The swimwear department's estimated sales for the Summer season were $800,000, with anticipated markdowns of 15%. At the end of the season, the buyer had taken $110,000 in markdowns. Were the actual dollar markdowns taken more or less than planned? Compare the estimated markdowns to the actual markdowns in both dollars and percentage.

Q: Worton Distributing expects its September sales to be 25% higher than its August sales of $154,000.…

A: August Sales = $154,000 September Sales = $154,000 + 25% = $192,500   Cash Collection in September…

Q: Milden Company is a merchandiser that plans to sell 12,000 units during the next quarter at a…

A: Cost of goods sold has direct costs with production process of goods where it includes materials and…

Q: ABC Inc. is a manufacturer of T-shirts imprinted with college names and slogans. Based on last year…

A:

Q: Stubs-R-Us is a local event ticket broker. Last year, the company sold 760,000 tickets with an…

A:

Q: The ABC Company expects to have sales of $30,000 in January, $33,000 in February, and $38,000 in…

A: Cash receipts will only cover sales from January and no other month

Q: Wadena Search and Rescue estimates the monthly cost of responding to emergency calls to be $90,000,…

A: When some cost is showing combined effect of variable and fixed cost i.e. it is semi variable and…

Q: Panther Corporation appeared to be experiencing a good year. Sales in the first quarter were…

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

Q: Baguio Coat Company estimates that 60,000 special zippers will be used in the manufacture of men's…

A: Opportunity cost - This is the cost which company can gain if the alternative option is selected.…

Q: Tilson Corporation has projected sales and production in units for the second quarter of the coming…

A: Workings:

Q: Bulldogs Inc. expected to sell in October 2021 1,000 units of Dell laptops with a purchase cost per…

A: Lets understand the basics. Sales volume variance is a variance in which actual quantity sold…

Q: Dolce Co. estimates its sales at 180,000 units in the first quarter and that sales will increase by…

A: Cash sales are 30% 65% of credit sales will be received in same quarter.  Quarter 2 sales units =…

Q: Purchases in May were $65,000, while expected purchases for June and July are $80,000 and $95,000,…

A: June Purchases 80,000 x 65%        52,000 July Purchases 95,000 x 35%        33,250 Total…

Q: Croy Inc. has the following projected sales for the next five months:   Month Sales in Units April…

A: Budget means the expected value of future. Budget is not affected by the actual value as it is…

Q: Tilson Corporation has projected sales and production in units for the second quarter of the coming…

A: Following are the requisite budgets

Q: what are the cash receipts from sales in February?

A:

Q: Golden Sun Company had sales of Tk.95,000 in December. It expects sales of Tk.70,000 in January.…

A: A cash budget is the estimation of cash inflow and cash outflow during a particular period. A cash…

Q: The data shown were obtained from the financial records of Italian Exports, Inc., for March:…

A:

Q: A merchandiser plans to sell 13,500 units next month at a selling price of $110 per unit. It also…

A: Contribution Margin - Contribution Margin is the difference between Sales and Variable Cost.

Q: Fazel Company makes and sells paper products. In the coming year, Fazel expects total sales of…

A: Solution 1" Fazel Company Selling and administrative expenses budget Particulars Amount…

Q: Croy Inc. has the following projected sales for the next five months:   Month Sales in Units April…

A: Croy Inc.       Production Budget         April May June Expected Unit Sales…

Q: ABC Company had sold 500 pieces of handbags at 150 pesos each in just one month period. The company…

A: Sales in the first month = no. of bags sold * price per bag = 500 bags * 150 pesos per bag = 75,000…

Q: Danner Inc. has projected sales to be $100,000 in June, $90,000 in July, and $70,000 in August.…

A: Month Projected Sales Amount June $100000 July $90000 August $70000

Q: Stubs-R-Us is a local event ticket broker. Last year, the company sold 900,000 tickets with an…

A: Commission revenue is part of revenue which is earned as a fee charged by the agent or broker to…

Q: (b) The budgeting section of-the corporate finance department of Atlas Products Company has received…

A: Cash Budget Worksheet           December  January  February  March Budget of receipts from sales…

Q: Croy Inc. has the following projected sales for the next five months:   Month Sales in Units April…

A: Budgeted production means how much units needs to be produced to achieve sales target and keeping…

Q: Dolman's, an elite clothier, expects its November sales to be 30% higher than its October sales of…

A: Given information is: Cash balance in November beginning = $9000 October Sales = $200000 November…

Q: Sohar Company. estimates its sales at 180,000 units in the first quarter and that sales will…

A: A manufacturing company is a business that is focused on the production of goods to the customers as…

Q: Last year, Bread City had sales of 70,000 loaves resulting in revenues of $350,000. Variable costs…

A: Solution:- Profit means the surplus of revenue over the incurred costs.

Q: Parker corp which operates on a calendar year, expects to sell 6000 units in october and expects…

A: A budget is used to estimate the future expected revenue or expenses. The budgeted revenue can be…

Q: Stubs-R-Us is a local event ticket broker. Last year, the company sold 900,000 tickets with an…

A: The calculation is attached below.

Q: Detox corp planned to sell 25,000 units during the next quarter at a selling price of P52 per unit.…

A: Income and expenses of an entity will be displayed in its income statement where it has all the…

Q: The data shown were obtained from the financial records of Italian Exports, Inc., for March:…

A: Italian Exports Inc.'s for month of March are  Estimated sales = $570000 Sales = $567921 The next…

Q: Tilson Corporation has projected sales and production in units for the second quarter of the coming…

A: The management requires to know the future requirement of cash due to which it becomes important to…

Q: Mike’s Motorcycles has enjoyed several years of business success, but recently the company has seen…

A: Net income is referred to the income earned by an organization or an individual proprietor after…

Q: A company that manufactures air-operated drain valve assemblies currently has $110,000 available to…

A: Uniform annual amount: The spending amount remains same over next couple of periods called uniform…

Q: The data shown were obtained from the financial records of Italian Exports, Inc., for March:…

A: The budgeted income statement determines the net income of the business by subtracting the total…

Q: Gilbert's expects its September sales to be 20% higher than its August sales of $150,000.…

A:

Q: Christy Enterprises reports the year-end information from 2011 as follows:         Sales (100,000…

A: A BUDGETED INCOME STATEMENT IS A FINANCIAL REPORT THAT SHOWS THE ESTIMATED REVENUE , EXPENSE AND…

Q: The data shown were obtained from the financial records of Italian Exports, Inc., for March:…

A: The direct expenses of manufacturing the goods supplied by a business are referred to as the cost of…

Q: a. Management expects to sell equipment that cost S$14,000 at a gain of $7,000. Accumulated…

A: In the given question, the total cash payments for expenses in September will comprise of: Monthly…

Q: Fast Distribution Company expects its September sales to be 20% higher than its August sales of…

A: Cash balance at the end of September 30 can be calculated by using this equation Cash balance at end…

Q: 1. Prepare a contribution format income statement for the next quarter. 2. Prepare a traditional…

A:

Q: For September, Titanium Corp. estimated sales revenue at $600,000. It pays sales commissions that…

A: Selling expense budget is a budget prepared by the budgeting committee to understand the amount…

Q: Preston anticipates selling 223,000 jars with total sales revenue of $267,000 in the first quarter…

A: The production budget is prepared to determine the number of units to be produced in the future to…

Q: Croy Inc. has the following projected sales for the next five months:     Month Sales in Units…

A: The budgeted cost of material refers to the estimated amount of cost incurred for producing budgeted…

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.