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Determine the dollar amount of selling price variance

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Reference no: EM13877091

Master Budgets, Flexible Budgets, and Profit-Variance Analysis As part of its comprehensive planning and control system, Menendez Company uses a master budget and subsequent variance analysis. You are given the following information that pertains to the company's only product, XL- 10, for the month of December.

Required:

1. Complete the missing parts of the following profit report for December.

 

Actual Results

Flexible-Budget Variance

Flexible Budget

Sales Volume Variances

Master (Static) Budget

Unit sales

50,000


40,000

Sales

$450,000


$400,000

Variable costs

375,000


280,000

Contribution margin

$ 75,000


$120,000

Fixed costs

65,000


75,000

Operating income

$ 10,000


$ 45,000

2. Based on your completed profit report, determine the dollar amount and label (F or U) each of the following variances for December:

a. Total master (static) budget variance.

b. Total flexible-budget variance.

c. Sales volume variance, in terms of operating income.

d. Sales volume variance, in terms of contribution margin.

e. Selling price variance.

Reference no: EM13877091

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