Sales in units Contribution margin Estimated demand Actual demand Static Budget Rotall Wholesale Wholesale 10,000 20,000 30,000 12,000 4,000,000 10,000,000 14,000,000 5,000,000 400,000 units 350,000 units Calculate the following: Total sales-mix variances $200,000 U $800,000 U $200,000 F $(1,000,000) F Total Actual Results Retall 30,000 1,200,000 Total 42,000 6,200,000

Sales in units Contribution margin Estimated demand Actual demand Static Budget Rotall Wholesale Wholesale 10,000 20,000 30,000 12,000 4,000,000 10,000,000 14,000,000 5,000,000 400,000 units 350,000 units Calculate the following: Total sales-mix variances $200,000 U $800,000 U $200,000 F $(1,000,000) F Total Actual Results Retall 30,000 1,200,000 Total 42,000 6,200,000

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Description: Sales in unitsContribution marginEstimated demandActual demandStatic BudgetRetallWholesale10,00020,00030,0004,000,000 10,000,000 14,000,000400,000 units350,000 unitsCalculate the following:Total sales-mix variances$200,000 U$800,000 U$200,000 F$(1,0

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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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Question

Sales in units
Contribution margin
Estimated demand
Actual demand
Static Budget
Retall
Wholesale
10,000
20,000
30,000
4,000,000 10,000,000 14,000,000
400,000 units
350,000 units
Calculate the following:
Total sales-mix variances
$200,000 U
$800,000 U
$200,000 F
$(1,000,000) F
Total
Wholesale
12,000
5,000,000
Actual Results
Rotall
30,000
1,200,000
Total
42,000
6,200,000

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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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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.…