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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Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,300 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget Actual pounds (q) Revenue ($4.15q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,100) Wages and salaries ($2,500 + $0.35q) Shipping ($0.60q) Utilities ($1,210) For the Month Ended August 31 Other ($400 + $0.019) Total expenses Net operating income Actual pounds Revenue The actual results for August were as follows: Expenses: Quilcene Oysteria Income Statement For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income 7,300 $ 30,295 2,555 3,100 5,055 4,380 1,210 473 16,773 $ 13,522 7,300 $ 26,600 2,725 2,960 5,465 4,110 1,020 1,093 17,373 $ 9,227
Rodolfo works at Johnson Incorporated and is tasked with measuring costs. When Rodolfo identifies that actual sales are less than expected sales, what type of variance did Rodolfo identify? A Fixed cost volume variance B Sales price variance C Favorable variance D Unfavorable variance
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Find the values of the missing items. Assume that the actual sales volume equals actual production volume. (There are no inventory level changes.) (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.) Sales revenue Variable manufacturing costs Variable marketing and administrative costs Contribution margin Reported Income Statement (2,600 units) $ 132,600 $ 85,000 Manufacturing Variance $ 4,420 F Marketing and Administrative Variance Sales Price Variance Flexible Budget Sales Activity (2,600 Variance units) $ 143,000 1,520 F Master Budget (2,700 units) 16,200
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ty Variance OF Master Budget (19,200 units) 57,600
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