FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Item to Classify Standard Actual Sales Revenue 832,000 853,000 Wages 137,000 141,200 S&A Expenses 412,000 421,200 Cost of Goods Sold 621,200 612,000 The sales revenue flexible budget variance was: Multiple Choice $21,000 unfavorable. $11,800 favorable. $21,000 favorable. $11,800 unfavorable.arrow_forwardPlease do not give solution in image format thankuarrow_forward6. Bloomsbury plc sells one product for which data for a budgeted period are given below: Selling price per unit Variable cost per unit Fixed cost per unit 80 48 16 Fixed costs are based on a budgeted level of activity of 5,000 units. Calculate the total costs of production of 5,000 units: A. £80,000 B. £240,000 C. £320,000 D. £400,000.arrow_forward
- Sales price $91 Direct material per unit 31 Direct labor per unit 16 Variable manufacturing overhead per unit 13 Fixed manufacturing overhead per unit 77,000 Variable sales and admin expenses per unit 4 Fixed sales and admin expenses per unit 24,000 Taxes 30%* *of income before taxes Prepare a flexible budgeted income for 100,000 units using the above information from a static budget for 80,000 units: Flexible Budgeted Income Statement $- Select - Cost of Goods Sold - Select - - Select - - Select - - Select - $- Select - $- Select - - Select - - Select - $- Select - - Select - $- Select -arrow_forwardBenson Company has provided the following Year 2 data. Budget Sales Variable product costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense Variances Sales Variable product costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense BENSON COMPANY Internal Income Statement for Year 2 Budget Required Prepare a budgeted and actual Income statement for Internal use. Sales Variable expenses: Product costs $504,000 186,000 46,000 3,300 16,500 23,400 1,900 700 Selling expenses Other expenses Contribution margin Fixed expenses: Product costs Selling expenses Other expenses Operating income (loss) Interest expense Net income (loss) 8,600 Unfavorable 4,200 Favorable 2,300 Unfavorable 1,700 Unfavorable 310 Favorable 490 Favorable 190 Unfavorable 90 Favorable Actualarrow_forward7.arrow_forward
- Include contribution Marginarrow_forwardDon't give answer in image formatarrow_forwardMirabel Manufacturing Budgeted Income Statement For the Year Ending December 31 Sales Cost of goods sold: Gross Margin Selling & Administrative Net Operating Income Normal Annual Sales Volume Unit Selling Price Variable expense per unit Variable Fixed Commissions Fixed Marketing Expenses Fixed Administrative Model 101 16,000 $ 650 $250 (Note: Each of the following questions is independent of the others) 1. What is Mirabel's over-all break-even point in sales dollars? $ 13,300,000 $ 9,300,000 $ 4,410,000 $ 1,350,000 $ 6,000,000 $ 2,390,000 Model 201 19,000 $750 $ 200 $ 36,750,000 $ 14,150,000 Model 301 11,000 $ 1,100 $ 500arrow_forward
- Please do not give solution in image format thankuarrow_forwardQUESTION 1 A company manufactures and sells a single product. Budgeted data per unit of the product is: (20 Marks) Selling Price Variable Cost* Fixed Production overhead R 8.50 3.70 2.90 *All variable costs are manufacturing i.e there are no non-manufacturing variable costs. The above fixed production overhead absorption rate is based on budgeted production of 12,000 units per period. Budgeted non-production overhead (all fixed) is R16, 800 per period. Actual sales and production for two periods has been: Sales Production Period 1 11 600 units 12 000 units Period 2 12 400 units 12 300 units There was no stock at the start of Period 1. The selling price, unit variable costs and total fixed costs were as per budget in both periods. REQUIRED 1.1 Prepare statements of Comprehensive income for both periods (ie period 1 & Period 2), using absorption costing, showing the actual results for each of the two periods. (7) The company wishes to compare the results reported in (1.1) above with…arrow_forwardJordan Company nas provided the following year data. Budget Sales Variable product costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense Variances Sales Variable product costs. Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense JORDAN COMPANY Internal Income Statement for Year 2 Budget Sales Variable expenses: Product costs Selling expenses Other expenses Contribution margin $ 519,000 202,000 Required Prepare a budgeted and actual income statement for Internal use. Fixed expenses: Product costs Selling expenses Other expenses Operating income (loss) Interest expense Net income (loss) 49,000 3,200 16,000 24,000 1,400 688 8,200 Unfavorable 5,000 Favorable 2,200 Unfavorable 1,100 Unfavorable 290 Favorable 460 Favorable 140 Unfavorable 100 Favorable Actualarrow_forward
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