Question
In: Accounting
Fanning Publications established the following standard price and costs for a hardcover picture book that the...
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 | $ | 36.70 | |
| Materials cost | 8.50 | ||
| Labor cost | 3.60 | ||
| Overhead cost | 5.50 | ||
| Selling, general, and administrative costs | 7.10 | ||
| Planned fixed costs | |||
| Manufacturing overhead | $ | 125,000 | |
| Selling, general, and administrative | 48,000 | ||
Fanning planned to make and sell 27,000 copies of the book.
Required:
a. - d. Prepare the pro forma income statement that would appear in the master budget and also flexible budget income statements, assuming production volumes of 26,000 and 28,000 units. Determine the sales and variable cost volume variances, assuming volume is actually 28,000 units. Indicate whether the variances are favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).)
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Solutions
ekkarill92 answered 2 years agoRelated Solutions
Fanning Publications established the following standard price and costs for a hardcover picture book that the...
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
$
36.10
Materials cost
8.30
Labor cost
3.70
Overhead cost
5.50
Selling, general, and administrative costs
6.70
Planned fixed costs
Manufacturing overhead
$
135,000
Selling, general, and administrative
46,000
Fanning planned to make and sell 36,000 copies of the book.
Required:
a. - d. Prepare the pro forma income statement
that would appear in the...
Franklin Publications established the following standard price and costs for a hardcover picture book that the...
Franklin Publications established the following standard price
and costs for a hardcover picture book that the company
produces.
Standard price and variable costs
Sales price
$
36.10
Materials
cost
8.50
Labor cost
4.10
Overhead
cost
6.30
Selling,
general, and administrative costs
6.90
Planned fixed
costs
Manufacturing
overhead
$
134,000
Selling,
general, and administrative
48,000
Assume that Franklin actually produced and sold 33,000 books.
The actual sales price and costs incurred follow:
Actual price and variable costs
Sales price
$
35.10...
Gibson Publications established the following standard price and costs for a hardcover picture book that the...
Gibson Publications established the following standard price and
costs for a hardcover picture book that the company produces.
Standard price and variable costs
Sales price
$
36.10
Materials cost
8.80
Labor cost
3.90
Overhead cost
5.40
Selling, general, and administrative costs
7.00
Planned fixed costs
Manufacturing overhead
$
134,000
Selling, general, and administrative
47,000
Gibson planned to make and sell 28,000 copies of the book.
Required:
a. - d. Prepare the pro forma income statement
that would appear in the...
Thornton Publications established the following standard price and costs for a hardcover picture book that the...
Thornton Publications established the following standard price
and costs for a hardcover picture book that the company
produces.
Standard price and variable costs
Sales price
$
36.50
Materials cost
8.50
Labor cost
4.30
Overhead cost
5.50
Selling, general, and administrative costs
6.80
Planned fixed costs
Manufacturing overhead
$
135,000
Selling, general, and administrative
51,000
Thornton planned to make and sell 21,000 copies of the book.
Required:
a. - d. Prepare the pro forma income statement
that would appear in the...
Finch Publications established the following standard price and costs for a hardcover picture book that the...
Finch Publications established the following standard price and
costs for a hardcover picture book that the company produces.
Standard price and variable costs
Sales price
$
36.20
Materials cost
8.80
Labor cost
4.30
Overhead cost
5.30
Selling, general, and administrative costs
6.50
Planned fixed costs
Manufacturing overhead
$
135,000
Selling, general, and administrative
51,000
Finch planned to make and sell 36,000 copies of the book.
Required:
a. - d. Prepare the pro forma income statement
that would appear in the...
Benson Publications established the following standard price and costs for a hardcover picture book that the...
Benson Publications established the following standard price and
costs for a hardcover picture book that the company produces.
Standard price and variable costs
Sales price
$
36.20
Materials cost
8.60
Labor cost
3.50
Overhead cost
5.90
Selling, general, and administrative costs
6.40
Planned fixed costs
Manufacturing overhead
$
134,000
Selling, general, and administrative
54,000
Benson planned to make and sell 35,000 copies of the book.
Required:
a. Prepare the pro forma income statement that
would appear in the master budget...
Benson Publications established the following standard price and costs for a hardcover picture book that the...
Benson Publications established the following standard price and
costs for a hardcover picture book that the company produces.
Standard price and
variable costs
Sales price
$
37.00
Materials cost
8.20
Labor cost
3.80
Overhead cost
6.00
Selling, general, and
administrative costs
6.40
Planned fixed costs
Manufacturing overhead
$
129,000
Selling, general, and
administrative
52,000
Assume that Benson actually produced and sold 33,000 books. The
actual sales price and costs incurred follow:
Actual price and
variable costs
Sales price
$
36.00...
Stuart Publications established the following standard price and costs for a hardcover picture book that the...
Stuart Publications established the following standard price and
costs for a hardcover picture book that the company produces.
Standard price and variable costs
Sales price
$
36.00
Materials cost
8.20
Labor cost
4.10
Overhead cost
5.90
Selling, general, and administrative costs
6.80
Planned fixed costs
Manufacturing overhead
$
134,000
Selling, general, and administrative
50,000
Stuart planned to make and sell 33,000 copies of the book.
Required:
a. - d. Prepare the pro forma income statement
that would appear in the...
1. Munoz Publications established the following standard price and costs for a hardcover picture book that...
1. Munoz Publications established the following standard price
and costs for a hardcover picture book that the company produces.
Standard price and variable costs Sales price $ 36.30 Materials
cost 8.20 Labor cost 3.60 Overhead cost 5.80 Selling, general, and
administrative costs 6.80 Planned fixed costs Manufacturing
overhead $ 134,000 Selling, general, and administrative 51,000
Munoz planned to make and sell 23,000 copies of the book. Required:
a. - d. Prepare the pro forma income statement that would appear in...
Zachary Manufacturing Company established the following standard price and cost data:
Zachary Manufacturing Company established the following standard
price and cost data: Sales price$8.90per unitVariable manufacturing cost$3.70per unitFixed manufacturing cost$2,100totalFixed selling and administrative cost$1,000totalZachary planned to produce and sell 3,000 units. Actual
production and sales amounted to 3,300 units.Assume that the actual sales price is $8.70 per unit and that
the actual variable cost is $3.95 per unit. The actual fixed
manufacturing cost is $1,900, and the actual selling and
administrative costs are $1,030.Requireda.&b. Determine the flexible budget
variances and classify the...
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