In August, Deighton Inc. sold 40,000 units of its only product for $262,000, and incurred a...
In August, Deighton Inc. sold 40,000 units of its only product for $262,000, and incurred a total cost of $245,000, of which $27,000 was fixed costs. The flexible budget for August showed total sales of $320,000. Among variances of the period were: total variable cost flexible-budget variance, $6,000U; total flexible-budget variance, $67,000U; and, sales volume variance, in terms of contribution margin, $29,000U.
The budgeted fixed cost for August, to the nearest dollar, was:
Homework Answers
|
Actual Results |
Flexible Budget Variances |
Flexible Budget |
||
| Units sold | 40000 | 40000 | ||
| Sales revenue | 262000 | 58000 | U | 320000 |
| Variable costs ($245000 - $27000) | 218000 | 6000 | U | 212000 |
| Contribution margin | 44000 | 64000 | U | 108000 |
| Fixed costs | 27000 | 3000 | U | 24000 |
| Net income | 17000 | 67000 | U | 84000 |
The budgeted fixed cost for August: $24,000
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In August, Deighton Inc. sold 40,000 units of its only product
for $262,000, and incurred a...
In September, Larson Inc. sold 48,000 units of its only product for $372,000, and incurred a total cost of $345,000, of...
In September, Larson Inc. sold 48,000 units of its only product for $372,000, and incurred a total cost of $345,000, of which $37,000 was fixed costs. The flexible budget for September showed total sales of $420,000. Among variances of the period were: total variable cost flexible-budget variance, $8,000U; total flexible-budget variance, $72,000U; and, sales volume variance, in terms of contribution margin, $39,000U. The sales volume variance, in terms of operating income, for September (to the nearest dollar) was:
In September, Larson Inc. sold 41,000 units of its only product for $350,000, and incurred a...
In September, Larson Inc. sold 41,000 units of its only product for $350,000, and incurred a total cost of $325,000, of which $35,000 was fixed costs. The flexible budget for September showed total sales of $400,000. Among variances of the period were: total variable cost flexible-budget variance, $8,900U; total flexible-budget variance, $83,00OU; and, sales volume variance, in terms of contribution margin, $37,000U The sales volume variance, in terms of operating income, for September (to the nearest dollar) was: Multiple Choice...
In September, Larson Inc. sold 50,000 units of its only product for $416,000, and incurred a total cost of $385,000,...
In September, Larson Inc. sold 50,000 units of its only product for $416,000, and incurred a total cost of $385,000, of which $41,000 was fixed costs. The flexible budget for September showed total sales of $460,000. Among variances of the period were total variable cost flexible-budget variance, 59,000U; total flexible-budget variance, $80,000U; and, sales volume variance, in terms of contribution margin, $43.000U. The sales volume variance, in terms of operating income, for September (to the nearest dollar) was: 2 00:50:15...
please answer noth questions and circle correct answer In September, Larson Inc. sold 40,000 units of its only product for $240,000 and incurred a total cost of $225,000, of which $25,000 is fixe...
please answer noth questions and circle correct answer
In September, Larson Inc. sold 40,000 units of its only product for $240,000 and incurred a total cost of $225,000, of which $25,000 is fixed costs. The flexible budget for September showed total sales of $300,000. Among variances of the period were: total variable cost flexible-budget variance, $8,000U; total flexible-budget variance, $63,000U and, sales volume variance, in terms of contribution margin, $27,00oU. The total number of budgeted units reflected in the master...
The total number of budgeted units reflected in the master budget for September was: a) 50000...
The total number of budgeted units reflected in the master
budget for September was:
a) 50000 units
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c) 40000 units
d) 45000 units
e) 48000 units
Which equation correctly calculates the total weighted average
equivalent units of production?
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b) ending WIP equivalent units - completed and transferred out
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Garbera Enterprises manufactures tires for the Formula 1 motor racing circuit. For August 2017, it budgeted...
Garbera Enterprises manufactures tires for the Formula 1 motor racing circuit. For August 2017, it budgeted to manufacture and sell 3,100 tires at a variable cost of $77 per tire and total fixed costs of $53,000. The budgeted selling price was $107 per tire. Actual results in August 2017 were 2,900 tires manufactured and sold at a selling price of $109 per tire. The actual total variable costs were $240,700, and the actual total fixed costs were $49,500. Read the...
Assume that in October 2019 the Schmidt Machinery Company (Exhibit 14.1) manufactured and sold 950 units...
Assume that in October 2019 the Schmidt Machinery Company
(Exhibit 14.1) manufactured and sold 950 units for $854 each.
During this month, the company incurred $380,000 total variable
costs and $181,900 total fixed costs. The master (static) budget
data for the month are as given in Exhibit 14.1.
Required:
1. Prepare a flexible budget for the production and sale of 950
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Indicate whether this...
Melton Enterprises manufactures tires for the Formula 1 motor racing circuit. For August 2017, it budgeted...
Melton Enterprises manufactures tires for the Formula 1 motor
racing circuit. For August 2017, it budgeted to manufacture and
sell 3,300 tires at a variable cost of $75 per tire and total fixed
costs of $54,500. The budgeted selling price was $111 per tire.
Actual results in August 2017 were 3,200 tires manufactured and
sold at a selling price of $113 per tire. The actual total variable
costs were $265,600. And the actual total fixed costs were
$51,000.
Requirement 1....
ses. To follow is the company's performance report in contribution margin format for August: Data Table...
ses. To follow is the company's performance report in contribution margin format for August: Data Table The Outrageous Balloon Company Actual vs. Budget Performance Report For the Month Ended August 31 Master Budget Master Budget Variance Actual Sales volume (number of cases sold) Sales revenue 60,000 57,000 Less: Variable expenses Contribution margin 217,800 $ 124,500 93,300 $ 66,200 193,800 114,000 79,800 65,000 Less: Fixed expenses Operating income $ 27,100 $ 14.800 PR 7 of 9 (1 complete) ulti-pack cases. To...
Elsworth Inc. manufactures and sells two fruit drinks: Kostor and Limba. Budgeted and actual results for...
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In September, Larson Inc. sold 41,000 units of its only product for $350,000, and incurred a total cost of $325,000, of which $35,000 was fixed costs. The flexible budget for September showed total sales of $400,000. Among variances of the period were: total variable cost flexible-budget variance, $8,900U; total flexible-budget variance, $83,00OU; and, sales volume variance, in terms of contribution margin, $37,000U The sales volume variance, in terms of operating income, for September (to the nearest dollar) was: Multiple Choice...
In September, Larson Inc. sold 50,000 units of its only product for $416,000, and incurred a total cost of $385,000, of which $41,000 was fixed costs. The flexible budget for September showed total sales of $460,000. Among variances of the period were total variable cost flexible-budget variance, 59,000U; total flexible-budget variance, $80,000U; and, sales volume variance, in terms of contribution margin, $43.000U. The sales volume variance, in terms of operating income, for September (to the nearest dollar) was: 2 00:50:15...
please answer noth questions and circle correct answer
In September, Larson Inc. sold 40,000 units of its only product for $240,000 and incurred a total cost of $225,000, of which $25,000 is fixed costs. The flexible budget for September showed total sales of $300,000. Among variances of the period were: total variable cost flexible-budget variance, $8,000U; total flexible-budget variance, $63,000U and, sales volume variance, in terms of contribution margin, $27,00oU. The total number of budgeted units reflected in the master...
The total number of budgeted units reflected in the master
budget for September was:
a) 50000 units
b)36000 units
c) 40000 units
d) 45000 units
e) 48000 units
Which equation correctly calculates the total weighted average
equivalent units of production?
a) completed and transferred out units + ending WIP equivalent
units
b) ending WIP equivalent units - completed and transferred out
units
c) completed and transferred out units + Beginning WIP
equivalent units
d) beginning WIP equivalent units - Completed...
Garbera Enterprises manufactures tires for the Formula 1 motor racing circuit. For August 2017, it budgeted to manufacture and sell 3,100 tires at a variable cost of $77 per tire and total fixed costs of $53,000. The budgeted selling price was $107 per tire. Actual results in August 2017 were 2,900 tires manufactured and sold at a selling price of $109 per tire. The actual total variable costs were $240,700, and the actual total fixed costs were $49,500. Read the...
Assume that in October 2019 the Schmidt Machinery Company
(Exhibit 14.1) manufactured and sold 950 units for $854 each.
During this month, the company incurred $380,000 total variable
costs and $181,900 total fixed costs. The master (static) budget
data for the month are as given in Exhibit 14.1.
Required:
1. Prepare a flexible budget for the production and sale of 950
units.
2. Compute for October 2019:
a. The sales volume variance, in terms of operating income.
Indicate whether this...
Melton Enterprises manufactures tires for the Formula 1 motor
racing circuit. For August 2017, it budgeted to manufacture and
sell 3,300 tires at a variable cost of $75 per tire and total fixed
costs of $54,500. The budgeted selling price was $111 per tire.
Actual results in August 2017 were 3,200 tires manufactured and
sold at a selling price of $113 per tire. The actual total variable
costs were $265,600. And the actual total fixed costs were
$51,000.
Requirement 1....
ses. To follow is the company's performance report in contribution margin format for August: Data Table The Outrageous Balloon Company Actual vs. Budget Performance Report For the Month Ended August 31 Master Budget Master Budget Variance Actual Sales volume (number of cases sold) Sales revenue 60,000 57,000 Less: Variable expenses Contribution margin 217,800 $ 124,500 93,300 $ 66,200 193,800 114,000 79,800 65,000 Less: Fixed expenses Operating income $ 27,100 $ 14.800 PR 7 of 9 (1 complete) ulti-pack cases. To...
Elsworth Inc. manufactures and sells two fruit drinks: Kostor and Limba. Budgeted and actual results for 2017 are as follows: (Click the icon to view the budgeted and actual results.) Read the requirements Requirement 1. Compute the total sales volume variance, the total sales-mix variance, and the total sales-quantity variance (Calculate all variances in terms of contribution margin.) Show results for each product in your computations, Begin by completing the following table to determine the budgeted contribution margin per unit,...
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