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Compute total gross profit variance of lucy merchandising

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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      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:

Problem 1. 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 for

Reference no: EM132763179

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