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Four flags is a retail department store on january 1 2012

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Reference no: EM13579215

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 Fixed
 Variable (per unit sold)
Cost of Goods Sold $0
 $6.20
Selling and Promotion Expense $210,000
 $0.80
Building Occupancy Expense $185,000
 $0.10
Buying Expense $145,000
 $0.50
Delivery Expense $120,000
 $0.05
Credit and Collection Expense $80,000
 $0.02

Expected unit sales in 2012 were 1,200,000, and 2012 total revenue was expected to be $12,000,000. Actual 2012 unit sales turned out to be 1,050,000, and total revenue was $10,500,000. Actual total costs in 2012 were:

Cost of Goods Sold $6,000,000
Selling and Promotion Expense $1,100,000
Building Occupancy Expense $460,000
Buying Expense $670,000
Delivery Expense $160,000
Credit and Collection Expense $35,000

Required
Compute the flexible-budget variances for the following two cost items.

Reference no: EM13579215

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