Sales Price VarianceSales volume varianceSales varianceCost price varianceCost volume varianceTotal gross profit variancePrice variancePrice quantity varianceCost varianceCost quantity variance Determine the following:Problem 2The following income statement data presented by VGP Company for the yearsended December 31, 2020 and 2021:20202021Net Sales600,000699,600Cost of Sales360,000380,160319,440Gross Margin240,000Additional 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

* As per bartleby guideline, if multiple sub parts are there in question then answer first three…

Answered: Sales Price Variance Sales volume…

Business

Accounting

Sales Price Variance Sales volume variance Sales variance

Financial Management: Theory & Practice

16th Edition

ISBN:9781337909730

Author:Brigham

Publisher:Brigham

Chapter2: Financial Statements, Cash Flow,and Taxes

Section: Chapter Questions

Problem 15P: Use the following income statement of Elliott Game Theory Consulting to determine its net operating...

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Question

Sales Price Variance Sales volume variance Sales variance Cost price variance Cost volume variance Total gross profit variance Price variance Price quantity variance Cost variance Cost quantity variance

Determine the following:
Problem 2
The following income statement data presented by VGP Company for the years
ended December 31, 2020 and 2021:
2020
2021
Net Sales
600,000
699,600
Cost of Sales
360,000
380,160
319,440
Gross Margin
240,000
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

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