Margot's Ice Cream operates several stores in a major metropolitan city and its suburbs. Its budget and operating data for the current year follow: Flavor Vanilla Chocolate Strawberry Anchovy Flavor Vanilla Gallons 348,000 435,000 290,000 87,000 Chocolate Strawberry Anchovy Total Budgeted Data Selling Variable Price per Costs per Gallon Gallon $ 2.15 $ 1.45 2.40 1.60 2.80 3.30 2.70 4.30 Actual Operating Results Selling Variable Price per Costs per a. Sales Volume Variance Gallons 288,000 405,000 420,000 207,000 Gallon $ 2.00 3.15 Required: 1. Compute these variances for the individual flavors and total quantity sold. (Use the Contribution Margin in your calculations and do not round intermediate calculations.) 2.90 4.80 Gallon $ 1.35 2.30 1.65 3.00 b. Sales Mix Variance C. Sales Quantity Variance

Margot's Ice Cream operates several stores in a major metropolitan city and its suburbs. Its budget and operating data for the current year follow: Flavor Vanilla Chocolate Strawberry Anchovy Flavor Vanilla Gallons 348,000 435,000 290,000 87,000 Chocolate Strawberry Anchovy Total Budgeted Data Selling Variable Price per Costs per Gallon Gallon $ 2.15 $ 1.45 2.40 1.60 2.80 3.30 2.70 4.30 Actual Operating Results Selling Variable Price per Costs per a. Sales Volume Variance Gallons 288,000 405,000 420,000 207,000 Gallon $ 2.00 3.15 Required: 1. Compute these variances for the individual flavors and total quantity sold. (Use the Contribution Margin in your calculations and do not round intermediate calculations.) 2.90 4.80 Gallon $ 1.35 2.30 1.65 3.00 b. Sales Mix Variance C. Sales Quantity Variance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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