Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. [please do it use your excel template] as the new

[Please do it use your excel template] As the new accountant for Cohen & Company,...

60.1K

Verified Solution

Question

Accounting

[Please do it use your excel template]

As the new accountant for Cohen & Company, you have been asked to provide a succinct analysis of financial performance for the year just ended. You obtain the following information that pertains to the companys sole product:

Actual Master Budget
Units sold 40,000 45,000
Sales $ 390,000 $ 450,000
Variable costs 220,000 270,000
Fixed costs 145,000 135,000

Required:

1. What was the actual operating income for the period?

2. What was the companys master budget operating income for the period?

3. (a) What was the total master budget variance, in terms of operating income, for the period? (b) Is this variance favorable or unfavorable? (If a variance has no amount, select "None" in the corresponding dropdown cell.)

4. The total master budget variance for a period can be decomposed into a total flexible budget variance and a sales volume variance. (a) What was the total flexible-budget variance for the period? (b) Was this variance favorable or unfavorable? (c) What was the sales volume variance for the period? (d) Was this variance favorable or unfavorable? (If a variance has no amount, select "None" in the corresponding dropdown cell.)

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

Electrical Engineering
1.2K views

How can we control the speed of Synchronous an AC Generator and give me a picture...

Finance
1.2K views

What are flotation costs and why they must be included in the initial cost of a...

Biology
1.2K views

What is an average concentration of bacterial and archaeal cells in marine water at several...

Physics
1.2K views

In a square loop PQRS made with a wire of cross section current I entres...

Physics
1.2K views

it has a wire of low resi 8 In a potentiometer experiment the balancing with...

Geometry
1.2K views

ven 2 X 1 2 3 Y 1 2 52 the coordinates of the center...

Calculus
1.2K views

1 4 Find the area of the shaded regie 1 VA 3 0 1 1...

Accounting
1.2K views

NSTRUCTIONS: Haiku Inc. issued $600,000 of 10-year bonds vith a stated rate of 11% when...

Accounting
1.2K views

On 1 April 2018, Shen Ltd acquired specialized equipment by issuing $2,700,000 of face value,...

Accounting
1.2K views

UP Saved 1 The Cheyenne Hotel in Big Sky, Montana, has occumulated records of the...

Accounting
1.2K views

Cabaniss Inc. distributes bath bombs. The company has an open line of credit to borrow...

Accounting
1.2K views

QUESTION 6 At the beginning of January, 2014, Wise Company had a balance in its...