The following information concerning actual results is available from Hamburg, Incorporated: Sales volume Sales revenue Variable costs: Manufacturing Marketing and administrative. Fixed costs: Manufacturing Marketing and administrative. Operating profit 77,760 units $ 803,650 199,720 142,700 224,750 62,840 $ 173,640 The company planned to sell 66,400 units at a price of $11 each. Variable marketing and administrative costs are budgeted at 15 percent of revenue. You have discovered that the manufacturing fixed costs are budgeted to be $3 per unit at the budgeted volume. You know that the company policy is to budget for an operating profit of $2.55 per unit. Finally, you recall that the master budget for fixed marketing and administrative costs is $66,400. Hamburg does not carry any inventories. Required: Prepare a report showing the differences between the actual results, flexible budget, and the master budget. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.

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Pricing

Pricing is used as a term in finance and economics, pricing is the process of fixing a value for a product or a service. Pricing establishes a value for a product or service that the customer has to pay. A business can choose from different strategies while deciding to set prices.