Odessa, Inc., reports the following information concerning operations for the most recent month: Master Budget (based...
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Odessa, Inc., reports the following information concerning operations for the most recent month: Master Budget (based on budgeted 550 units) $93,500 Sales revenue Less Manufacturing costs Direct labor Materials: Variable overhead Marketing Administrative Total variable costs Contribution margin. Fixed costs Manufacturing Marketing Administrative Total fixed costs Operating profits There are no inventories. Actual (based on actual of 495 units) $85,880 12,448 10, 200 7,550 4,541 4,400 $39,139 $46,741 4,270 9,180 8,762 $22,212 $24,529 13,200 12,100 9,350 5,225 4,400 $44,275 $49,225 4,400 8,800 8,800 $22,000 $27,225 Required: Prepare a profit variance analysis for Odessa, Inc. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Enter your final answers as a whole number.) Sales revenue Variable costs: Manufacturing costs: Direct labor Materials Overhead Marketing Administrative Contribution margin Fixed costs: Manufacturing Marketing Administrative Operating profits Actual 495 Units) $ 85,880 $ 12,448 10,200 7,550 4,541 4,400 46,741 4,270 9,180 8,762 $ 24,529 Manufacturing Variance ODESSA, INC. Profit Variance Analysis Marketing and Administrative Variance Sales Price Variance Flexible Budget (Units) 69 69 0 0 Master Sales Activity Variance Budget (550 Units) $ 93,500 $ 69 $ 13,200 12,100 9,350 5,225 4,400 49,225 4,400 8,800 8,800 27,225 Odessa, Inc., reports the following information concerning operations for the most recent month: Master Budget (based on budgeted 550 units) $93,500 Sales revenue Less Manufacturing costs Direct labor Materials: Variable overhead Marketing Administrative Total variable costs Contribution margin. Fixed costs Manufacturing Marketing Administrative Total fixed costs Operating profits There are no inventories. Actual (based on actual of 495 units) $85,880 12,448 10, 200 7,550 4,541 4,400 $39,139 $46,741 4,270 9,180 8,762 $22,212 $24,529 13,200 12,100 9,350 5,225 4,400 $44,275 $49,225 4,400 8,800 8,800 $22,000 $27,225 Required: Prepare a profit variance analysis for Odessa, Inc. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Enter your final answers as a whole number.) Sales revenue Variable costs: Manufacturing costs: Direct labor Materials Overhead Marketing Administrative Contribution margin Fixed costs: Manufacturing Marketing Administrative Operating profits Actual 495 Units) $ 85,880 $ 12,448 10,200 7,550 4,541 4,400 46,741 4,270 9,180 8,762 $ 24,529 Manufacturing Variance ODESSA, INC. Profit Variance Analysis Marketing and Administrative Variance Sales Price Variance Flexible Budget (Units) 69 69 0 0 Master Sales Activity Variance Budget (550 Units) $ 93,500 $ 69 $ 13,200 12,100 9,350 5,225 4,400 49,225 4,400 8,800 8,800 27,225
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Related Book For
Fundamentals of Cost Accounting
ISBN: 978-1259565403
5th edition
Authors: William Lanen, Shannon Anderson, Michael Maher
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