The Greensboro Performing Arts Center (GPAC) has a total capacity of 9,300 seats: 2,500 center seats, 3,000 side seats, and 3,800 balcony seats. The budgeted and actual tickets sold for a Broadway musical show are as follows: Ticket Price Percentage Occupied Budgeted Actual Seats Seats Center Side $ 70 90% 95% 60 50 80 85 ed Balcony 85 75 The actual ticket prices were the same as those budgeted. Once a show has been booked, the total cost does not vary with the total attendance. Required: Compute the following for the show: 1. The budgeted and actual sales mix percentages for different types of seats. 2. The budgeted average contribution margin per seat. Assume the ticket price is also the contribution margin. 3-a. The total sales mix variance. 3-b. The total sales quantity variance. 4. The total sales volume variance. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3A Req 3B Req 4 The total sales mix variance. (Round your answers to the nearest whole dollar amount.) Sales Mix Variance Center Side Balcony Total S 10,850 Favorable 10,920 (16,850) Favorable $ 4,920 Unfavorable Favorable Search A ENG US

The Greensboro Performing Arts Center (GPAC) has a total capacity of 9,300 seats: 2,500 center seats, 3,000 side seats, and 3,800 balcony seats. The budgeted and actual tickets sold for a Broadway musical show are as follows: Ticket Price Percentage Occupied Budgeted Actual Seats Seats Center Side $ 70 90% 95% 60 50 80 85 ed Balcony 85 75 The actual ticket prices were the same as those budgeted. Once a show has been booked, the total cost does not vary with the total attendance. Required: Compute the following for the show: 1. The budgeted and actual sales mix percentages for different types of seats. 2. The budgeted average contribution margin per seat. Assume the ticket price is also the contribution margin. 3-a. The total sales mix variance. 3-b. The total sales quantity variance. 4. The total sales volume variance. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3A Req 3B Req 4 The total sales mix variance. (Round your answers to the nearest whole dollar amount.) Sales Mix Variance Center Side Balcony Total S 10,850 Favorable 10,920 (16,850) Favorable $ 4,920 Unfavorable Favorable Search A ENG US

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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The Greensboro Performing Arts Center (GPAC) has a total capacity of 8,500 seats: 2,300 center seats, 2,800 side seats, and 3,400 balcony seats. The budgeted and actual tickets sold for a Broadway musical show are as follows: Ticket Price Percentage Occupied Budgeted Seats Actual Seats Center $ 80 80% 85% Side 70 70 75 Balcony 60 75 65 The actual ticket prices were the same as those budgeted. Once a show has been booked, the total cost does not vary with the total attendance. Required: Compute the following for the show (each different seat section): 1. The budgeted and actual sales mix percentages for different types of seats. 2. The budgeted average contribution margin per seat. Assume the ticket price is also the contribution margin. 3-a. The total sales mix variance. 3-b. The total sales quantity variance. 4. The total sales volume variance.
The Rock of Aegis presents a series of concerts throughout the year. Budgeted fixed costs total $300,000 for the concert season; variable costs are expected to average $5 per patron. The orchestra uses flexible budgeting.What is the Total costs at 9,500 patrons?
Shalom Company measures its activity in terms of court reservations. Last month, the budgeted level of activity was 480 player-visits, and the actual level of activity was 440 player-visits. The company budgets for variable overhead costs of P3.30 per player-visit and fixed overhead costs of P10,600 per month. The actual variable overhead cost last month was P3,830 and the actual fixed overhead cost was P8,780. In your flexible budget performance report, identify the difference between budgeted and actual costs and indicate as favorable or unfavorable. Total variable overhead costs (not 2246UF) Total manufacturing costs (not 426UF)
The following production and cost information is for X Company for 2019: Budgeted 10,600 productionunits Budgeted costs: Total fixed Per-unit $9.13 variable Actual $236,000 12,600 productionunits Actual costs: Total fixed Total variable $261,960 $93,625 1. What was the 2019 static budget? 2. What was the 2019 flexible budget?
[The following information applles to the questions displayed below.] ABC Corporation Is a service company that measures Its output based on the number of customers served. The company provided the following fixed and varlable cost estimates that It uses for budgeting purposes and the actual results for May as shown below: Actual Total for May $ 223,500 $ 126,000 20,400 S.44,300 Fixed Element Variable Element per Month per Customer Served $6,100 $ 1,500 Revenue Employee salaries and wages Travel expenses other expenses $ 68,000 $ 47,000 When preparing Its plannlng budget the company estimated that It would serve 35 customers per month; however, during May the company actually served 40 customers. 14. What activity varlance would Adger report In May with respect to Its revenue? (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero varlance). Input all amounts as positive values.) Activity variance
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 $70? 2$ b. If the beginning finished goods inventory is an estimated 6,000 units and the desired ending inventory is 11,500 units, how many units should be produced? units c. What dollar amount of materials should be purchased at $6 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.
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? 9750000 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? 155000 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. 2139500 How much direct labor cost should be incurred if each unit produced requires 0.5 hours at an hourly rate of $22? How much manufacturing overhead should be incurred if fixed manufacturing overhead is $45,000 and variable…
Arberg Company’s controller prepared the following budgeted income statement for the coming year: Sales $417,000 Variable cost 287,730 Contribution margin $129,270 Fixed cost 75,950 Operating income $53,320 2. Suppose Arberg’s actual revenues are $29,900 more than budgeted. By how much will operating income increase?
The following data get out from Samsung industrial company: Direct materials costs JD 75 Direct manufacturing labor costs 20 Variable manufacturing overhead costs 15 Fixed overhead costs 28 Each TV need to 0.75 hour, and each hour by JD 31.5. The number of units manufactured is the cost driver for direct materials, direct manufacturing labor, and variable manufacturing overhead. The relevant range for the cost driver is from 0 to 6,000 TV. Budgeted and actual data for November 2019 are: Budgeted fixed costs for production JD 141, 750 Budgeted selling price JD 138 per unit Actual selling price 152.75 per unit Revenue at budgeted…
Peter Rabbit, which had a six-week run with three performances on each weekend. The costs from the current year's planning budget appear below. The Little Theatre Costs from the Planning Budget For the Year Ended December 31 Budgeted number of productions 6 Budgeted number of performances 108 Actors and directors wages $224,640 Stagehands wages 41, 040 Ticket booth personnel and ushers wages 24,840 Scenery, costumes, and props 108,480 Theater hall rent 62, 640 Printed programs 35, 640 Publicity 12, 480 Administrative expenses 44, 280 Total $ 554, 040 Some of the costs vary with the number of productions, some with the number of performances, and some are fixed and depend on neither the number of productions nor the number of performances. The costs of scenery, costumes, props, and publicity vary with the number of productions. It doesn't make any difference how many times Peter Rabbit is performed, the cost of the scenery is the same. Likewise, the cost of publicizing a play with…
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 $35? b. If the beginning finished goods inventory is an estimated 6,000 units and the desired ending inventory is 8,000 units, how many units should be produced?Answer units c. What dollar amount of materials should be purchased at $2.50 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. d. How much direct labor cost should be incurred if each unit produced requires 0.5 hours at an hourly rate of $16? e. How much manufacturing overhead should be incurred if fixed manufacturing overhead is $45,000 and variable manufacturing…
The following dashboard shows information from a company's fixed budget for 12,000 units of production and sales, and actual results for 12,500 units of production and sales. Budgeted sales Actual sales Budgeted variable costs Actual variable costs Budgeted fixed costs $48,000 Actual fixed costs $46,000 Enter answers in the tabs below. Required 1 Required 2 $108,000 $137,500 Compute the flexible budget income at the actual production and sales level of 12,500 units. ------Flexible Budget------ ------Flexible Budget at ------ Variable Amount per Unit Total Fixed Cost 12,500 units Contribution margin $ 0 $ 0 0 $180,000 $195,000