INTERMEDIATE ACCOUNTING
INTERMEDIATE ACCOUNTING
10th Edition
ISBN: 9781265246853
Author: SPICELAND
Publisher: PEARSON
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Financial accounting question
Elba Industries produces a single product: solar-powered lanterns for outdoor use. The budget going into the current year anticipated a selling price of $72 per unit. Due to market competition, the company had to reduce the selling price by 12% during the year. Budgeted variable costs per unit are $45, and budgeted total fixed costs are $180,000 for the year. The anticipated sales volume for the year was 15,000 units. Actual sales volume was 6% lower than budget. What was the sales price variance for the year?
Calculate the labor variance
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