Four flags is a retail department store on january 1 2012

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Reference no: EM13578943

Four Flags is a retail department store. On January 1, 2012, Four Flags' accountants used the following data to develop the master budget for Four Flags for 2012:

Cost of goods sold $0 $5.60
Selling and promotion expense $220,000 $0.80
Building occupancy expense $190,000 $0.10
Buying expense $145,000 $0.30
Delivery expense $100,000 $0.10
Credit & Collection expense $70,000 $0.03

Expected unit sales in 2012 were 1,300,000, and 2012 total revenue was expected to be $13,000,000. Actual 2012 unit sales turned out to be 1,000,000, and total revenue was $10,000,000. Actual costs in 2012 were:

Cost of goods sold $6,000,000
Selling and promotion expense $1,000,000
Building occupancy expense $450,000
Buying expense $610,000
Delivery expense $180,000
Credit & Collection expense $60,000

Compute the flexible-budget variances for the following two cost items (enter favorable variances as positive numbers and unfavorable variances as negative numbers).

Reference no: EM13578943

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