Ivanhoe Company's master budget reflects budgeted sales information for the month of June, 2022 as follows: Budgeted Quantity 43,000 49,500 Product A Product B During June, the company actually sold 40,500 units of Product A at an average unit selling price of $7.10 and 52.600 units of Product B at an average unit price of $8.90. Prepare a Sales Budget Report for the month of June for Ivanhoe Company which shows whether the company achieved its planned objectives. Product Line Budgeted Unit Sales Price $7 $9 Product A S Budget IVANHOE COMPANY Sales Budget Report For the Month Ended June 30, 2022 Actual $ Difference Favorable (F) Unfavorable (U) Not Applicable (NA)
Ivanhoe Company's master budget reflects budgeted sales information for the month of June, 2022 as follows: Budgeted Quantity 43,000 49,500 Product A Product B During June, the company actually sold 40,500 units of Product A at an average unit selling price of $7.10 and 52.600 units of Product B at an average unit price of $8.90. Prepare a Sales Budget Report for the month of June for Ivanhoe Company which shows whether the company achieved its planned objectives. Product Line Budgeted Unit Sales Price $7 $9 Product A S Budget IVANHOE COMPANY Sales Budget Report For the Month Ended June 30, 2022 Actual $ Difference Favorable (F) Unfavorable (U) Not Applicable (NA)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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Transcribed Image Text:During June, the company actually sold 40,500 units of Product A at an average unit selling price of $7.10 and 52,600 units of Product
B at an average unit price of $8.90.
Prepare a Sales Budget Report for the month of June for Ivanhoe Company which shows whether the company achieved its planned
objectives.
Product Line
Product A
Product B
Total Sales
S
Budget
IVANHOE COMPANY
Sales Budget Report
For the Month Ended June 30, 2022
Actual
Difference
Favorable (F)
Unfavorable (U)
Not Applicable (NA)
DOD
Transcribed Image Text:Ivanhoe Company's master budget reflects budgeted sales information for the month of June, 2022 as follows:
Budgeted
Quantity
43,000
49,500
Product A
Product B
During June, the company actually sold 40,500 units of Product A at an average unit selling price of $7.10 and 52.600 units of Product
B at an average unit price of $8.90.
Prepare a Sales Budget Report for the month of June for Ivanhoe Company which shows whether the company achieved its planned
objectives.
Product Line
Budgeted Unit
Sales Price
$7
$9
Product A
S
Budget
IVANHOE COMPANY
Sales Budget Report
For the Month Ended June 30, 2022
Actual
$
Difference
Favorable (F)
Unfavorable (U)
Not Applicable (NA)
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