Super Foods manufactures pumpkin scones. For January 2020, it budgeted to purchase and use 16,500 pounds of pumpkin at $0.87 a pound. Actual purchases and usage for January 2020 were 17,000 pounds at $0.82 a pound. Super budgetedfor 66,000 pumpkin scones. Actual output was 57,800 pumpkin scones.Read the requirements.Requirement 1. Compute the flexible-budget variance.Let's begin by determining the formula used to calculate the actual pumpkin costs, then enter the amounts in the formula and calculate the cost.=Actual pumpkin costsRequirements1. Compute the flexible-budget variance.2. Compute the price and efficiency variances.3. Comment on the results for requirements 1 and 2 and provide a possibleexplanation for them.PrintDone-X

Requirement 1: Flexible-Budget Variance Flexible-Budget Variance = Actual Cost - Flexible Budget…

Answered: Super Foods manufactures pumpkin…

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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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 $
The Soda Shoppe manufactures and sells three soft drinks: Kola, Lima, and Oranga. Budgeted and actual results for 2022 are as follows: (Click the icon to view the budgeted data.) (Click the icon to view the actual data.) Required 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? Requirement 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. Begin by computing the actual contribution margins (CM). Then, compute the budgeted contribution margins in dollars for each product and in total for 2022. Actual CM Kola Lima Oranga Total Budgeted data Kola Lima Oranga Budget for…
Sunshine Foods manufactures pumpkin scones. For January 2017, it budgeted to purchase and use 14,750 pounds of pumpkin at $0.92 a pound. Actual purchases and usage for January 2017 were 16,000 pounds at $0.85 a pound. Sunshine budgeted for 59,000 pumpkin scones. Actual output was 59,200 pumpkin scones. 1. Compute the flexible-budget variance. 2. Compute the price and efficiency variances. 3. Comment on the results for requirements 1 and 2 and provide a possible explanation for them
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Fabric Company manufactures pillows. The 2020 operating budget was based on production of 25,000 pillows, with 0.25 machine-hours allowed per pillow. Budgeted variable overhead per hour was $35. Actual production for 2020 was 23,800 pillows using 5,900 machine-hours. Actual variable costs were $39 per machine-hour. Calculate the following: a. The budgeted variable overhead for 2020 b. The variable overhead spending variance c. The variable overhead efficiency variance
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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…
Westport Company is preparing its master budget for May. Use the estimates provided to determine the amounts necessary for each of the following requirements. (Estimates may be related to more than one requirement. a. What should total sales revenue be if territories E and W estimate sales of 50,000 and 100,000 units, respectively, and the unit selling price is $65? b. If the beginning finished goods inventory is an estimated 6,000 units and the desired ending inventory is 11,000 units, how many units should be produced? c. What dollar amount of materials should be purchased at $5.50 per pound if each unit of product requires 2.5 pounds and beginning and ending materials inventories should be 12,000 and 13,500 pounds, respectively.

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