Determine the following:Cost-Quantity varianceCost variancePrice-Quantity variancePrice varianceCost volume variance Problem 2The following income statement data presented by VGP Company for the yearsended December 31, 2020 and 2021:20202021Net Sales600,000360,000699,600Cost of Sales380,160Gross Margin240,000319,440Additional data:During 2021, the following transpired that affected net sales, cost of sales, whichcontributed in the changes in gross margin:a. Units sold in 2021 was 10% higher than 2020b. Units selling price in 2021 was 6% higher than 2020c. Unit cost in 2021 was 4% lower than 2020

Name: Determine the following:Cost-Quantity varianceCost variancePrice-Quant
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Description: Determine the following:Cost-Quantity varianceCost variancePrice-Quantity variancePrice varianceCost volume variance Problem 2The following income statement data presented by VGP Company for the yearsended December 31, 2020 and 2021:20202021Net Sales

SOLUTION FORMULAS 1- PRICE QUANTITY VARIANCE = (UNIT SOLD IN 2021 - UNIT SOLD IN 2020)/ RATE PER…

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Problem 2 The following income statement data presented by VGP Company for the years ended December 31, 2020 and 2021: 2020 2021 600,000 360,000 240,000 Net Sales 699,600 380,160 Cost of Sales Gross Margin 319,440 Additional data: During 2021, the following transpired that affected net sales, cost of sales, which contributed in the changes in gross margin: a. Units sold in 2021 was 10% higher than 2020 b. Units selling price in 2021 was 6% higher than 2020 c. Unit cost in 2021 was 4% lower than 2020

Problem 2 The following income statement data presented by VGP Company for the years ended December 31, 2020 and 2021: 2020 2021 600,000 360,000 240,000 Net Sales 699,600 380,160 Cost of Sales Gross Margin 319,440 Additional data: During 2021, the following transpired that affected net sales, cost of sales, which contributed in the changes in gross margin: a. Units sold in 2021 was 10% higher than 2020 b. Units selling price in 2021 was 6% higher than 2020 c. Unit cost in 2021 was 4% lower than 2020

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 87PSB

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