Sales Variances Presented is information pertaining to an item sold by Winding Creek General Store: Actual Budget 150 125 $26 $25 (20) $6 Unit sales Unit selling price Unit standard variable costs Unit contribution margin Revenues Variable costs $ $3,900 $3,125 (3,000) (2,500) Contribution margin at standard costs $ 900 $ 625 Compute the revenue, sales price, and the sales volume variances. Revenue variance Sales price variance $ LA (20) $5 4 Sales volume variance

Sales Variances Presented is information pertaining to an item sold by Winding Creek General Store: Actual Budget 150 125 $26 $25 (20) $6 Unit sales Unit selling price Unit standard variable costs Unit contribution margin Revenues Variable costs $ $3,900 $3,125 (3,000) (2,500) Contribution margin at standard costs $ 900 $ 625 Compute the revenue, sales price, and the sales volume variances. Revenue variance Sales price variance $ LA (20) $5 4 Sales volume variance

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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Question 4- Variance Analysis Required: The owners can see that the company sold a different amount of units than budgeted. They have asked vou to determine the flexible budget amounts and calculate the variances when comparing the flexible budget to the actual results S marksl. Flexible Budget Report Variance (show Static Flexible or Budget Budget Actual as positive Unfavorable Amount Amount Results amount) (U) Sales in Linits 6,500 6,200 Sales $ 650,000 650,000 Variable Cost 260,000 275,500 Foed Cost 26,000 25,000 Jet Operating Income 364 000 349,500
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Item to Classify Standard Actual Sales Revenue 832,000 853,000 Wages 137,000 141,200 S&A Expenses 412,000 421,200 Cost of Goods Sold 621,200 612,000 The sales revenue flexible budget variance was: Multiple Choice $21,000 unfavorable. $11,800 favorable. $21,000 favorable. $11,800 unfavorable.
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S TB MC Qu. 16-41 (Algo) James Manufacturing had the following... James Manufacturing had the following information available for July: Actual Results 13,300 Units Sales revenue Less: Variable manufacturing costs Variable marketing and administrative Contribution margin What was James's flexible budget contribution margin for July? ere to search Multiple Choice $52,600 $50 750 O $ 90,750 ? $ 52,600 ? Sales Activity Variance 3,350 U ? $ 4,150 F $ 6,150 U Master Budget ? ? $ 123,900 $30,300 ? 37°F Cloudy ^-4
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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
A company has the following information for one of its products: Standard per item (£) Actual per item (£) Selling price 20 22 Material 6 8 Labour 3 4 Variable overhead 2 4 It budgeted to sell 1,000 units but actually sold 100 less than this. What is the sales price variance? A £1,800 F B £2,000 F C £2,000 A D £1,800 A
TB MC Qu. 16-80 (Static) The net effect of AR-10's sales volume variance on profit: Duo, Incorporated Duo, Incorporated, carries two products and has the following year-end income statement (000s omitted) Product ZR-7 Units Sales $ Variable costs Product AR-10 Multiple Choice Budget 2,000 $ 6,000 2,400 1,800 $4,200 $ 1,800 Actual 2,800 $ 7,560 2,800 1,900 $4,700 $ 2,860 Fixed Costs Total Costs Operating income The net effect of AR-10's sales volume variance on profit is: Budget 6,000 $ 12,000 6,000 2,400 $ 8,400 $ 3,600 Actual 5,600 $ 11,760 5,880 2,400 $ 8,280 $ 3,480
Sales in units Contribution margin Estimated demand Actual demand Calculate the following: Total sales-mix variances Question 9 O $200,000 U $800,000 U $200,000 F $(1,000,000) F Listen Static Budget Retall Wholesale 10,000 20,000 30,000 4,000,000 10,000,000 14,000,000 Sales in units Contribution margin Estimated demand Actual demand 400,000 units 350,000 units Static Budget Retail 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-quantity variances $(1,600,000) F $5,600,000 F $(4,000,000) F $5,600,000 U Total Total Wholesale 12,000 5,000,000 Wholesale 12,000 5,000,000 Actual Results Retall 30,000 1,200,000 Actual Results Retail 30,000 1,200,000 Total 42,000 6,200,000 Total 42,000 6,200,000