Vaughn Sports sells volleyball kits that it purchases from a sports equipment distributor. The following static budget based on salesof 2,500 kits was prepared for the year. Fixed operating expenses account for 62% of total operating expenses at this level of sales.SalesCost of goods sold (all variable)Gross marginOperating expensesOperating income$ 450,000316,800133,20026.950$ 106,250Assume that during the year Vaughn Sports actually sold 2,700 volleyball kits during the year at a price of $183 per kit.Calculate the sales price variance. (If varlance is zero, select "Not Applicable and enter O for the amounts)Sales price varianceNot Applicable

Sales price variance is the difference between the price at which a business expects to sell its…

Answered: ughn Sports sells voll

Business

Accounting

ughn Sports sells voll

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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