You are required to calculate: i. The sales price variance.  ii. The sales volume profit variance.  iii. The sales mix variance profit.

Q: A typical planning decision would be described as: Select one: O A. Monitoring actual sales…

A: Typically planning is Process of making a detailed proposal for doing or achieving something. In…

Q: What is the interpretation of the direct-material price variance and the direct-material purchase…

A: Definition: Variance: Variance refers to the different levels in the actual cost incurred and…

Q: What is the difference between Cost-Volume Profit graph and Profit-Volume graph?

A: Introduction:- Cost-Volume Profit graph displays the relationship between the cost of units…

Q: EXPLAIN THE FOLLOWING: 1. Gross profit variation 2. Cost concept

A: The amount of profit earned by the entity after deducting the costs that are related to the…

Q: variances. Sales mix variance…

A: Sales variance mainly comprises of three variances: sales price variance, sales volume variance and…

Q: Which of the following statements is (are) true? (A) A price standard is the price that should be…

A: Standard costing refers to the method of costing used for the computation of expenses in the process…

Q: What is the standard cost income statement? Give an example?

A: Meaning of Standard cost income statement:A standard cost is the estimated cost of production based…

Q: Of the following pairs of variances found in a flexible budget report, which pair is most likely to…

A: Variance in simple terms means difference or change. In costing variance refers to the difference…

Q: Which of the following underlying assumptions form(s) the basis for gross profit variance analysis?…

A: Gross profit variance analysis is defined as the one which analyse the profit variance that comprise…

Q: What are the relationships among a selling price variance, a sales mix variance, a sales…

A: Definition: Variance: Variance refers to the different levels in the actual cost incurred and…

Q: Define the following terms, and explain the relationship between them: (a) cost estimation, (b) cost…

A: Cost:   Cost can be defined as the cash and cash equivalent which is incurred against the products…

Q: Define variance

A: Variance in statistics is the calculation of the distribution in an information source between the…

Q: Variance percentage is calculated by dividing the choose your answer... by the choose your answer...

A: Variation refers to the difference i.e. the difference between the current amounts with the budgeted…

Q: Write the general formula for cost-plus pricing, and briefly explain its use.

A: Cost-plus pricing: It can be defined as the pricing strategy which includes the determination of the…

Q: When analyzing an organization's budget using 2-variance analysis, the 2 elements used are volume…

A: The correct answer is: b. price varianceA 2-variance study of an organization's budget includes two…

Q: The amount of the activity variance for revenue What is the spending variance for the cost of…

A: Lets understand the basics.Activity variance for revenue is a variance between the planned revenue…

Q: Variance analysis SIS

A: Under variance analysis a standard is set for all costs, revenues etc. and this is compared with the…

Q: Sales variance is the difference between sales price and ----------   Labour rate variance Sales…

A: Sales variance =Actual sales - budgeted sales = Actual quantity * actual price - budgeted quantity *…

Q: Assume the variance is material, what is the adjustment of the cost of good sold

A: Solution: Adjustment cost of goods sold vary based on variance in material or immaterial.

Q: What are the relations among standard costs, flexible budgets, variance analysis and managment by…

A: Because actual costs cannot be predicted in advance, standard costs are estimations of actual costs…

Q: Gross profit variance analysis can be used to study the effect of:" Changes in cost of goods sold on…

A: Gross profit variance refers to the variance that occurred to the amount of gross profit from the…

Q: Which of the following items would be useful to management in deciding whether to investigate the…

A: Standard costs are the budgeted costs related with the production, manufacturing and selling of…

Q: G.       H.       I.       J.    Budget Perf

A: The term with definition as,

Q: Which of the following is a basic element of effective budgetary control?a. cost behavior patternsb.…

A: Budgeting is a process that involves estimation of total costs and revenues of a firm over a…

Q: (b) Explain the reasons why Carad Co would be interested in the material price planning variance and…

A: The variations between predicted and actual results of a manufacturing process or other commercial…

Q: Define and explain the relationship between simple variance analysis and flexible variance analysis.

A: Simple variances analysis is the study of  deviations of the actual result against the forecasted…

Q: The “plus” in cost-plus pricing is often referred to as Markup.   Extra profit.   Gross profit.…

A: Cost plus pricing means when selling price is fixed as a addition of profit on the cost price. For…

Q: Define the term product pricing.

A: Managerial accounting:   Managerial accounting is more focused towards analyzing information and…

Q: The Flexible-Budget Variance is the sum of   a. The static-budget variance and the sales-volume…

A: Flexible-Budget Variance = Actual results - Flexible results

Q: An example of qualitative data is 1.product price 2.production cos 3.product features 4.prime cost

A: Qualitative data: Qualitative data is non-numerical data in nature like characteristics or features…

Q: Baird Chairs, Incorporated makes two types of chairs. Model Diamond is a high-end product designed…

A: The activity-based costing allocates the manufacturing overhead to each product based on activities,…