Red Draperies makes and sells curtains. Information related to its performance in 2020 is given below:...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Red Draperies makes and sells curtains. Information related to its performance in 2020 is given below: (Click the icon to view the data.) Calculate Red Draperies' static-budget variance for (a) revenues, (b) variable costs, (c) fixed costs, and (d) operating income. Begin by determining all of the actual amounts, then the static budget amounts, and finally the static-budget variances. Label each variance as favorable (F) or unfavorable (U). Actual Results Units sold Revenues Variable costs Contribution margin Fixed costs Operating income Data table Units made and sold Selling price Variable costs Fixed costs $ $ Print Actual 1,160 $220 per curtain 168,000 72,000 $ Done Budgeted C - X 1,360 $224 per curtain $105 per curtain 70,000 Red Draperies makes and sells curtains. Information related to its performance in 2020 is given below: (Click the icon to view the data.) Calculate Red Draperies' static-budget variance for (a) revenues, (b) variable costs, (c) fixed costs, and (d) operating income. Begin by determining all of the actual amounts, then the static budget amounts, and finally the static-budget variances. Label each variance as favorable (F) or unfavorable (U). Actual Results Units sold Revenues Variable costs Contribution margin Fixed costs Operating income Data table Units made and sold Selling price Variable costs Fixed costs $ $ Print Actual 1,160 $220 per curtain 168,000 72,000 $ Done Budgeted C - X 1,360 $224 per curtain $105 per curtain 70,000
Expert Answer:
Answer rating: 100% (QA)
Units Sold Revenues Less Variable Costs Contribution ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Posted Date:
Students also viewed these accounting questions
-
The Thompson Toy Company manufactures toy building block sets for children. Thompson is planning for 2017 by developing a master budget by quarters. Thompsons balance sheet for December 31, 2016,...
-
The Putnam Company produces engine parts for car manufacturers. A new accountant intern at Putnam has accidentally deleted the calculations on the company's variance analysis calculations for the...
-
The Trolley Toy Company manufactures toy building block sets for children. Trolley is planning for 2019 by developing a master budget by quarters. Trolley's balance sheet for December 31, 2018,...
-
Provide the appropriate statute for your answer (format style - IRAC - Issue, Rule, Application and Conclusion.) what are your thought? Problem Scenario- Earnest is married to Janice. Earnest and...
-
On May 4, 2010, Docker, Inc., purchased 800 shares of its own common stock in the market at a price of $18.25 per share. On September 19, 2010, 600 of these shares were sold in the open market at a...
-
a. Describe in words the relationship between the length, width and height of a cuboid and its volume. b. Write the relationship you described in part (a) as a formula.
-
Concerns about the increasing friction between some machine parts prompted an investigation of four different types of ball bearings. Five different machines were available and each type of ball...
-
The following gure shows the bill of material (BOM) for the Acme PolyBob, a product that has proven unsuccessful in capturing roadrunners. Complete the MRP records. All the information you need is...
-
You are provided with the following information for Carla Vista Co., effective as of its April 30, 2025, year-end. Accounts payable $844 Accounts receivable 840 Accumulated depreciation-equipment 640...
-
The following table lists the actual per-gallon prices for unleaded regular gasoline for June of each year between 1978 and 1986, together with the values of the CPIs for those years. For each year...
-
Dinoco manufactures racing products in a manufacturing facility with a total of 25,000 square feet of theoretically usable space. However, they can only practically use 80% of that space for...
-
If we have two variables with one being the direct cause of the other, then there may or may not be a correlation between those two variables. For Exercises 58, decide whether the statement makes...
-
Find last seasons NFL team statistics. Construct a table showing the following for each team: number of wins, average yards gained on offense per game, and average yards allowed on defense per game....
-
You have a controlling interest if: a. you own more than 20% of a companys ordinary shares. b. you are the president of the company. c. you use the equity method. d. you own more than 50% of a...
-
At the end of the first year of operations, the total cost of the trading securities portfolio is 120,000,000. Total fair value is 115,000,000. The financial statements should show: a. a reduction of...
-
The equity method of accounting for long-term investments in shares should be used when the investor has significant influence over an associate and owns: a. between 20% and 50% of the associates...
-
On 2019, the Home Office established a Branch by transferring cash and inventories. After a year of operations their separate statement of financial position showed the following (1/1/2020): Home...
-
I frequently use NY Times and CNN and am aware of Fox News but I never use it. I visit these sites, NY Times and CNN, a few times a week whenever I have to research something or see something on...
-
Using the information provided in P4- 3, perform the following steps: In P4-3 Required a. Journalize and post adjusting journal entries for Herman and Sons based on the following additional...
-
On July 1, year 1, Planet Corporation sold Ken Company 10- year, 8% bonds with a face amount of $ 500,000 for $ 520,000. The market rate was 6%. The bonds pay interest semiannually on June 30 and...
-
Paul Anchor, Incorporated estimated that bad debt expense would equal 4% of the ending balance of accounts receivable for the current year. This years ending balance of accounts receivable amounted...
-
Consider the situation illustrated in Figure 25. 11. A positively charged particle is lifted against the uniform electric field of a negatively charged plate. Ignoring any gravitational interactions,...
-
A positively charged particle is moved from point A to point B in the electric field of the massive, stationary, positively charged object in Figure 25. 12. (a) Is the electrostatic work done on the...
-
Figure 25. 13 shows both the electric field lines and the equipotentials associated with the given charge distribution. (a) Is the potential at point A higher than, lower than, or the same as the...
Study smarter with the SolutionInn App