In a recent year a car manufacturer sold 217,044 cars. The company budgeted to sell 226,244 cars during the year. The budgeted sales price for each car was $33,000 and the actual sales price for each car was $33,300. AQ-Actual Quantity SQ-Standard Quantity AP Actual Price SP Standard Price Comp
Q: Poison Corporation holds 70 percent of Snake Company's voting common shares but none of its…
A: It represents the portion of a company's profit allocated to each outstanding share of common stock.…
Q: In late 2023, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of…
A: Since multiple questions have been asked, We will solve only the first question. If any particular…
Q: An alphabetical list of Ivanhoe Company adjusted accounts at its fiscal year end, August 31, 2024,…
A: Income statement is a financial statement that shows profitability, total revenue and total…
Q: Wildhorseuses DM of $47,000 and incurs DL and MOH costs of $55,000 and $27,000, respectively, in a…
A: Joint costs means the costs incurred in producing multiple products simultaneously from the same raw…
Q: 1.A new product, an automated crepe maker, is being introduced ät selling price of RM59 per unit,…
A: The selling price of the product can be defined as the total of target cost and the target income.…
Q: Bedou-Kwaku Corporation considers materials and labor to be completely variable costs. Expected…
A: The objective of the question is to calculate the total flexible budget variance for Bedou-Kwaku…
Q: e. On which financial statement will the sales tax liability appear? The liability is shown on the
A: Accounting equation indicates that company's total assets are equal to the sum of its liabilities…
Q: Which of the following statements is true when dividends are not declared on cumulative preferred…
A: Cumulative preference share means where the dividend in arrears of last year will also be paid.…
Q: The cost object of the plantwide overhead rate method is: Multiple Choice The production activities…
A: An overhead rate, also known as an overhead absorption rate or predetermined overhead rate, is a…
Q: Wyckam Manufacturing Inc. has provided the following information concerning its manufacturing costs:…
A: FLEXIBLE BUDGETA flexible budget is a budget that is prepared for different levels of activity or…
Q: Dawson Toys, Limited, produces a toy called the Maze with the following standards: Direct materials:…
A: Standard costing is the practice of predicting production-related costs because producers are unable…
Q: Wildhorse Ltd. is constructing a building. Construction began on February 1 and was completed on…
A: Lets understand the basics.Borrowing cost incurred behind qualifying asset needs to…
Q: Required Information Problem 09-59 (LO 09-4) (Algo) [The following information applies to the…
A: Income Statement: It is a part of the financial statement of a company in which revenue and expenses…
Q: During August, Carrothers Company accumulated 590 hours of direct labor costs on Job 50 and 840…
A: Labor Cost: It refers to the expense incurred by the business by the workers involved in the…
Q: Required information Lynch Company manufactures and sells a single product. The following costs were…
A: The costing methods are two types absorption costing and variable costing method. So, as per the…
Q: On December 31, 2023, Berclair Incorporated had 240 million shares of common stock and 5 million…
A: Earning per Share ie EPS - It is the ratio between a company's earning and its number of outstanding…
Q: Bento Corporation (a U.S.-based company) acquired merchandise on account from a foreign supplier on…
A: Requirement of the question : Find out the gain or loss due to foreign exchange rate fluctuation in…
Q: Interest and taxes: Interest expense Tax expense Net income $ 130,000 210,000 1. Average operating…
A: Margin is calculated by dividing net operating income by average operating assets.
Q: Mario's Pizza has been suffering financial difficulties due to new local competition. They have…
A: A capital receipt is a type of fiscal sale that involves the damage or flux of finances or…
Q: Sparks Corporation receives a dividend of $100,000 from Jill Corporation, a C corporation. Sparks…
A: Dividend Received Deduction: It implies a tax deduction allowed by the federal state for certain…
Q: Sleepy Time is a retaller of luxury bed frames located in Los Angeles, California. Due to a recent…
A: The break-even point indicates that total units are to be sold by the business entity to recover its…
Q: Jordan Thomas is using MUS to examine a client's accounts receivable balance. Using a sample size of…
A: In the context of an audit, the phrase "upper limit on misstatements" usually refers to the most…
Q: The actual cash received during the week ended June 7 for cash sales was $18,921, and the amount…
A: (1) Debit what comes in, Credit what goes out.(2) Debit all expenses and losses, Credit all incomes…
Q: In recent years, Kingbird Company has purchased three machines. Because of frequent employee…
A: Depreciation expense :— It is the allocation of depreciable cost of asset over the estimated useful…
Q: Poison Corporation holds 70 percent of Snake Company's voting common shares but none of its…
A: Consolidation is an accounting technique used to combine assets, liabilities and other financial…
Q: Croy Incorporated has the following projected sales for the next five months: Sales in Units 3,550…
A: Production budget :— This budget is prepared to estimate the number of units to be produced for…
Q: E4.5 (LO 1) (Preparation of a Corrected Balance Sheet) Uhura Company has decided to expand its…
A: The balance sheet shows the companies assets and liabilities as on a specific date. The balance…
Q: Concord Company has the following production data for January Beg. Work in Process Inv. Units…
A: EQUIVALENT UNITS OF PRODUCTION Equivalent Production represents the production of a process in terms…
Q: Propiem 12-0 Consider the following information for HandyCraft Stores for 2014 and 2015: Total…
A: RETURN ON INVESTMENTReturn on investment is one of the profitability ratios which shows how much…
Q: E8.4 (LO 1) (LCNRV-Journal Entries) Dover Company began operations in 2025 and determined its ending…
A: Perpetual Inventory System –Under the Perpetual inventory system in every sales transaction cost of…
Q: At the end of her first year of university, Sandra Robinson decided that she should start a business…
A: A transaction is a fiscal or profitable event or exchange that involves the transfer of value…
Q: On December 31, 2001, a bookkeeper prepared a trial balance before adjusting entries were made and…
A: Journal entry means the book of original entry where the first time transaction is recorded. After…
Q: Review each transaction below and indicate whether you agree or disagree with how the bookkeeper…
A: Journal entry is an art of recording, summarizing and classifying the business transactions into…
Q: Brief Exercise 3-02 Vaughn Repair Shop had the following transactions during the first month of…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: On January 1, 2013, a corporation issued $500,000, 6% 5 year bonds for $459,464. The bonds pay…
A: Bonds payable is one of the form of liability being incurred. Regular interest payments needs to be…
Q: Sanchez & Company produces paints. On it had no work-in-process inventory. It sta production of…
A: Inventory, based on its intended use and where it is in the manufacturing or distribution process.…
Q: Puget Sound Divers is a company that provides diving services such as underwater ship repairs to…
A: Flexible budget is the statement prepared by the entity for the purpose of estimating the fixed and…
Q: JT (single taxpayer) is a software of a business that provides cust
A: Gross income is the starting point from which the Internal Revenue Service (IRS) calculates an…
Q: Ruth's Puppy Parlocis a pet grooming parlor and boutique. Ruth sells personalized puppy blankets at…
A: Total Fixed Costs remain same within the relevant activity level.Hence, Increase in Contribution…
Q: Required: Use the following information to prepare a classified balance sheet for Alpha Company at…
A: The balance sheet is one of the important financial statements of the business. It represents the…
Q: . Fill in the missing numbers in the following income statement: Note: Do not round Intermediate…
A: An income statement is a financial report that summarizes a company's revenues, expenses, and…
Q: 2. You are given a list of accounts and amount of Suchico in the table below: Accounts Payable…
A: Lets understand the basics.Balance sheet is as name suggest balances at both sides. One side is…
Q: A company uses the periodic inventory system and had the following activity during the current…
A: Company inventory refers to the collection of goods, materials, or other means that a business holds…
Q: Robert Sanchez is assisting to prepare financial statements for Bramble Publishing, a company that…
A: The cost of goods sold includes the cost of goods that are sold during the period. The gross margin…
Q: During August, Carrothers Company incurred factory overhead costs as follows: indirect materials,…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Lebaum Corporation uses the weighted-average method in its process costing system. Data concerning…
A: Process costing is used to record cost of various stages of production. Where finished goods of one…
Q: The Blossom Store had a beginning inventory on January 1 of 280 full-size strollers following…
A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…
Q: Norwall Company's budgeted variable manufacturing overhead cost is $1.05 per machine-hour and its…
A: Variance arises when the actual costs differ from the standard costs. The results are favorable…
Q: Using the following data, determine the unit product cost under variable costing. Units produced…
A: The unit product cost under variable costing consists of direct material, direct labor and the…
Q: Crystal Charm Company makes handcrafted silver charms that attach to jewelry such as a necklace or…
A: Variance arises when the actual costs differ from the standard costs. The results are favorable…
Step by step
Solved in 3 steps
- Campbell Industries has gathered the following information about the actual sales revenues and expenses for its pharmaceuticals segment for the most recent year. E (Click the icon to view the actual data.) Prepare a segment margin performance report for the pharmaceutical segment. Calculate a variance and a variance percentage for each line in the report. Round to the nearest hundredth for the variance percentages (for example, if your answer is 16.2384%, round it to 16.24%). Budgeted data for the same time period for the pharmaceutical segment are as follows (all data are in millions): E (Click the icon to view the budgeted data.) Begin by preparing the performance report through the contribution margin line. Next, complete the report through the segment margin line, and then, finally, complete the report through the operating income line. (Enter the variances as positive numbers. Round the variance percentages to the nearest hundredth percent, X.XX%.) Performance Report Data table…In a recent year, BMW sold 182,158 of its 1 Series cars. Assume the company expected to sell 191,158 of these cars during the year. Also assume the budgeted sales price for each car was $30,000 and the actual sales price for each car was $30,200. Compute the sales price variance and the sales volume variance.PLEASE ANSWER THE FOLLOWING QUESTIONS: Requirements 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. 2. What inferences can you draw from the variances computed in requirement 1? Data table Budget for 2020 Selling Variable Cost Cartons Product Price per Carton Sold Kostor $11.00 $ Limba $ 23.00 $ 6.40 16.15 Actual for 2020 Selling Variable Cost Cartons Price per Carton Sold 7.40 138,600 16.35 59,400 132,000 $11.60 S 88,000 $ 24.40 $
- Mia Wiz sells computers. During May, it sold 400 computers at a $1,100 per unit price. The fixed budget for May predicted sales of 450 computers at an per unit price of $1,080. AQ Actual Quantity SQ Standard Quantity AP Actual Price SP- Standard Price 1&2. Compute the sales price variance and the sales volume variance for May. Identify it as favorable or unfavorable. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Sales Flexible Budget 0 0 S 0 Budgeted SalesMia Wiz sells computers. During May, it sold 500 computers at a $800 per unit price. The fixed budget for May predicted sales of 550 computers at an per unit price of $780. AQ = Actual QuantitySQ = Standard QuantityAP = Actual PriceSP = Standard Price 1&2. Compute the sales price variance and the sales volume variance for May. Identify it as favorable or unfavorable. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.)Mia Wiz sells computers. During May, it sold 300 computers at a $800 per unit price. The fixed budget for May predicted sales of 350 computers at an per unit price of $780. AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price 1&2. Compute the sales price variance and the sales volume variance for May. Identify it as favorable or unfavorable. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Actual Sales Flexible Budget Budgeted Sales
- Comp Wiz sells computers. During May, it sold 300 computers at a $800 average price each. The May fixed budget included sales of 350 computers at an average price of $770 each. AQ = Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price 1&2. Compute the sales price variance and the sales volume variance for May. Classify it as favorable or unfavorable. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Flexible Budget Actual Sales Budgeted Sales AQ АP AQ SP SQ SP X X Y 0 0 0Mia Wiz sells computers. During May, it sold 400 computers at a $900 per unit price. The fixed budget for May predicted sales of 450 computers at an per unit price of $850. AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price 1&2. Compute the sales price variance and the sales volume variance for May. Identify it as favorable or unfavorable. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Actual Sales Flexible Budget Budgeted Sales $ $ Sales price variance Sales volume variance %24Bulldogs Inc. wants to analyze the variances in its actual and budgeted gross profit. The following are available:· Actual gross profit and actual gross profit ratio is P600,000 and 25%, respectively.· The actual sales are P400,000 more than the total budgeted sales.· Budgeted sales price at actual quantity sold is P2,000,000What is the Sales Volume Variance under 4-way analysis?
- Sammy Inc. wants to analyze the variances in its actual and budgeted gross profit. The following are available: Actual gross profit and actual gross profit ratio is P600,000 and 25%, respectively. • The actual sales are P400,000 more than the total budgeted sales. Budgeted sales price at actual quantity sold is P2,000,000 What is the Sales Volume Variance under 4-way analysis?Bingo Inc. wants to analyze the variances in its actual and budgeted gross profit. The following are available:· Actual gross profit and actual gross profit ratio is P600,000 and 25%, respectively.· The actual sales are P400,000 more than the total budgeted sales.· Budgeted sales price at actual quantity sold is P2,000,000What is the Sales Volume Variance under 4-way analysis?8. GP Variance Analysis with Complete Information Nacho Chips Company prepared the following budgetary information for July 2021: Sales (12,000 units) Cost of Goods Sold Gross Profit In July, actual operations resulted in the production and sale of 13,000 units which were sold for a selling price of P 34 per unit. The unit cost of goods sold increased by P 3. REQUIRED: 1. Overall GP variance 2. Sales price variance 3. Sales volume variance 4. Cost price variance 5. Cost volume variance P 432,000 288.000 P 144,000 9. GP Variance Analysis with Incomplete Information Chix Pesto Company has requested you to determine the cause of the difference between its 2020 and 2021 gross profit based on the following data: 1. Overall GP variance 2. Price factor 3. Cost factor 4. Volume factor 2020 P 200,000 120,000 P 80,000 Sales Cost of Goods Sold Gross Profit No additional data was made available except that unit sales increased by 20% in 2021. REQUIRED: 2021 P 252,000 180,000 P 72,000