The Crockery Pottery Company completed the flexible budget analysis for the second quarter, which is given below.FlexibleSalesActualBudgetResults VarianceFlexibleVolumeStaticBudget12,900VarianceBudget11,800Units12,9001,100 FSales Revenue$62,71027,580$2,894 U$65,60427,593$5,594 F2,353 U$60,010Variable Costs13 U25,240Contribution MarginS2,881 U$35,13034,240$38,01134,090$3,241 F$34,77034,090Fixed Costs150 UOperating Income/(Loss)$890$3,031 U$3,921$3,241 F$680Which of the following would be a correct factor to explain the sales volume variance for sales revenue?O A. increase in variable cost per unitB. increase in sales volumeOC. increase in sales price per unitO D. increase in fixed costs

Sales volume variance = (Actual Units Sold — Budgeted Units Sold) x Price per unit Ans. increase in sales volume FORMULA Sales volume variance = Flexible budget - Static budget

Business

Accounting

The Crockery Pottery Company completed the flexible budget analysis for the second quarter, which is given below. Flexible Sales Volume Variance Actual Budget Flexible Static Results Variance Budget 12,900 $65,604 Budget 11,800 $60,010 Units 12,900 1,100 F $62,710 $2,894 U $5,594 F 2,353 U Sales Revenue Variable Costs 27,580 13 U 27,593 25,240 Contribution Margin $35,130 $34,770 $2,881 U 150 U $3,031 U $38,011 34,090 $3,921 $3,241 F 34,240 $890 34,090 $680 Fixed Costs Operating Income/(Loss) $3,241 F Which of the following would be a correct factor to explain the sales volume variance for sales revenue? O A. increase in variable cost per unit O B. increase in sales volume OC. increase in sales price per unit O D. increase in fixed costs

The Crockery Pottery Company completed the flexible budget analysis for the second quarter, which is given below. Flexible Sales Volume Variance Actual Budget Flexible Static Results Variance Budget 12,900 $65,604 Budget 11,800 $60,010 Units 12,900 1,100 F $62,710 $2,894 U $5,594 F 2,353 U Sales Revenue Variable Costs 27,580 13 U 27,593 25,240 Contribution Margin $35,130 $34,770 $2,881 U 150 U $3,031 U $38,011 34,090 $3,921 $3,241 F 34,240 $890 34,090 $680 Fixed Costs Operating Income/(Loss) $3,241 F Which of the following would be a correct factor to explain the sales volume variance for sales revenue? O A. increase in variable cost per unit O B. increase in sales volume OC. increase in sales price per unit O D. increase in fixed costs

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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Flexible Analysis Report Actual Flexible Sales-Volume Static Budget Results Budget Variances Budget Variance 18,500 A) B) C) 20,000 Units Sold D) $185,000 Fav E) F) G) Revenues H $92,500 Un I) $90,000 Fav J) Variable Costs K) $50,000 Fav L) M) $500,000 Fixed Costs N) O) P) Q) R) Operating Income A) B) C) D) E) F) G) H) I) J) K) L) M) N) O) P) Q) Q)
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Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavo The company budgets a selling price of $81 per unit and variable costs of $35 per unit. (Indicate the effect of each variance selecting favorable, unfavorable, or no variance.) For Month Ended June 30 Sales Variable costs Contribution margin Fixed costs Income Flexible Budget Performance Report Flexible Budget Actual Results (11,400 units) (11,400 units) 524,400 276,000 357,000 291,000 Variances Favorable/Unfavorable $ 21,600 Favorable
Selected data for March for Irvington, Incorporated follows. The variable material sales activity variance is $23,040 U. Flexible budget based on actual sales of 9,958 units: Revenue Materials Labor Variable overhead Fixed costs (manufacturing and administrative) Required: a. How many units were budgeted for March in the master budget? b. Recreate the master budget for March. Complete this question by entering your answers in the tabs below. Required A Required B How many units were budgeted for March in the master budget? Budgeted sales units $ 300,440 99,840 78,000 50,960 41,120
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Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 5,500 units. The following variances were observed: Actual Results Variances Units Sales $175,500 $27,000 Favorable Variable Expenses 77,800 11,800 Unfavorable Fixed Expenses 93,800 300 Unfavorable Net Income (loss) $3,900 $14,900 Unfavorable Determine the static budget and use the information to prepare a flexible budget and analysis for the 6,500 units actually sold. If no effect, select "No Effect" and leave the amount boxes blank. For those boxes in which you must enter negative numbers use a minus sign. (Example: -300). Static budget Flexible budget Actual Results Variances Units Sales Variable Expenses Fixed Expenses Net Income (Loss) Favorable Unfavorable No Effect
Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavorable. The company budgets a selling price of $87 per unit and variable costs of $33 per unit. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. For Month Ended June 30 Sales Variable costs Contribution margin Fixed costs Income Flexible Budget Performance Report Flexible Budget (12,500 units) 675,000 287,000 Actual Results (12,500 units) 308,000 302,000 Variances Favorable or Unfavorable S 52,500 Favorable