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Q1) Target Company's actual results for period were:

Sales Volume (in units): 400,000  
     
Sales Revenues $2,440,000  
Variable Costs:  
Manufacturing $1,060,000  
Mktg & Admin 748,000 1,808,000
Contribution Margin 632,000  
Fixed Costs:  
Manufacturing 400,000  
Mktg & Admin 200,000 600,000
Operating Profit 32,000  

Company originally planned to make and sell 350,000 at $6 each.  At that volume variable manufacturing costs were budgeted at $2.50, and variable marketing and administrative costs were budgeted at $2.00 each.  Additionally, company expected the operating profit of $25,000.

A. In tabular format, recreate master budget and make the flexible budget.

B. Compute sales-volume variance, sales price variance, and total fixed cost variance.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919065

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