two models of floor lamps: Standard and Smart. The two differ primarily in the quality of the materials and theadditional electronics required for the Smart lamp. At budget, Standard sells for $24 per unit and has a variable cost to produce of $15.The Smart lamp sells for a budgeted $68 per lamp and has a budgeted variable cost to produce of $50. Lee expects to sell 40 percentSmart lamps, and budgeted sales at a total of 98,380 lamps of both models for May. Lee actually sold 94,380 lamps, of which 39,880were Smart lamps. Smart lamp actual revenues represented 40 percent of May total actual revenue.Required:a. Compute the sales activity variance for Lee for May.b. Compute the sales mix and sales quantity variances for May.Complete this question by entering your answers in the tabs below.Required A Required BCompute the sales activity variance for Lee for MayNote: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" forunfavorable. If there is no effect, do not select either option.Activity varianceRequired ARequired B >

Required: a. Compute the sales activity variance for Lee for May. b. Compute the sales mix and sales quantity variances for May. Complete this question by entering your answers in the tabs below. Required A Required]B Compute the sales mix and sales quantity variances for May. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Mix variance Quantity variance < Required A Required B >

Required: a. Compute the sales activity variance for Lee for May. b. Compute the sales mix and sales quantity variances for May. Complete this question by entering your answers in the tabs below. Required A Required]B Compute the sales mix and sales quantity variances for May. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Mix variance Quantity variance < Required A Required B >

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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Fischer Fabrication reported the following information concerning its direct materials: Direct materials purchased (actual) Standard cost of materials purchased Standard price tires actual amount of materials used Actual production Standard direct materials costs per unit produced Assume that Fischer Fabrication had no beginning finished goods inventory and only produced one product. A count of inventory showed that 4,552 units remained in the warehouse. $ 378,300 $361,500 $ 333,500 56,900 units $6 Required: a. Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. b. Assume Fischer prorates all variances to the appropriate accounts. Prepare the entries Fischer would make to record and close out the variances. Complete this question by entering your answers in the tabs below. Required A Required B Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to…
Determine the following: Sales price variance Sales volume variance Sales variance Cost price variance Total gross profit variance Price variance
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A.) Sales Price Variance B.) Sales Volume Variance C.) Sales Variance D.) Cost Price Variance E.) Cost Volume Variance F.) Total Gross Profit Variance G.) Price Variance H.) Price-Quantity Variance I.) Cost Variance J.) Cost-Quantity Variance
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Using the accompanying data of restaurant sales, determine if the variance of weekday sales is the same as that of weekend sales for each of the three variables (lunch, dinner, and delivery). Click the icon to view the restaurant sales data. Is there sufficient evidence at the 0.01 level of significance to conclude that the variance of weekday sales is the same as that of weekend sales for lunch sales? Determine the null hypothesis, Ho, and the alterative hypothesis, H₁ Let weekend sales be population 1 and weekday sales be population 2. 2 2 100 0 2 2 0 Ho 0-0 H₁: 0-0 (Type integers or decimals. Do not round.) Compute the test statistic. 3.95 (Round to two decimal places as needed.) Find the one-tail p-value for the test. Survey data Date 4-Apr 11-Apr Day Wednesday Wednesday Lunch Sales $ 358 Dinner Sales $ Delivery Sales S 789 293 386 665 299 18-Apr Wednesday 426 628 269 25-Apr Wednesday 331 729 253 3-Apr Tuesday 296 648 325 10-Apr Tuesday 308 572 326 17-Apr Tuesday 297 568 358 24-Apr…
A.) Sales Price Variance B.) Sales Volume Variance C.) Sales Variance D.) Cost Price Variance E.) Cost Volume Variance F.) Total Gross Profit Variance G.) Price Variance H.) Price-Quantity Variance I.) Cost Variance J.) Cost-Quantity Variance
S1: The percentage increase in selling price is found by dividing the favorable sales price variance by last year's sales at the current year's sales quantity. S2: The percentage decrease in units sold is found by dividing the favorable cost volume variance by the planned level of cost of sales. A. both are true C. S1 is true D. S2 is true B. both are false