HELP PLEASE Fanning Publications established the following standard price and costs for...

70.2K

Verified Solution

Question

Accounting

HELP PLEASE

image

image

Fanning Publications established the following standard price and costs for a hardcover picture book that the company produces Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs $ 36.10 8.70 3.70 6.30 6.60 Planned fixed costs Manufacturing overhead Selling, general, and administrative $131,000 53,000 Assume that Fanning actually produced and sold 20,000 books. The actual sales price and costs incurred follow Actual price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs $ 35.10 8.90 3.60 6.35 6.40 Actual fixed costs Manufacturing overhead Selling, general, and administrative $116,000 59,000 Requirecd a. & b. Determine the flexible budget variances and also indicate the effect of each variance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Answer is not complete. Flexible Budget Variances Sales revenue $ 722,000 Variable manufacturing costs Materials Labor Overhead Selling, general,and administrative costs Contribution margin Fixed costs Manufacturing overhead Selling, general, and administrative costs Net income

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students