Threadz is the primary provider of spirit apparel for many high schools. Management has been evaluating two of its key products for changes in selling price and sales volume in comparison to expectation: the quarter-zip jacket and the hooded sweatshirt. Threadz' expectations and actual results were as follows. Quarter-zip Sweatshirt Budgeted Sales Volume Actual Sales Volume Budgeted Selling Price Actual Selling Price Budgeted Variable Unit Cost 400 450 $40 $42 $25 600 550 $50 $48 $30 Actual variable costs equaled the flexible budget variable costs. How much was Threadz' sales mix variance this year? How much was the company's sales quantity variance? $ Sales mix variance 50 Unfavorable Sales quantity variance $ 0 Neither Favorable nor Unfavorable

Threadz is the primary provider of spirit apparel for many high schools. Management has been evaluating two of its key products for changes in selling price and sales volume in comparison to expectation: the quarter-zip jacket and the hooded sweatshirt. Threadz' expectations and actual results were as follows. Quarter-zip Sweatshirt Budgeted Sales Volume Actual Sales Volume Budgeted Selling Price Actual Selling Price Budgeted Variable Unit Cost 400 450 $40 $42 $25 600 550 $50 $48 $30 Actual variable costs equaled the flexible budget variable costs. How much was Threadz' sales mix variance this year? How much was the company's sales quantity variance? $ Sales mix variance 50 Unfavorable Sales quantity variance $ 0 Neither Favorable nor Unfavorable

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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Great Bubbles, Inc. produces multicolored bubble solution used for weddings and other events. The company sold 70,000 bubble kits during December, and its actual operating income was as follows: (Click the icon to view the actual income statement.) The company's flexible budget income statement for December follows: (Click the icon to view the flexible budget income statement.) Read the requirements. Output units Sales revenue Variable expenses: Cost of goods sold Sales commissions expense Utility expense Fixed expenses: Salary expense Depreciation expense Rent expense Utility expense Income Statement Performance Report For the month ended December 31 The Actual Flexible Budget Variance Flexible Budget These variances suggest that the marketing department did a Volume Variance job by selling Question 1 of 4 > Master Budget ▼kits than expected, at a Data table sale price than expected. Great Bubbles, Inc. Income Statement Month Ended December 31 $ Sales revenue.. Variable expenses: Cost…
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[The following information applies to the questions displayedbelow.]We discuss how budgeting for a merchandiser is different thanbudgeting for a manufacturer. Merchandising firms prepare amerchandise purchases budget instead of a production budget. Allof the other budgets prepared by a merchandiser are similar tothose of a manufacturing firm. Knowledge Check 01Cobra, Inc., a sporting goods retailer, estimates to sell 50,000 units in the nextquarter. The beginning inventory is 4,000 units and ending inventory is estimated tobe 20 percent of estimated sales. How many units should be purchased?
Margot's Ice Cream operates several stores in a major metropolitan city and its suburbs. Its budget and operating data for the current year follow: Flavor Gallons Budgeted Data Selling Price per Gallon Actual Operating Results Vanilla 324,000 $ 1.95 Variable Costs per Gallon $ 1.25 Selling Price per Variable Costs per Gallons Gallon Gallon 264,000 $ 1.80 $ 1.15 Chocolate 405,000 2.90 2.00 375,000 2.75 1.90 Strawberry Anchovy 270,000 2.50 1.40 400,000 2.70 1.45 81,000 3.90 2.40 201,000 4.40 2.60 Required: 1. Compute these variances for the individual flavors and total quantity sold. (Use the Contribution Margin in your calculations and do not round intermediate calculations.) a. b. C. Flavor Sales Volume Variance Sales Mix Variance Sales Quantity Variance Vanilla Chocolate Strawberry Unfavorable Unfavorable Favorable Unfavorable Favorable Unfavorable Favorable Favorable Favorable Anchovy Favorable Favorable Favorable Total Favorable Favorable Favorable
WXY Corporation manufactures lambs. Here below static budget and actual results are presented; Actual Results as of Dec,31,2011 Static Budget as of Jan,01,2011 Units sold 184.000 units 180.000 units Revenues $1.840.000 $1.800.000 Variable costs $901.600 $864.000 Fixed costs $190.000 $200.000 Required: Please prepare five column income statement performance report. Discuss the advantages of using flexible budgets in detail. Describe the purpose of variance analysis and its relation to responsibility management by using examples.
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I need answer for requirement 7 and 8 only Statin company expected to sell 3000 masks for $200 each but ended up selling 7500 for $150 each. Their contribution margins are listed below Actual Margin = $500 Standard Margin = $90 .Use the information below to answer following two questions. Statin company adds sanitizer to their product line bringing their total budgeted sales for both products up from 3000 to 4500 and actual sales increased from 7500 to 9000. 7 What is the mixture variance? a.810,000 b.(135,000) c.270,000 d.135,000 8.What is the volume variance? a.810,000 b.135,000 c.270,000 d.405,000