Revenue Variable Costs Contribution Margin Fixed Costs Operating Income Units Produced and Sold Actual $207,000 $148,000 S $68,900 8,900 Flexible Budget Variance S $ $24,180 SO $24.180 0 U U ✪ ◆ Flexible Budget $ $32.420 S $79,100 S Sales-Volume Variance $12,800 S $24,820 $0 $24,820 U U ÷ Static Budget $20,400 $197,000 $117,900 12.500

Revenue Variable Costs Contribution Margin Fixed Costs Operating Income Units Produced and Sold Actual $207,000 $148,000 S $68,900 8,900 Flexible Budget Variance S $ $24,180 SO $24.180 0 U U ✪ ◆ Flexible Budget $ $32.420 S $79,100 S Sales-Volume Variance $12,800 S $24,820 $0 $24,820 U U ÷ Static Budget $20,400 $197,000 $117,900 12.500

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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points The "spending variance" is the difference between actual costs and planning budget costs. True False 8 5 points A company has the following information: Revenues - Planning Budget $50,000 Costs - Planning Budget $45,000 Revenues - Flexible Budget $55,000 Costs - Flexible Budget $50,000 Revenues - Actual $52,000 Costs - Actual I $48,000 The revenue variance is $2,000 favorable $2,000 unfavorable $3,000 favorable $3,000 unfavorable
Contribution Margin Variance Iliff, Inc., produces and sells two types of countertop ovens—the toaster oven and the convection oven. Budgeted and actual data for the two models are shown below. Budgeted Amounts: ToasterOven ConvectionOven Total Sales: ($100 × 26,000) $2,600,000 ($145 × 16,000) $2,320,000 $4,920,000 Variable expenses 455,000 750,000 1,205,000 Contribution margin $2,145,000 $1,570,000 $3,715,000 Actual Amounts: ToasterOven ConvectionOven Total Sales: ($80 × 24,500) $1,960,000 ($165 × 13,500) $2,227,500 $4,187,500 Variable expenses 500,000 703,400 1,203,400 Contribution margin $1,460,000 $1,524,100 $2,984,100 Required: 1. Calculate the contribution margin variance.
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Question 29 Cases Ltd sells premium phone cases. The following data are available regarding their annual sales. Actual Budgeted 12,400 11,600 £165,000 £ 84,000 Sales (units) Sales (value in £) Variable costs at standard price The sales volume variance is: O A. £4,161 adverse OB. £5,586 adverse O C. £4,448 adverse O D. £4,448 favourable O E. £5,586 favourable OF. £4,161 favourable £ 154,500 £90,000
Contribution Margin Volume Variance Ioannis Inc., produces and sells two types of countertop ovens—the toaster oven and the convection oven. Budgeted and actual data for the two models are shown below. Budgeted Amounts: ToasterOven ConvectionOven Total Sales: ($96 × 27,500) $2,640,000 ($151 × 19,500) $2,944,500 $5,584,500 Variable expenses 535,000 750,000 1,285,000 Contribution margin $2,105,000 $2,194,500 $4,299,500 Actual Amounts: ToasterOven ConvectionOven Total Sales: ($85 × 27,000) $2,295,000 ($163 × 13,000) $2,119,000 $4,414,000 Variable expenses 513,200 721,200 1,234,400 Contribution margin $1,781,800 $1,397,800 $3,179,600 1. Calculate the budgeted average unit contribution margin. 2. Calculate the contribution margin volume variance
Contribution Margin Volume Variance Iliff, Inc., produces and sells two types of countertop ovens—the toaster oven and the convection oven. Budgeted and actual data for the two models are shown below. Budgeted Amounts: ToasterOven ConvectionOven Total Sales: ($92 × 29,500) $2,714,000 ($155 × 15,500) $2,402,500 $5,116,500 Variable expenses 495,000 780,000 1,275,000 Contribution margin $2,219,000 $1,622,500 $3,841,500 Actual Amounts: ToasterOven ConvectionOven Total Sales: ($81 × 25,000) $2,025,000 ($165 × 12,500) $2,062,500 $4,087,500 Variable expenses 539,600 712,300 1,251,900 Contribution margin $1,485,400 $1,350,200 $2,835,600 Required: 1. Calculate the budgeted average unit contribution margin. Round your answer to the nearest cent. Use rounded answer in subsequent computations. 2.…
Static and Flexible Budgets Graham Corporation used the following data to evaluate its current operating system. The company sells items for $10 each and used a budgeted selling price of $10 per unit. Units sold Variable costs Fixed costs a. Prepare the actual income statement, flexible budget, and static budget. Do not use negative signs with any of your answers below. Actual Budgeted 1,180,000 1,200,000 2,200,000 2,400,000 1,875,000 1,837,000 Units sold Revenues Variable costs Contribution margin Fixed costs Operating income $ $0 $0 Actual Results Flexible Budget Static Budget $ 0 $ For questions b., c., and d., do not use negative signs with your answers. Select either U for Unfavorable or F for Favorable using the drop down box next to each of your variance answers. b. What is the static-budget variance of revenues? C. What is the flexible budget variance for variable costs? <¶► 0 0 $ 0 0 0 0 $ ◆ 0 0 $ 0 0 0 0 $ d. What is the flexible budget variance for fixed costs? 0 0 0 0 0 0
Current Attempt in Progress Sandhill's, Inc. has provided you with the following financial information: Budgeted Actual Sales Quantity 8,100 8,300 Sales price per unit $6.50 $6.25 Variable product cost per unit 2.50 2.75 Selling expense (fixed) 5,100 8,100 Administrative expense (fixed) 17,100 16,100 Income tax expense 3,900 4,100 Prepare a flexible budget. SANDHILL'S, INC. Flexible Budget Sales Revenue
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Little Table of Information (L'TOI) The table reminds you about the difference between finished units (sales volume) and resources units used to produce those sales. Also, BOTH the +2 and SQ must reflect the actual and standard (planned) resource units needed to produce the actual sales volume. Little Table of Information (L'TOI) Flexible Budget Actual Actual Finished Units (FU) Sold 17,000 17,000 x Resource Units per FU 1.00 1.50 = Total Resource Units (RU) (SQ) 17,000 25,500 (AQ) x Price per RU (SP) $8.00 $7.00 (AP) = Total cost $136,000 $178,500 Problem 6.1: In August, Phelps produced 5,000 award medals, 100 more than expected. During the month, the company purchased 1,100 ounces of gold for $875,000. Material standards per medal: 0.21 ounces @ $800 per ounce. The company actually used 1,000 ounces of gold for production. Calculate direct materials price and quantity variances. Problem 6.2: Shevlin Enterprises purchased 60,000 gallons of direct materials during the year at a price…