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Calculate the volume variance

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Question - A local school district budgets the following textbook costs and needs for its students this fiscal year and experiences the following actual results:

Item Budget Actual amount

# of student 2,500 2,300

# of textbook/student 3 4

Average price per textbook $50 $47

Required -

1. Calculate the Volume Variance. Be sure to specify "Favorable" or "Unfavorable".

2. Calculate the Price Variance. Be sure to specify "Favorable" or "Unfavorable".

3. Calculate the Quantity Variance. Be sure to specify "Favorable" or "Unfavorable".

4. Calculate the Total Variance. Be sure to specify "Favorable" or "Unfavorable".

5. Based on the variances calculated above, did the school district does a good job of managing textbook costs? Explain.

6. Briefly explain how aggregating variances can oftentimes distort the analysis of an organization's budgetary performance.

7. Describe two ways in which organizations can disaggregate (i.e. break down) their variances to provide more information.

Reference no: EM132753852

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