hooner Corporation used the following data to evaluate its current operating system. The company sells items for​ $23 each and used a budgeted selling price of​ $23 per unit.     Actual Budgeted Units sold ​171,000 units ​187,000 units Variable costs ​$1,081,000 ​$1,285,000 Fixed costs ​$800,000 ​$774,000   What is the​ static-budget variance of​ r

Q: Lincoln Corporation used the following data to evaluate their current operating system. The company…

A: The static budget variance of variable  Cost = Actual  variable Cost  - Budgeted  variable Cost

Q: Stafford Company prepared a static budget for a production and sales volume of 12,300 units. What is…

A: Net Income : It is a valuable figure for investors to determine how much revenue exceeds an…

Q: Top managers of Kyler Industries predicted 2018 sales of 14,400 units of its product at a unit price…

A: Under flexible budget, the revenue per unit and the variable cot per unit are multiplied by actual…

Q: Marathon Sports Equipment Company projected sales of 79,000 units at a unit sales price of $12 for…

A: Sales volume  variance  = (actual  units - budgeted units ) × Budgeted  selling price

Q: ncoln Corporation used the following data to evaluate their current operating system. The company…

A: Solution: Actual operating income = sales - variable cost - fixed costs = 47000*10 - 167000 - 45000…

Q: Actual Results Static Budget Units 990 700 Sales Revenue $75,240 $37,800 Variable Costs 35,640…

A: Solution:  static budget variance for operating​ income = Actual opetrating income - static budget…

Q: Amanda Manufacturing Company prepared the following static budget income statement:…

A: Formula: Net Income = Contribution margin - Fixed costs Deduction of fixed costs from contribution…

Q: Top managers of Juda Industries predicted 2018 sales of 14,700 units of its product at a unit price…

A: The budget preparation based on the actual output is defined as the flexible budget. The budget…

Q: ABC company has the following data available: Budgeted Sales                                 Rs.…

A: Since you have asked multiple subparts we will answer the first 3 Subparts for you as per the…

Q: Lincoln Corporation used the following data to evaluate their current operating system. The company…

A: Working note:   ActualResults StaticBudget Static-budgetvariance  Units sold  42000…

Q: Own sub unit of winter sport company had the following financial results last month: Monthly…

A: Hi student, Since there are multiple subparts, we will answer only the first three subparts. If you…

Q: Gibson Company has provided the following for the year.     Budget       Sales $ 510,000   Variable…

A: The variance is favorable when budgeted costs are more than the actual costs incurred. The variance…

Q: James Manufacturing has the following information available for July:     Actual Results…

A: Solution Working note  Flexible budget variable marketing and administrative cost = 37000 -9200 =…

Q: Webb pic sells one product for which data for a budgeted period are given below: £ Selling price per…

A: The answer is option (b). [i.e,5,333 units]  Refer step 2 for explanation

Q: The total sales mix variance for both products is

A:

Q: [The following information applies to the questions displayed below] The fixed budget for 21,300…

A: The contribution margin is calculated as excess of sales revenue over total variable cost.

Q: Lincoln Corporation used the following data to evaluate their current operating system. The company…

A: Static budget is that budget which is fixed in nature and will not be change. But if level of…

Q: Texas Company has prepared the flexible budget formula for production costs: costs= 340,000 + 9X,…

A: Budgets are the forecasts or estimates that are made for future period of time. Budget variance…

Q: Midnight Sun Outfitters projected sales of 76,000 units for the year at a unit sales price of…

A: Solution: Budgeted contribution margin per unit = Selling price per unit - Variable cost per unit =…

Q: Daniels Corporation used the following data to evaluate their current operating system. The company…

A: Flexible budget vs static budget: Flexible budget is a budget which states the cost and sales…

Q: Abernathy Corporation used the following data to evaluate their current operating system. The…

A: Formula: Net operating income = Revenues - Variable costs - Fixed costs

Q: Hollaway Corp. has the following data for the current fiscal year:     Actual   Budget   Sales…

A: Solution:- Calculation of the total sales mix variance for both products as follows:- For Product…

Q: Schooner Corporation used the following data to evaluate its current operating system. The company…

A: The static budget variance of revenue is calculated as planned sales revenue less actual sales…

Q: Sanford Company original assumptions for the planning budget were: Total sales = $160,000, sale…

A: Given: Budgeted Quantity (BQ)=$160000$20=8000 unitsBudgeted Price (BP)=$20Actual Quantity (AQ)=8200…

Q: Assume the following information for Jenkins Inc.: Total flexible budget direct materials costs:…

A: Standard rate per item = Total flexible budget direct materials costs / Standard quantity  = 5000/40…

Q: Coroid Corporation used the following data to evaluate their current operating system. The company…

A: Formula used: Static budget variance = Actual variable cost - Budgeted variable cost

Q: operating costs wer

A: Given as, Revenue $25 Operating costs $4.75 $3,150

Q: Answer the following question(s) using the information below: Wild Brush Company manufactures…

A: Here in this question we are required to calculate market size variance. Market size variance…

Q: The following static budget is provided: Per Unit Total $900,000 Sales Less variable costs…

A: Compute volume variance.

Q: A company has the following standard cost card for a product:   £ Selling price 2.50 Variable…

A: Variance: It implies to a change in the standardized and actual results. It refers to a change or…

Q: 3 Sunny Enterprise, a manufacturing company, produces a special component part and le provided the…

A: Sales price variance (SPV) = (AP - BP) * AO Where AP = actual price = 16.40 BP = budgeted price = 18…

Q: Rich & Sweet Candy Company budgeted to produce and sell 5,000 units with its static master budget…

A: Working Note: Actual units sold = Budgeted units x 1.20 = 5,000 units x 1.20 = 6,000 units

Q: Coroid Corporation used the following data to evaluate their current operating system. The company…

A: Formula: Static budget variance of variable cots = Actual Variable costs - Budgeted Variable costs

Q: The following static budget is provided: Per unit $70 Total $1,050,000 Sales Less variable costs:…

A: Formula to determine overall volume variance.

Q: x, Inc. uses the following information when preparing their flexible budget: direct materials of $2…

A: Solution: flexible budget is the budget which represents budgeted costs at difference sales volume…

Q: The following are selected budgeted data for Green Company for the coming year: Budgeted sales…

A: Margin of safety: Margin of safety is the point  after which profit will be happen in multiple of…

Q: Darwin Inc. provided the following information:Budgeted production 10,000 unitsActual production…

A: Given: Budgeted production is 10,000 units.Actual production is 9,500 units.Budgeted input is 9,750…

Q: Butsoy Corporation manufactures two products - Ayko and Ayza. The budget committee gathered the…

A: Budgeting:-Budget is the future estimated plan on which the company's management works. Businesses…

Q: Lincoln Corporation used the following data to evaluate their current operating system. The company…

A: Actual selling price - $19 per unit Budgeted selling price - $19 per unit Actual units sold - 48,000…

Q: Lincoln Corporation used the following data to evaluate their current operating system. The company…

A: static-budget variance of revenue  = Actual revenue - Budget revenue

Q: ABC company has the following data available: Budgeted Sales                                 Rs.…

A: This question require to calculate margin of safety. Margin of safety is the amount of sales over…

Q: actual return on assets

A: Actual gross profit Budgeted gross profit - Unfavorable total gross profit variance Budgeted gross…

Q: Lincoln Corporation used the following data to evaluate their current operating system. The company…

A: Static budget is the original budget, which is not revised according to the actual units.

Q: Coroid Corporation used the following data to evaluate their current operating system. The company…

A: Static budget is a fixed budget which is not change with the level of production. It remains same as…

Q: A company’s static budget estimate of total shipping cost was $100,000 based on theassumption that…

A: Variable cost is the cost which changes with the change in the output level. It is the cost which…

Q: WXY Corporation manufactures lambs. Here below static budget and actual results are presented;…

A: Flexible Budget changes with the change in the volume of activity say, for example, change in the…

Q: WXY Corporation manufactures lambs. Here below static budget and actual results are presented;…

A: Meaning of Income Statement performance report:- Income Statement Performance Report  helps a…

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.