Sharp Co. has generated these data for the 2 most recent years where 2021 sales price was 10% lower than 2020: 2021 2020 P1,944,000 Sales Cost of Sales 1,152,000 Gross Profit P 792,000 Sales volume variance must be A. P259,200U B. P259,200F P1,900,800 1,113,600 P787,200 C. P151,200U D. P216,000F

Sharp Co. has generated these data for the 2 most recent years where 2021 sales price was 10% lower than 2020: 2021 2020 P1,944,000 Sales Cost of Sales 1,152,000 Gross Profit P 792,000 Sales volume variance must be A. P259,200U B. P259,200F P1,900,800 1,113,600 P787,200 C. P151,200U D. P216,000F

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The sales price variance is * O Sample format: 111,111 F or 111,111 U Data for National Co. is as…

A: Sales Price Variance can be calculated as = Actual Quantity sold x Standard Selling price - Actual…

Q: The cost price variance is * Sample format: 111,111 F or 111,111 U Data for National Co. is as…

A: A favorable cost price variance is when an actual price is lower than the standard which means that…

Q: 2021 2020 Sales P190 P180 Cost of Goods Sold 150 150 Gross Profit P40 P30

A: Variance analysis refers to the comparison made between two accounting or financial variables and…

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

A: In sales variance it is generally divided into two parts sales volume variance and sales price…

Q: The selling price of the sole product of Bulldogs Inc. last year is P30 and the company earns a per…

A: Cost volume variance shows variance in total cost due to difference in actual units sold and…

Q: Top managers of Root Industries predicted 2024 sales of 14,600 units of its product at a unit price…

A: Budget varianceA budget variance is a measure used by companies, businesses, etc. to estimate the…

Q: What is the Sales Volume Variance under 4-way analysis?se, the current ratio will

A: Any of the variances can we analyzed in 4 ways Fixed price/Spending variance Variable…

Q: Bulldogs Inc. expected to sell in October 2021 1,000 units of Dell laptops with a purchase cost per…

A: Lets understand the basics. Sales volume variance is a variance in which actual quantity sold…

Q: ad costs 0

A: A flexible budget is a budget that can be adjusted with the company's new volume level and any other…

Q: Consider the NPV sensitivity analysis reported in the following table (the numbers in the body of…

A: NPV sensitivity analysis is used while making decisions related to capital budgeting. It shows how…

Q: None

A: To determine the number of units of Product A that should be produced during July 2024, we need to…

Q: Bulldogs Inc. sells the following products. The following were obtained from the records: 2022 Cost…

A: Given, Data for Dog Food Units sold in 2022 of Dog Food = 500, Units sold in 2021 of Dog Food = 250,…

Q: SDI Inc. expected to sell in October 2022 1,000 units of smartphones with a purchase cost per unit…

A: Introduction: If on actual selling of the products by the company, actual selling price per unit is…

Q: 2021 2020 Sales P 6,235,500 P 6,000,000 Cost of Sales 5,049,000 5,000,000

A: Let the data for 2020 be the standards for 2021, Let the volume in 2020 i.e. Sv = 1000 Hence, Cost…

Q: --/1 14 Question 4 View Policies Current Attempt in Progress paid $2 a pound. The materials price…

A: Calculation of standard price per pound:

Q: Baryans Corporation provided the following partial income statements and detailed information for…

A: Cost Volume variance = (Quantity sold in 2021 - Quantity sold in 2020) x Unit Cost Price in 2020

Q: This year's total sales of Bulldogs Inc. is P4,600,000. The following variances are determined:…

A: Change in sales = Sales price variance + Sales volume variance = 750,000 + (-150,000) = 600,000

Q: -On January 1, 2020, Wondersome Company acquired a 70% interest in Philmore Company for a purchase…

A: The question is based on the concept of Financial Accounting.

Q: Sales last year is 6M and decreased to 5.2M in the current year. The sales price increased by 30%.…

A: Sales price variance happens when there is a change in selling price. If the change is positive then…

Q: Top managers of Root Industries predicted 2024 sales of 14,800 units of its product at a unit price…

A: Budget varianceA budget variance is a measure used by companies, businesses, etc. to estimate the…

Q: Bulldogs Inc. expected to sell in October 2021 1,000 units of Dell laptops with a purchase cost per…

A: Sales price variance is the difference between actual sales and the budgeted sales at the actual…

Q: National Spirit Inc. issues 270,000 common shares for $5 per share. The journal entry is: O A. O B.…

A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

Q: Mabuhay Corporation generated these gross profits during the past recent years when the sales price…

A: Sales volume variance: Sales volume variance is the measure of change in profit due to the…

Q: The following are annual results for Company G: for 202 1: # of hats made: 8000 square meters of…

A: Step 1: Data given # of hats made: 8000 square meters of cloth used: 12 000 cloth cost: $270000 for…

Q: PRODUCT A PRODUCT B PRODUCT C Total Budgeted sales in pieces 2700 9500 5600 17800…

A: The objective of the question is to calculate the total sales deviation, volume deviation, and price…

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

A: Income Statement:Income statement is the statement showing the income earned and expenses incurred…

Q: 1. The selling price of the sole product of Namor Inc. last year is P30 and the company earns a…

A: Hi student Since there are multiple questions, we will answer only first question. Cost volume…

Q: The selling price of the sole product of Bulldogs Inc. last year is P30 and the company earns a per…

A: Selling Price per unit for the Last year = P30 Gross Profit per unit = P10 Cost per unit = P30-P10 =…

Q: The management requested you to determine the cause of the decline in gross profit on sales in spite…

A: The quantity sold by the company is increased by 25%. This will put an upward impact on the net…

Q: 5. The total direct labor variance of Company J for the month of October 2020 is $500 unfavorable.…

A: Direct labour cost variance occurs when there is a difference between standard cost of labour and…

Q: Bulldogs Inc. sells the following products. The following were obtained from the records: 2022 Cost…

A: Cost price variance = Actual units 2022 *( Actual Cost 2022 - Actual cost 2021 )

Q: What is the cost volume variance under 4-way analysis? * , Bulldogs Inc. presents the following…

A: Cost volume variance is the difference between the budgeted cost of goods and actual cost of goods…

Q: A10 please help.....

A: The problem is asking us to calculate the budgeted production for the year. The budgeted production…

Q: Occidental Company's P10,000,000 net income for the quarter ended September 30, included the…

A: Calculation of extraordinary gain. Extraordinary gain= P1,200,000 / 3 = P400,000

Q: If there were no variances, the company's absorption-costing net income would be: * O Format:…

A: Fixed manufacturing overhead per unit = Fixed manufacturing overhead / total no. of units produced…

Q: The budget of a company for next period shows that it would breakeven at a sales value of GHC800000…

A: At break even, Fixed costs = contribution margin so, contribution margin = 320000 contribution…

Question

100%

Sharp Co. has generated these data for the 2 most recent
years where 2021 sales price was 10% lower than 2020:
2021
2020
P1,944,000
Sales
Cost of Sales
1,152,000
Gross Profit P 792,000
Sales volume variance must be
A. P259,200U
B. P259,200F
P1,900,800
1,113,600
P787,200
C. P151,200U
D. P216,000F

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Understanding the "Sales Volume Variance"

VIEW

Step 2: Basic Calculations to get the required data for Sales Volume Variance

VIEW

Step 3: Final Calculation of Sales Volume Variance

VIEW

Solution

VIEW

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

determine the following: Cost volume variance Price variance
The cost accountant of Sacramento Company provided you the 2019 and 2020 selling price per unit, variable cost per unit and total fixed costs as follows: (2019: P20; P12; P50,000) and (2020: P22; P13.20; P50,000). What is the effect in changes in selling prices and variable costs to break-even volume from 2019 to 2020? * Insufficient data to determine the effect in break-even volume. Decrease in break-even volume. Increase in break-even volume. No change in break-even volume.
The income data of SB Kopi for the years 200B and 200A are as follows: 200B 200A Variance Sales 276,000.00 204,000.00 72,000.00 F Cost of Sales 151,800.00 122,400.00 29,400.00 U Gross Profit 124,200.00 81,600.00 42,600.00 Question: If the sales price in 200B is approximately 20% higher that the sales price in 200A, the P72,000 increase in sales may be analyzed into: Sales Price Variance Sales Volume Variance a 46,000 favorable 26,000 unfavorable b 46,000 unfavorable 26,000 favorable c 26,000 favorable 46,000 favorable d 46,000 favorable 26,000 favorable Group of answer choices B A C D Question: The 29,400 increase in cost of sales may be analyzed into: Cost Volume Variance Cost Price Variance a 15,000 favorable…
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
Please do not give solution in image format thanku
Use this problem to answer the following requirements: Mabuhay Corporation generated these gross profits during the past recent ears when the sales price was 10% lower during 2020 compared to 2019. 2020 Sales P1,944,000; 2020 Cost of Sales P1,152,000; 2019 Sales P1,900,800; 2019 Cost of Sales P1,113,600. The sales volume variance must be?
Q3 Hollaway Corporation has the following data for the current fiscal year: Actual Budget Sales Units Product X 25,000 94,000 Product Y 135,000 107,000 Total 160,000 201,000 Contribution Margin Product X $ 15.00 $ 14.00 Product Y $ 12.00 $ 11.00 The total sales mix variance for both products is: (Round your percentages to one decimal place. Example: Round .1447 to .145 or 14.5%.) Multiple Choice $409,760 unfavorable. $133,760 favorable. $253,760 favorable. $153,760 favorable. $149,760 unfavorable.
During the current year, OutlyTech Corp. expected to sell 84 000 telephone switches. Fixed costs for the year were expected to be R16 080 000, the unit sales price was budgeted at R900, and unit variable costs were budgeted at R600. OutlyTech's margin of safety (MOS) in sales Rands is: A. R59 520 000 B. R25 200 000 C. R91 680 000 D. R27 360 000
14
Compute the expected ROI in 2022 for the Home Division, assuming the following independent changes to actual data. (Round ROI to 2 decimal places, e.g. 1.57%.)
24. Which of the following is a possible reason for a sales volume variance? A. Direct material prices per unit were different than expected B. The quantity of labor hours used per unit were different than expected C. The actual number of units sold were different than expected D. Both A & B 25. You have won the lottery and you have been given the following options. Which one should you choose if the current interest rate is 5% annually? A. $3,000,000 today B. $290,000 per year at the end of each of the next 15 years C. $6,000,000 at the end of 15 years. D. $350,000 per year at the end of each of the next 10 years 26. You have received a settlement from an insurance company which will pay you $100,000 per year for 12 years at the end of each year and J.G. Wentworth wants to buy your annuity. What is JG Wentworth's annual rate of return (interest rate) if they are willing to pay you $500,000 today? A. 7.56% B. 18.21% C. 16.94% D. Interest rate cannot be calculated. 27. The Merrymount…