Question

Complete the table using the figures provided for the three products: A, B and C.

Last month’s budget for sales

Product	Cost price	Sale price	Budget sales last month		Total costs on sales	Budget profit last month		Profit % per item on sale price
			#	$		per item	on sales
A	$7.50	$12.00	500	$6,000	$3,750	$4.50	$2,250	38%
B	$9.25	$17.00	400	$6,800	$3,700	$7.75	$3,100	46%
C	$10.00	$30.00	300	$9,000	$3,000	$20.00	$6,000	67%
Total			1,200	$21,800	$10,450		$11,350

Last month’s sales (actuals)

Product	Cost price	Sale price	Total sales last month		Total costs on sales	Gross profit last month		Profit % per item on sale price
			#	$		per item	on sales
A	$7.50	$12.00	650	$7,800	$4,875	$4.50	$2,925	38%
B	$9.25	$17.00	500	$8,500	$4,625	$7.75	$3,875	46%
C	$10.00	$30.00	200	$6,000	$2,000	$20.00	$4,000	67%
Total			1,350	$22,300	$11,500		$10,800

Product	Gross profit budget ($)	Gross profit actual ($)	Variance ($)
A
B
C
Total

Answer 1

Product	Gross profit budget ($)	Gross profit actual ($)	Variance ($)
A	$                          2,250.00	$                        2,925.00	$        675.00
B	$                          3,100.00	$                        3,875.00	$        775.00
C	$                          6,000.00	$                        4,000.00	$ (2,000.00)
Total	$                        11,350.00	$                      10,800.00	$     (550.00)