Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 4,500 units. The following variances were observed: Actual Results Variances Units Sales $137,500 $25,000 Favorable Variable Expenses 60,300 10,800 Unfavorable Fixed Expenses 72,300 300 Unfavorable Net Income (Iloss) $4,900 $13,900 Unfavorable Determine the static budget and use the information to prepare a flexible budget and analysis for the 5,500 units actually sold. If no effect, select "No Effect" and leave the amount boxes blank. For those pxes in which you must enter negative numbers use a minus sign. (Example: -300).

Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 4,500 units. The following variances were observed: Actual Results Variances Units Sales $137,500 $25,000 Favorable Variable Expenses 60,300 10,800 Unfavorable Fixed Expenses 72,300 300 Unfavorable Net Income (Iloss) $4,900 $13,900 Unfavorable Determine the static budget and use the information to prepare a flexible budget and analysis for the 5,500 units actually sold. If no effect, select "No Effect" and leave the amount boxes blank. For those pxes in which you must enter negative numbers use a minus sign. (Example: -300).

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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A machine distributor sells two models, basic and deluxe. The following information relates to its master budget. Basic Deluxe Sales (units) 10,400 2,600 Sales price per unit $ 9,200 $ 13,200 Variable costs per unit $ 8,320 $ 10,200 Actual sales were 8,200 basic models and 4,000 deluxe models. The actual sales prices were the same as the budgeted sales prices for both models.What is the sales mix variance for the deluxe model? Multiple Choice $4,457,000. $2,184,000. $4,680,000. $2,496,000.
Required Compute variances for the following items and indicate whether each variance is favorable or unfavorable: Note: Select "None" if there is no effect (i.e., zero variance). Item Sales price Sales revenue Cost of goods sold Material purchases at 5,000 pounds Materials usage Production volume Wages at 4,000 hours Labor usage at $16 per hour Research and development expense Selling and administrative expenses $ $ $ $ Budget $ $ $ $ 658 $ 584,000 $ 391,000 $ 279,000 $ Actual 186,000 pounds 182,000 pounds 990 units 920 units 60,800 $ 96,400 $ 26,000 $ 55,000 $ 529 608,000 364,000 286,000 59,100 97,800 31,000 44,000 Variance pounds units Effect
Replenish sells shampoo that removes chlorine from hair. It prepared a static budget for the sales of 10,000 units. These variances were observed: Actual Results Variances Sales $264,000 $66,000 Unfavorable Variable expenses Fixed expenses Net income (loss) 70,500 19,500 Favorable 70,270 270 Unfavorable 123,230 46,770 Unfavorable Determine the static budget and use the information to prepare a flexible budget and analysis for the 8,000 units actually sold.
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: Units Sales Variable Expenses Fixed Expenses Net Income (loss) Units Sales 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 nter negative numbers use a minus sign. (Example: -300). > Static budget Flexible budget Variable Expenses Fixed Expenses Actual Results Net Income (Loss) $175,500 $27,000 Favorable 77,800 11,800 Unfavorable 93,800 300 Unfavorable $3,900 $14,900 Unfavorable LA 5,500 ✔ $ 148,500✔ 66,000 X Variances 93,500 X -11,000 ✓ 6,500 $ 175,500 ✓ $ 11,800 X 93,500 X 4,000 Actual Results $ 175,500✔ LA 93,800 X 93,800 X 3,900 ✔ $ tA LA 0 Variances ✓ No Effect 200✔ Favorable 300 X Unfavora 100 X Unfavora
The following data were collected by Pete Inc. for the month of May: Static budget data: Sales Variable costs Total fixed costs Actual results: Sales Variable costs Total fixed costs Sales (units) Revenue Variable expenses Contribution margin 11,500 units @ 40/unit $28.00 per unit $ 24,150 Required: 1, 2 & 3. Prepare the static and flexible budgets and show the variances by completing the table given below. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Fixed expenses Income 12,600 units @ $39/unit $30.00 per unit $ 23,050 Actual Pete Inc. Static Budget Performance Report For the Month Ended May 31 Flexible Budget Flexible Budget Variance Sales Volume Variance Static Budget Static Variance
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
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: Units Sales Variable Expenses Fixed Expenses Net Income (loss) Units Sales Actual Results 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 Variable Expenses Fixed Expenses Net Income (Loss) Variances $ $169,000 $26,000 Favorable 77,800 11,800 Unfavorable 88,300 300 Unfavorable $2,900 $13,900 Unfavorable No Effect Favorable Unfavorable Unfavorable ✓ ✓ ✓ ✓
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Fill in the blank cells Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Enter all variances as positive values. Revenue Variable Costs Contribution Margin Fixed Costs Operating Income Units Produced and Sold $ $ Actual $187,000 $ $76,000 $4,200 6,100 Flexible Budget Variance $98,070 $0 $98,070 0 U U ◆ Flexible Budget $ LA $23,330 $ $71,800 Sales-Volume Variance $13,900 $7,930 $0 $7,930 U U U 43 Static Budget $29,300 $182,000 $110.200 8,100
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