Chapter 6 question 3Please provide and explanation along with the answer 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 8% of total operating expenses at this level of sales.Sales$ 400,000Cost of goods sold (all variable)153,600Gross margin246,400Operating expenses3,500Operating income$ 242,900Assume that during the year Vaughn Sports actually sold 2,700 volleyball kits during the year at a price of $161 per kit.Calculate the sales price variance. (If variance is zero, select "Not Applicable" and enter O for the amounts.)Sales price varianceeTextbook and Media%24

Budgeted Sales Price = Budgeted Sales revenue / Budgeted sales units = $400,000 / 2,500 kits = $160…

Vaughn Sports sells volleyball kits that it purchases from a sports equipment distributor. The following static budget based on sales of 2,500 kits was prepared for the year. Fixed operating expenses account for 8% of total operating expenses at this level of sales. Sales $ 400,000 Cost of goods sold (all variable) Gross margin 153,600 246,400 Operating expenses 3,500 Operating income $ 242,900 Assume that during the year Vaughn Sports actually sold 2,700 volleyball kits during the year at a price of $161 per kit. Calculate the sales price variance. (If variance is zero, select "Not Applicable" and enter O for the amounts.) Sales price variance %24

Vaughn Sports sells volleyball kits that it purchases from a sports equipment distributor. The following static budget based on sales of 2,500 kits was prepared for the year. Fixed operating expenses account for 8% of total operating expenses at this level of sales. Sales $ 400,000 Cost of goods sold (all variable) Gross margin 153,600 246,400 Operating expenses 3,500 Operating income $ 242,900 Assume that during the year Vaughn Sports actually sold 2,700 volleyball kits during the year at a price of $161 per kit. Calculate the sales price variance. (If variance is zero, select "Not Applicable" and enter O for the amounts.) Sales price variance %24

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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