True or False 1.Actual sales rarely match budgeted sales in the master budget. 2.Standard costs are...
True or False
1.Actual sales rarely match budgeted sales in the master budget.
2.Standard costs are used to establish the flexible budget for direct labor.
3.The cause of one variance might influence another variance.
4.Management by exception is a term used to describe managers who look at all variances, regardless of the amount.
5.Favorable variances are recorded with a credit to the appropriate variance account.
Homework Answers
1. The answer is True.
2. The answer is True.
3. The answer is True.
4. The answer is False.
5. The answer is True.
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True or False
1.Actual sales rarely match budgeted sales in the master
budget.
2.Standard costs are...
Master Master Budget Variance Actual 60,500 Budget 57,000 Sales volume (number of cases sold) Sales revenue...
Master Master Budget Variance Actual 60,500 Budget 57,000 Sales volume (number of cases sold) Sales revenue Less: Variable expenses Contribution margin Less: Fixed expenses $ 193,700 $ 71,200 176,700 62,700 $ 122,500 $ 73,200 114,000 72,000 $ 49,300 $ 42,000 Operating income The budgeted sales price per unit is $ 3.10 Requirement 2. What is the budgeted variable expense per unit? The budgeted variable expense per unit is $ 1.10. Requirement 3. What is the budgeted fixed cost for the...
Requirement 1. What is the budgeted sales price per unit? The budgeted sales price per unit...
Requirement 1. What is the budgeted sales price per unit? The budgeted sales price per unit is $ 3.40. Requirement 2. What is the budgeted variable expense per unit? The budgeted variable expense per unit is $ 1.80 . Requirement 3. What is the budgeted fixed cost for the period? The budgeted fixed cost for the period is $ 69,000 Requirements 4 and 5. Compute the master budget variances. Be sure to indicate each variance as favorable (F) or unfavorable...
1. What is the budgeted sales price per unit? 2. What is the budgeted variable expense...
1. What is the budgeted sales price per unit? 2. What is the budgeted variable expense per unit? 3. What is the budgeted fixed cost for the period? 4. Compute the master budget variances. Be sure to indicate each variance as favorable (F) or unfavorable (U.) 5. Management would like to determine the portion of the master budget variance that is (a) due to volume being different than originally anticipated, and (b) due to some other unexpected cause. Prepare a...
Calc+ Company manufactures calculators for schools. The master budget is based on sales of 40,000 units...
Calc+ Company manufactures calculators for schools. The master budget is based on sales of 40,000 units at $65 per calculator. Budgeted variable costs are $45 per unit, while budgeted fixed costs total $670,000. Actual income was $211,000 on actual sales of 42,000 units at $64 each. Actual variable costs were $43 per unit and actual fixed costs totaled $671,000. What is the master-budget variance of operating income (list variance amount and if it is favorable or unfavorable)? Calc+ Company manufactures...
1.) 2.) 3.) 4.) The master budget at Western Company last period called for sales of...
1.)
2.)
3.)
4.)
The master budget at Western Company last period called for sales of 225,900 units at $9.9 each. The costs were estimated to be $3.84 variable per unit and $225,900 fixed. During the period, actual production and actual sales were 230,900 units. The selling price was $10.00 per unit. Variable costs were $5.40 per unit. Actual fixed costs were $225,900. Required: Prepare a sales activity variance analysis. (Indicate the effect of each variance by selecting "F" for...
Req. 4,5, 6 A Data Table Actual vs. Budget Performance Report For the Month Ended August...
Req. 4,5, 6
A Data Table Actual vs. Budget Performance Report For the Month Ended August 31 Master Budget Master Budget Actual Variance 53,000 Sales volume (number of cases sold) Sales revenue 155,800 $ 137 800 68.900 Less: Variable expenses Contribution margin $ 76 400 $ 68.200 8 200 S 68.900 67 000 Less: Fixed expenses Operating income 1.900 Done 4. Compute the master budget variances. Be sure to indicate each variance as favorable (F) or unfavorable (U.) 5. Management...
The master budget at Western Company last period called for sales of 226,100 units at $10.10...
The
master budget at Western Company last period called for sales of
226,100 units at $10.10 each. The costs were estimated to be $3.86
variable per unit and $226,100 fixed. During the period, actual
production and actual sales were 231,100 unit. The selling price
was $10.20 per unit. Variable costs were $5.60 per unit. Actual
fixed costs were $226,100.
Required Prepare a profit variance analysis.
(Indicate the effect of each variance by selecting “F” for
favorable, or “U” for unfavorable....
Question 1 1 pts Calc+ Company manufactures calculators for schools. The master budget is based on...
Question 1 1 pts Calc+ Company manufactures calculators for schools. The master budget is based on sales of 40,000 units at $65 per calculator. Budgeted variable costs are $45 per unit, while budgeted fixed costs total $670,000. Actual income was $211,000 on actual sales of 42,000 units at $64 each. Actual variable costs were $43 per unit and actual fixed costs totaled $671,000. What is the master-budget variance of operating income (list variance amount and if it is favorable or...
The master budget at Western Company last period called for sales of 225,700 units at $9.70...
The master budget at Western Company last period called for sales of 225,700 units at $9.70 each. The costs were estimated to be $3.82 variable per unit and $225,700 fixed. During the period, actual production and actual sales were 230,700 units. The selling price was $9.80 per unit. Variable costs were $5.20 per unit. Actual fixed costs were $225,700. Required: Prepare a profit variance analysis. (Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable....
The master budget at Western Company last period called for sales of 226,000 units at $10.00...
The master budget at Western Company last period called for sales of 226,000 units at $10.00 each. The costs were estimated to be $3.85 variable per unit and $226,000 fixed. During the period, actual production and actual sales were 231,000 units. The selling price was $10.10 per unit. Variable costs were $5.50 per unit. Actual fixed costs were $226,000. Required: Prepare a profit variance analysis. (Indicate the effect of each variance by selecting “F” for favorable, or “U” for unfavorable....
Master Master Budget Variance Actual 60,500 Budget 57,000 Sales volume (number of cases sold) Sales revenue Less: Variable expenses Contribution margin Less: Fixed expenses $ 193,700 $ 71,200 176,700 62,700 $ 122,500 $ 73,200 114,000 72,000 $ 49,300 $ 42,000 Operating income The budgeted sales price per unit is $ 3.10 Requirement 2. What is the budgeted variable expense per unit? The budgeted variable expense per unit is $ 1.10. Requirement 3. What is the budgeted fixed cost for the...
Requirement 1. What is the budgeted sales price per unit? The budgeted sales price per unit is $ 3.40. Requirement 2. What is the budgeted variable expense per unit? The budgeted variable expense per unit is $ 1.80 . Requirement 3. What is the budgeted fixed cost for the period? The budgeted fixed cost for the period is $ 69,000 Requirements 4 and 5. Compute the master budget variances. Be sure to indicate each variance as favorable (F) or unfavorable...
1. What is the budgeted sales price per unit? 2. What is the budgeted variable expense per unit? 3. What is the budgeted fixed cost for the period? 4. Compute the master budget variances. Be sure to indicate each variance as favorable (F) or unfavorable (U.) 5. Management would like to determine the portion of the master budget variance that is (a) due to volume being different than originally anticipated, and (b) due to some other unexpected cause. Prepare a...
1.)
2.)
3.)
4.)
The master budget at Western Company last period called for sales of 225,900 units at $9.9 each. The costs were estimated to be $3.84 variable per unit and $225,900 fixed. During the period, actual production and actual sales were 230,900 units. The selling price was $10.00 per unit. Variable costs were $5.40 per unit. Actual fixed costs were $225,900. Required: Prepare a sales activity variance analysis. (Indicate the effect of each variance by selecting "F" for...
Req. 4,5, 6
A Data Table Actual vs. Budget Performance Report For the Month Ended August 31 Master Budget Master Budget Actual Variance 53,000 Sales volume (number of cases sold) Sales revenue 155,800 $ 137 800 68.900 Less: Variable expenses Contribution margin $ 76 400 $ 68.200 8 200 S 68.900 67 000 Less: Fixed expenses Operating income 1.900 Done 4. Compute the master budget variances. Be sure to indicate each variance as favorable (F) or unfavorable (U.) 5. Management...
The
master budget at Western Company last period called for sales of
226,100 units at $10.10 each. The costs were estimated to be $3.86
variable per unit and $226,100 fixed. During the period, actual
production and actual sales were 231,100 unit. The selling price
was $10.20 per unit. Variable costs were $5.60 per unit. Actual
fixed costs were $226,100.
Required Prepare a profit variance analysis.
(Indicate the effect of each variance by selecting “F” for
favorable, or “U” for unfavorable....
Question 1 1 pts Calc+ Company manufactures calculators for schools. The master budget is based on sales of 40,000 units at $65 per calculator. Budgeted variable costs are $45 per unit, while budgeted fixed costs total $670,000. Actual income was $211,000 on actual sales of 42,000 units at $64 each. Actual variable costs were $43 per unit and actual fixed costs totaled $671,000. What is the master-budget variance of operating income (list variance amount and if it is favorable or...
The master budget at Western Company last period called for sales of 225,700 units at $9.70 each. The costs were estimated to be $3.82 variable per unit and $225,700 fixed. During the period, actual production and actual sales were 230,700 units. The selling price was $9.80 per unit. Variable costs were $5.20 per unit. Actual fixed costs were $225,700. Required: Prepare a profit variance analysis. (Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable....
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