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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 priceTelevision sets 550 14,000 600 11,998Mini components 700 5,880 650 5,194Washing 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
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