Schooner Corporation used the following data to evaluate its current operating system. The company sells items for $26each and used a budgeted selling price of $26 per unit.     Actual Budgeted Units sold 177,000 units 189,000 units Variable costs $1,089,000 $1,285,000 Fixed costs $809,000 $778,000   What is the​ static-budget variance of​ revenues?       A. $12,000 unfavorable   B. $12,000 favorable   C. $312,000 unfavorable   D. $312,000 favorable

Q: Lincoln Corporation used the following data to evaluate their current operating system. The company…

A: The static budget variance of variable  Cost = Actual  variable Cost  - Budgeted  variable Cost

Q: Ray's cost accountant prepared the following static budget based on expected activity of 2,000 units…

A: Lets understand the basics.Costs are mainly divided into two types which are,(1) Variable cost (2)…

Q: S Campbell Company has provided the following Year 2 data. Budget Sales Variable product costs…

A: INCOME STATEMENT Income Statement is one of the Important Financial Statement of the Company. Income…

Q: Corp used the following data for the year. Its actual and budgeted selling price is $18 per unit.…

A: The objective of the question is to calculate the flexible budget amount for operating income. The…

Q: WXY Corporation manufactures lambs. Here below static budget and actual results are presented;…

A: Income statement: An income statement is a statement of revenue and expenses of the organization…

Q: Required information Use the following information for the Quick Study below. (Algo) [The following…

A: The contribution margin is calculated as the difference between the sales and variable costs. The…

Q: The Success Corporation has a normal capacity of 2,000,000 units. The current year's budget was…

A: The contribution margin denotes the funds of the company available to cover fixed expenses and if…

Q: Calculate the total costs of production of 5,000 units:

A: As per the given question the fixed cost is for 5000 units and the company's total budgeted…

Q: ncoln Corporation used the following data to evaluate their current operating system. The company…

A: Solution: Actual operating income = sales - variable cost - fixed costs = 47000*10 - 167000 - 45000…

Q: CompuWorld sells two products, R66 and R100, and calculates sales variances using the contribution…

A: Sales quantity variance =  (actual sales quantity- budgeted sales quantity) x budgeted contribution

Q: The Ace Company sells a single product at a budgeted selling price per unit of $40. Budgeted fixed…

A: Solution:- 1)calculation of Budgeted operating income for 10,400 units as follows:- Note:- Fixed…

Q: The fixed budget for 21,300 units of production shows sales of $468,600; variable costs of $63,900;…

A: Flexible budget is a budget which is not rigid in nature and is prepared for the actual units, thus…

Q: Fanning Company has provided the following for the year. Budget Sales Variable product costs…

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

Q: Listed below is the budget and actual results. What is the contribution margin variance after…

A: Approach to solving the question: Contribution margin variance can be computed by subtracting…

Q: Sun 8 Ski Corporation is the producer ofa ski goggle. Next period's budget data appear below.…

A: Margin of safety = Total no. of units sold - Break-even sales units where, Break-even sales units =…

Q: alculate the sales volume variance.

A: The difference that arises between the flexible budget and actual results is termed flexible budget…

Q: Bingo Inc. wants to analyze the variances in its actual and budgeted gross profit. The following are…

A: Variance:   It is difference between the budgeted and actual amount spend on material and labor. It…

Q: [The following information applies to the questions displayed below.] The fixed budget for 21,800…

A: Flexible budget is the budget prepared for the actual units thus making the evaluation of…

Q: Lincoln Corporation used the following data to evaluate their current operating system. The company…

A: Working note:   ActualResults StaticBudget Static-budgetvariance  Units sold  42000…

Q: The following are the actual results for Bentler Associates for the most recent period: 63,360 units…

A: The master budget is a detailed financial management report. It normally covers all of the…

Q: Zachary Company has provided the following for the year. Budget Sales Variable product costs…

A: The income statement is a financial report that shows the profitability of the entity. The revenues…

Q: Classics, Ltd., details cars. Classics wants to compare this quarter’s results with those for last…

A: Part (a) Statement Showing Profit Variance Analysis   Actual (523units) VariableCost Variance…

Q: The total sales mix variance for both products is

A:

Q: Munoz Educational Services had budgeted its training service charge at $69 per hour. The company…

A: Formula: Sales volume variance = ( Actual sales - Budgeted sales ) x Budgeted rate

Q: Zachary Company has provided the following for the year.       Budget       Sales $ 508,000…

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

Q: Corp used the following data for the year. Its actual and budgeted selling price is $18 per unit.…

A: The objective of the question is to calculate the flexible budget amount for operating income if…

Q: The following static budget is provided: Per Unit Total Sales $ 70 $ 1,050,000 Less variable costs:…

A: Volume variance :— It is the difference between flexible budget and static budget.    Flexible…

Q: Required: Label (a) and (b) in the graph and give the number of units sold for each. (a) (b)…

A:

Q: Caan Corporation used the following data to evaluate their current operating system. The company…

A: Static-Budget Variance of Revenue = (Actual Units Sold – Budgeted Units Sold)*Budgeted Selling Price

Q: Voi Company manufactures remote control devices for cars. The following information was collected…

A:

Q: Edwards Corporation used the following data to evaluate their current operating system. The company…

A: In calculation of Static Budget variance of Revenues, the Budgeted revenues are compared with Actual…

Q: Prepare a profit variance analysis. (Do not round intermediate calculations. Indicate the effect of…

A: Sales price variance represents a difference between the standard selling price at which a company…

Q: Zachary Company has provided the following for the year.       Budget       Sales $ 508,000…

A: Variance arises when the actual costs are different from the standard costs. The results are…

Q: elow: elling price per unit ariable cost per unit ixed cost per unit £ 90 40 22 ixed costs are based…

A: Total cost = variable costs + fixed costs = (5000 units * £40) + (5000 units * £22) = £200,000 +…

Q: Required information Use the following information for the Quick Study below. (Algo) [The following…

A: The flexible budget is prepared to estimate the budgeted net income at the actual level of…

Q: Problem 5. Angel Company is a wholesaler that sells a single product at P103.40 per unit. Its cost…

A: The gross profit is the excess of sales revenue over its cost of goods sold. The variance analysis…

Q: 70,000. What is the total amount of idle capacity variance? *

A: Idle Capacity Variance = [(Actual Hours x Variable FOH Rate) + Budgeted Fixed FOH] - Actual FOH…

Q: Edwards Corporation used the following data to evaluate their current operating system. The company…

A: Description: Static budget variance of variable costs: Deduction of Budgeted Variable costs from…

Q: Abernathy Corporation used the following data to evaluate their current operating system. The…

A: Formula: Net operating income = Revenues - Variable costs - Fixed costs

Q: Required information [The following information applies to the questions displayed below.] The fixed…

A: The variance is the difference betweeen the standard and actual cost data results. The variances can…

Q: Benefit Pillow Company projected sales of 76,000 units for the year at a unit sales price of $13.00.…

A: FLEXIBLE BUDGETA flexible budget is a budget that is prepared for different levels of activity or…

Q: Schooner Corporation used the following data to evaluate its current operating system. The company…

A: Operating income is the difference between total revenue and total operating expenses of the…

Q: During the current year, Cullumber Corporation expects to produce 10,000 units and has budgeted the…

A: ROI stands for return on investment. It is the ratio between net income and invested assets. It is…

Q: Actual (500 units) Budgeted (800 units) 800,000 Sales 800,000 Cost of Goods Sold 700,000 640,000…

A: The sales volume variance is the difference between the standard number of units sold and the actual…

Q: Coroid Corporation used the following data to evaluate their current operating system. The company…

A: Formula used: Static budget variance = Actual variable cost - Budgeted variable cost

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.