The following static budget is provided:Per unit$70Total$1,050,000SalesLess variable costs:Manufacturing costs30450,000Selling and administrative20300,000costs$20$300,000Contribution marginLess fixed costs:76,000Manufacturing costsSelling and administrative136,000costsTotal fixed costs212,000$ 88,000Net incomeWhat will be the overall volume variance if 18,000 units are produced and sold?Multiple Choice$148,000 F$0 F$360,000 U$60,000 F

Formula to determine overall volume variance.

Answered: The following static budget is…

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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Budget Actual Sales Units 5,000 Selling Price $50 $250,000 6.000 Variable costs Variable costs $32 $160,000 Overheads Overheads $70,000 $70,000 Budget Profit $20,000 a) From the data above, flex the budget and show all the flexed costs and the profit b) List Two advantages of a flexed budget (
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Plz last question If the target ROI is 15%, what is the residual income?
Contribution Margin Variance Iliff, Inc., produces and sells two types of countertop ovens—the toaster oven and the convection oven. Budgeted and actual data for the two models are shown below. Budgeted Amounts: ToasterOven ConvectionOven Total Sales: ($100 × 26,000) $2,600,000 ($145 × 16,000) $2,320,000 $4,920,000 Variable expenses 455,000 750,000 1,205,000 Contribution margin $2,145,000 $1,570,000 $3,715,000 Actual Amounts: ToasterOven ConvectionOven Total Sales: ($80 × 24,500) $1,960,000 ($165 × 13,500) $2,227,500 $4,187,500 Variable expenses 500,000 703,400 1,203,400 Contribution margin $1,460,000 $1,524,100 $2,984,100 Required: 1. Calculate the contribution margin variance.
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A company has the following information for one of its products: Standard per item (£) Actual per item (£) Selling price 20 22 Material 6 8 Labour 3 4 Variable overhead 2 4 It budgeted to sell 1,000 units but actually sold 100 less than this. What is the sales price variance? A £1,800 F B £2,000 F C £2,000 A D £1,800 A
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Little Table of Information (L'TOI) The table reminds you about the difference between finished units (sales volume) and resources units used to produce those sales. Also, BOTH the +2 and SQ must reflect the actual and standard (planned) resource units needed to produce the actual sales volume. Little Table of Information (L'TOI) Flexible Budget Actual Actual Finished Units (FU) Sold 17,000 17,000 x Resource Units per FU 1.00 1.50 = Total Resource Units (RU) (SQ) 17,000 25,500 (AQ) x Price per RU (SP) $8.00 $7.00 (AP) = Total cost $136,000 $178,500 Problem 6.1: In August, Phelps produced 5,000 award medals, 100 more than expected. During the month, the company purchased 1,100 ounces of gold for $875,000. Material standards per medal: 0.21 ounces @ $800 per ounce. The company actually used 1,000 ounces of gold for production. Calculate direct materials price and quantity variances. Problem 6.2: Shevlin Enterprises purchased 60,000 gallons of direct materials during the year at a price…
Sales in units Contribution margin Estimated demand Actual demand Calculate the following: Total sales-mix variances Question 9 O $200,000 U $800,000 U $200,000 F $(1,000,000) F Listen Static Budget Retall Wholesale 10,000 20,000 30,000 4,000,000 10,000,000 14,000,000 Sales in units Contribution margin Estimated demand Actual demand 400,000 units 350,000 units Static Budget Retail Wholesale 10,000 20,000 30,000 4,000,000 10,000,000 14,000,000 400,000 units 350.000 units Calculate the following: Total sales-quantity variances $(1,600,000) F $5,600,000 F $(4,000,000) F $5,600,000 U Total Total Wholesale 12,000 5,000,000 Wholesale 12,000 5,000,000 Actual Results Retall 30,000 1,200,000 Actual Results Retail 30,000 1,200,000 Total 42,000 6,200,000 Total 42,000 6,200,000
The sale performance of a business can be summarized as follows Actual Budget Units produced and sold 11,200 10,500 Selling price per unit (£) £28 £25 Standard cost per unit (£) £14 £15 What was the selling price variance? £ 18,800 favourable £ 33,600 favourable £ 56,400 favourable £ 80,000 favourable What was the sales volume variance? £16,900 adverse £7,000 favourable £6,500 favourable £8,400 adverse

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