The Jersey Dairy Company is a producer of top quality dairy products. The manager has provided...

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The Jersey Dairy Company is a producer of top quality dairy products. The manager has provided the following information in relation to two of its products, tubs of yoghurt and cottage cheese, for the year 2015-2016. The budget selling prices for the products were $8 per tub of yoghurt and $5.50 per tub of cottage cheese. . . . . . a. b. Expected sales were 90,000 tubs of yoghurt and 47,800 tubs of cottage cheese. Budgeted cost of goods sold in each case was 40% of the selling price. Actual sales were: C. Yoghurt 53,000 tubs at $8 and 34,500 tubs at $7.20 Cottage cheese 49,200 cartons at $5.50 Cost of goods sold were: Yoghurt $235,340 Cottage Cheese $113652 Budget and actual period cost were: You are required: Sales salaries Advertising Depreciation Office Expenses Budget $ 144,000 72,000 28,000 180,000 Actual $ 141,204 60,516 28,000 185,000 Prepare and income statement for the year 2015 - 2016 Prepare a performance report for the income statement for the year, showing gross profit, net profit and all variances from the budget in dollars and percentages. Write a brief report for the General Manager of Jersey Dairy Company on the on the performance of the actual budget. The report must be provided to the General Manager within one month of the close of End of Year. The Jersey Dairy Company is a producer of top quality dairy products. The manager has provided the following information in relation to two of its products, tubs of yoghurt and cottage cheese, for the year 2015-2016. The budget selling prices for the products were $8 per tub of yoghurt and $5.50 per tub of cottage cheese. . . . . . a. b. Expected sales were 90,000 tubs of yoghurt and 47,800 tubs of cottage cheese. Budgeted cost of goods sold in each case was 40% of the selling price. Actual sales were: C. Yoghurt 53,000 tubs at $8 and 34,500 tubs at $7.20 Cottage cheese 49,200 cartons at $5.50 Cost of goods sold were: Yoghurt $235,340 Cottage Cheese $113652 Budget and actual period cost were: You are required: Sales salaries Advertising Depreciation Office Expenses Budget $ 144,000 72,000 28,000 180,000 Actual $ 141,204 60,516 28,000 185,000 Prepare and income statement for the year 2015 - 2016 Prepare a performance report for the income statement for the year, showing gross profit, net profit and all variances from the budget in dollars and percentages. Write a brief report for the General Manager of Jersey Dairy Company on the on the performance of the actual budget. The report must be provided to the General Manager within one month of the close of End of Year.

Answer rating: 100% (QA)

Based on the information provided lets tackle each requirement step by step a Prepare an income statement for the year 20152016 To prepare the income ... View the full answer