FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It…
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future…
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The master budget at Cherrylawn Corporation at the beginning of the year was based on sales of 275,000 units with revenues of $3,300,000. Total variable costs were budgeted at $1,925,000 and fixed costs at $950,000. During the period, actual production and actual sales were 255, 000 units. The actual revenues were $3,442, 500. Actual variable costs were $6.50 per unit. Actual fixed costs were $980,000. Required: Prepare a profit variance analysis. Specifically Sales Price Variance, Sales Activity Variance, and the Master Budget. Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.
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Transcribed Image Text:The master budget at Cherrylawn Corporation at the beginning of the year was based on sales of 275,000 units with revenues of $3,300,000. Total variable costs were budgeted at $1,925,000 and fixed costs at $950,000. During the period, actual production and actual sales were 255, 000 units. The actual revenues were $3,442, 500. Actual variable costs were $6.50 per unit. Actual fixed costs were $980,000. Required: Prepare a profit variance analysis. Specifically Sales Price Variance, Sales Activity Variance, and the Master Budget. Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.
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