The Chesapeake Oyster Company completed the flexible budget analysis for the second quarter, which is given below. Sales Flexible Budget Volume Variance Variance Flexible Budget 12,840 Actual Results Units 12,840 0 840 F Sales Revenue $62,710 $1,490 U $4,200 F Variable Costs 27,570 563 U $1,767 U Contribution Margin $35,140 $2,433 F Fixed Costs 34,260 $2,053 U 260 U $2,313 U $0 Operating Income/(Loss) $880 $2,433 F Which of the following statements would be a correct factor to explain the flexible budget variance for sales revenue? O A. increase in variable cost per unit B. decrease in sales price per unit C. increase in fixed costs D. increase in sales volume $64,200 27,007 $37,193 34,000 $3,193 Static Budget 12,000 $60,000 25,240 $34,760 34,000 $760

The Chesapeake Oyster Company completed the flexible budget analysis for the second quarter, which is given below. Sales Flexible Budget Volume Variance Variance Flexible Budget 12,840 Actual Results Units 12,840 0 840 F Sales Revenue $62,710 $1,490 U $4,200 F Variable Costs 27,570 563 U $1,767 U Contribution Margin $35,140 $2,433 F Fixed Costs 34,260 $2,053 U 260 U $2,313 U $0 Operating Income/(Loss) $880 $2,433 F Which of the following statements would be a correct factor to explain the flexible budget variance for sales revenue? O A. increase in variable cost per unit B. decrease in sales price per unit C. increase in fixed costs D. increase in sales volume $64,200 27,007 $37,193 34,000 $3,193 Static Budget 12,000 $60,000 25,240 $34,760 34,000 $760

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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Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May 2021. At the beginning of May, Piper's ledger showed Cash $7,000; Accounts Receivable $1,900; Inventory $3,500; Common Shares $7,800; and Retained Earnings $4,600. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system. Purchased merchandise on account from Depot Wholesale Supply Ltd. for $5,340, terms 1/10, n/30, FOB shipping point. May 3 Freight charges of $137 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Yip Company for $3,500, terms n/30, FOB destination. The cost of the merchandise was $2,400. 7 Freight charges of $86 were paid by the appropriate party on the May 4 sale. 8. Received a $140 credit from Depot Wholesale Supply when merchandise was returned. Paid Depot Wholesale Supply in full. 11 Purchased supplies for $390 cash. 14 Received payment in full from Yip Company for…