Compute for the following and indicate if its FAVORABLE or UNFAVORABLEFormat: 11,111 F or 11,111 U1. Cost price variance = 2. Cost volume variance= 3. Total gross profit variance= The following income statement data presented by VGP Company for the yearsended December 31, 2020 and 2021:20202021Net Sales600,000699,600Cost of Sales360,000240,000380,160Gross Margin319,440Additional data:During 2021, the following transpired that affected net sales, cost of sales, whichcontributed in the changes in gross margin:a. Units sold in 2021 was 10% higher than 2020b. Units selling price in 2021 was 6% higher than 2020c. Unit cost in 2021 was 4% lower than 2020

Name: Compute for the following and indicate if its FAVORABLE or UNFAVORABLE
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Description: Compute for the following and indicate if its FAVORABLE or UNFAVORABLEFormat: 11,111 F or 11,111 U1. Cost price variance = 2. Cost volume variance= 3. Total gross profit variance= The following income statement data presented by VGP Company for the y

Variances usually used to see the progress between two years or budget vs actuals.

Business

Accounting

The following income statement data presented by VGP Company for the years ended December 31, 2020 and 2021: 2020 2021 Net Sales 600,000 699,600 Cost of Sales 360,000 380,160 319,440 Gross Margin 240,000

The following income statement data presented by VGP Company for the years ended December 31, 2020 and 2021: 2020 2021 Net Sales 600,000 699,600 Cost of Sales 360,000 380,160 319,440 Gross Margin 240,000

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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