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Sheridan Entertainment Corporation prepared a master budget for the month of November that was based on sales of 187,400 board games. The budgeted income statement for the period is as follows. Sales Revenue $2,811,000 Variable expenses Direct materials $824,560 Direct labor 412,280 Variable overhead 599,680 Total variable expenses 1,836,520 Contribution margin 974,480 Fixed overhead 214,000 Fixed selling and administrative expenses 424,000 Total fixed expenses 638,000 Operating income $336,480 During November, Sheridan produced and sold 159,600 board games. Actual results for the month are as follows. Sales Revenue $2,310,000 Variable expenses Direct materials $692,140 Direct labor 337,020 Variable overhead 499,620 Total variable expenses 1,528,780 Contribution margin 781,220 Fixed overhead 201,000 Fixed selling and administrative expenses 439,000 Total fixed expenses 640,000 Operating income $141,220

Sheridan Entertainment Corporation prepared a master budget for the month of November that was based on sales of 187,400 board games. The budgeted income statement for the period is as follows. Sales Revenue $2,811,000 Variable expenses Direct materials $824,560 Direct labor 412,280 Variable overhead 599,680 Total variable expenses 1,836,520 Contribution margin 974,480 Fixed overhead 214,000 Fixed selling and administrative expenses 424,000 Total fixed expenses 638,000 Operating income $336,480 During November, Sheridan produced and sold 159,600 board games. Actual results for the month are as follows. Sales Revenue $2,310,000 Variable expenses Direct materials $692,140 Direct labor 337,020 Variable overhead 499,620 Total variable expenses 1,528,780 Contribution margin 781,220 Fixed overhead 201,000 Fixed selling and administrative expenses 439,000 Total fixed expenses 640,000 Operating income $141,220

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter8: Budgeting
Section: Chapter Questions
Problem 2E: Digital Solutions Inc. uses flexible budgets that are based on the following data: Prepare a...
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Chapter 6 Question 9 

Please fill in the blanks with an explanation for how you got the numbers you did. 

(b) Calculate Sheridan's static budget variance for November. (Round answers to 0 decimal places, e.g. 125. Enter all variance amounts as positive values. If variance is zero, select "Not Applicable" and enter O for the amounts.) Actual Results Static Budget Variance Unit Sales $ $ $ eTextbook and Media %24 %24 > > > > > > > > > > ..
Transcribed Image Text:(b) Calculate Sheridan's static budget variance for November. (Round answers to 0 decimal places, e.g. 125. Enter all variance amounts as positive values. If variance is zero, select "Not Applicable" and enter O for the amounts.) Actual Results Static Budget Variance Unit Sales $ $ $ eTextbook and Media %24 %24 > > > > > > > > > > ..
Sheridan Entertainment Corporation prepared a master budget for the month of November that was based on sales of 187,400 board games. The budgeted income statement for the period is as follows. Sales Revenue $2,811,000 Variable expenses Direct materials $824,560 Direct labor 412,280 Variable overhead 599,680 Total variable expenses 1,836,520 Contribution margin 974,480 Fixed overhead 214,000 Fixed selling and administrative expenses 424,000 Total fixed expenses 638,000 Operating income $336,480 During November, Sheridan produced and sold 159,600 board games. Actual results for the month are as follows. Sales Revenue $2,310,000 Variable expenses Direct materials $692,140 Direct labor 337,020 Variable overhead 499,620 Total variable expenses 1,528,780 Contribution margin 781,220 Fixed overhead 201,000 Fixed selling and administrative expenses 439,000 Total fixed expenses 640,000 Operating income $141,220
Transcribed Image Text:Sheridan Entertainment Corporation prepared a master budget for the month of November that was based on sales of 187,400 board games. The budgeted income statement for the period is as follows. Sales Revenue $2,811,000 Variable expenses Direct materials $824,560 Direct labor 412,280 Variable overhead 599,680 Total variable expenses 1,836,520 Contribution margin 974,480 Fixed overhead 214,000 Fixed selling and administrative expenses 424,000 Total fixed expenses 638,000 Operating income $336,480 During November, Sheridan produced and sold 159,600 board games. Actual results for the month are as follows. Sales Revenue $2,310,000 Variable expenses Direct materials $692,140 Direct labor 337,020 Variable overhead 499,620 Total variable expenses 1,528,780 Contribution margin 781,220 Fixed overhead 201,000 Fixed selling and administrative expenses 439,000 Total fixed expenses 640,000 Operating income $141,220
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