ABC Inc. Has the flexible budgeted income statement for the period ended in December 31, 2019...
ABC Inc. Has the flexible budgeted income statement for the period ended in December 31, 2019 at 600 units sold as follows:
Sales (100 price per unit *600 units) 600,000
- Cost of gold sold (600*50) 300,0000
- Gross profit 300,000
- Operating expenses:
- Wages and salaries (10,000+ 10*600) 16,000
- Supplies (5000+2*600) 6,200
- Insurance 3,000
- Total expenses 25,200
- Net operating income 274,800
Whereas the actual income statement for the period ended in December 31, 2019 at 600 units sold as follows:
Sales 650,000
- Cost of gold sold 300,000
- Gross profit 350,000
- Operating expenses:
- Wages and salaries 20,000
- Supplies) 7,000
- Insurance 3,000
- Total expenses 30,000
- Net operating income 320,000
Required: compute the variance and specify whichever favorable and unfavorable variance is.
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ABC Inc. Has the flexible budgeted income statement for the
period ended in December 31, 2019...
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Income Tax Expense
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40,400
Office Expenses
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Cost of Goods Sold
$
161,000
Income Tax Expense
16,590
Merchandise Sales (gross revenue) for Cash
232,000
Merchandise Sales (gross revenue) on Credit
40,400
Office Expenses
18,600
Sales Returns and Allowances
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