Question 1. (total profit variance, sales price and sales quantity variance) XYZ Company's budgeted and...
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Question 1. (total profit variance, sales price and sales quantity variance) XYZ Company's budgeted and actual results for last year are as follows:
| Master budget | Actual results | |
| Price | $500 | $650 |
| Sales volume (units) | 8,000 | 6,000 |
| Unit VC | $100 | $100 |
| Fixed costs | $250,000 | $250,000 |
Required: (a) Compute budgeted and actual revenue, costs and profits:
| Master budget | Actual | |
| Sales volume (units) | ||
| Revenue | ||
| Variable costs | ||
| Contribution margin | ||
| Fixed costs | ||
| Profit |
In (b)-(d) below, enter favorable and unfavorable variances as positive and negative numbers, without F or U. (b) How much is the total profit variance? (enter negative numbers with a minus, i.e. enter negative $100 as -100 not ($100) ) $ 13 (c) How much is the sales volume variance? (enter negative numbers with a minus) $ 14 (d) How much is the sales price variance? (enter negative numbers with a minus) $ 15
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