FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 Required: Gallons Budgeted Data Selling Price per Gallon Actual Operating Results Variable Costs per Gallon Seling Price per Variable Costs per Gallons Gallon Gallon 324,000 $ 1.95 $ 1.25 264,000 $ 1.80 $ 1.15 405,000 2.90 2.00 375,000 2.75 1.90 270,000 2.50 1.40 81,000 3.90 2.40 400,000 201,000 2.70 1.45 4.40 2.60 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.) a. b. C. Flavor Sales Volume Variance Sales Mix Variance Sales Quantity Variance Vanilla Chocolate Strawberry Unfavorable Unfavorable Favorable Unfavorable Unfavorable Favorable Favorable Favorable Favorable Anchovy Favorable Favorable Favorable Total Favorable Favorable Favorable
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Transcribed Image Text: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 Required: Gallons Budgeted Data Selling Price per Gallon Actual Operating Results Variable Costs per Gallon Seling Price per Variable Costs per Gallons Gallon Gallon 324,000 $ 1.95 $ 1.25 264,000 $ 1.80 $ 1.15 405,000 2.90 2.00 375,000 2.75 1.90 270,000 2.50 1.40 81,000 3.90 2.40 400,000 201,000 2.70 1.45 4.40 2.60 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.) a. b. C. Flavor Sales Volume Variance Sales Mix Variance Sales Quantity Variance Vanilla Chocolate Strawberry Unfavorable Unfavorable Favorable Unfavorable Unfavorable Favorable Favorable Favorable Favorable Anchovy Favorable Favorable Favorable Total Favorable Favorable Favorable
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Step 1: Introduction of Variance
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Step 2: Determine the sales volume variance
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Step 3: Determine the sales mix variance
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Step 4: Determine the sales quantity variance
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