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Question - Lucy merchandising company sells household appliances. Lucy determines her selling price by adding a 40% mark up to the cost of merchandise. During the past 2 years, she concentrated only on three types of appliances: television sets, mini components and washing machines. Sales volume and cost data for 2019 and 2018 are as follows:
2019
2018
Units sold
Selling price
Television sets
550
14,000
600
11,998
Mini components
700
5,880
650
5,194
Washing machines
400
7,000
350
6,398
Required - Compute the total gross profit variance of Lucy merchandising company from the three products in 2019 and 2018 that is to be analyzed and accounted?
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