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Question - Your Company is part of a large industry. The industry had sales volume of 206 million units last quarter. When setting the budget, you had anticipated industry volume of 229.2 million and market share of 0.3%. Your actual sales volume was 507461 units.
In addition, the following budget and actual amounts apply to the quarter for your business (all in $million).
Budget
Actual
Revenue
2.47
2.66
Variable cost
1.12
1.22
Fixed cost
1.00
1.05
1) Provide the market share variance
2) Provide the industry volume variance
3) If you add together the sales volume variance, sales price variance, and all the cost variances, you get what?
a. Actual profit
b. Difference between actual and budgeted profit
c. Zero
d. Budgeted profit
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