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Variable Costs Contribution margin Fixed costs Net income 219,600 $223,200 210,000 $ 13,200 Required Reconcile master budget to actual net income by calculating the sales quantity variance, selling price variance (in total), variable cost variances (in total), and a fixed cost budget variance.

Variable Costs Contribution margin Fixed costs Net income 219,600 $223,200 210,000 $ 13,200 Required Reconcile master budget to actual net income by calculating the sales quantity variance, selling price variance (in total), variable cost variances (in total), and a fixed cost budget variance.

FINANCIAL ACCOUNTING
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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Part A The Sullivan and Partners produce and sells over 100 different products. For the past year the master budget called for: Sales (70,000 units) Variable costs Contribution margin Fixed costs Net income $420,000 140,000 $280,000 200,000 $80,000 At the end of the year, the following flexible budget was prepared based on the actual products sold: Sales (72,000 units) Variable costs $432,000 144,000 $288,000 200,000 $ 88,000 Contribution margin Fixed costs Net income The actual income statement for the period revealed: Sales (72,000 units) Variable Costs Contribution margin Fixed costs Net income $442,800 219,600 $223,200 210,000 $ 13,200 Required Reconcile master budget to actual net income by calculating the sales quantity variance, selling price variance (in total), variable cost variances (in total), and a fixed cost budget variance.
Transcribed Image Text:Part A The Sullivan and Partners produce and sells over 100 different products. For the past year the master budget called for: Sales (70,000 units) Variable costs Contribution margin Fixed costs Net income $420,000 140,000 $280,000 200,000 $80,000 At the end of the year, the following flexible budget was prepared based on the actual products sold: Sales (72,000 units) Variable costs $432,000 144,000 $288,000 200,000 $ 88,000 Contribution margin Fixed costs Net income The actual income statement for the period revealed: Sales (72,000 units) Variable Costs Contribution margin Fixed costs Net income $442,800 219,600 $223,200 210,000 $ 13,200 Required Reconcile master budget to actual net income by calculating the sales quantity variance, selling price variance (in total), variable cost variances (in total), and a fixed cost budget variance.
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