The total market was estimated to 54,000 bushels at the time of budget. The actual total market for the year is 31,000 bushels. What is the firm's market share variance?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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Chapter1: Financial Statements And Business Decisions
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Please help me and show all calculations.

Wheat Incorporated has an exclusive contract with an exporter. Two brands of wheat are imported, labeled AB and CD. The following data
provided for the current fiscal year:
Budgeted
Actual Results
AB
CD
AB
CD
$ 55
$ 50
$ 20
$ 15
$ 60
$ 50
$ 6
Price per bushel
Variable cost per bushel
Sales (in bushels)
$ 2
2,200
3,200
1,900
4,300
The total market was estimated to 54,000 bushels at the time of budget. The actual total market for the year is 31,000 bushels.
What is the firm's market share variance?
Transcribed Image Text:Wheat Incorporated has an exclusive contract with an exporter. Two brands of wheat are imported, labeled AB and CD. The following data provided for the current fiscal year: Budgeted Actual Results AB CD AB CD $ 55 $ 50 $ 20 $ 15 $ 60 $ 50 $ 6 Price per bushel Variable cost per bushel Sales (in bushels) $ 2 2,200 3,200 1,900 4,300 The total market was estimated to 54,000 bushels at the time of budget. The actual total market for the year is 31,000 bushels. What is the firm's market share variance?
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