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Question - As the new accountant for Cohen & Co., you have been asked to provide a succinct analysis of financial performance for the year just ended. You obtain the following information that pertains to the company's sole product:
Actual
Master (Static) Budget
Units sold
35,000
40,000
Sales
$404,000
$457,000
Variable costs
234,000
277,000
Fixed costs
154,500
142,000
Required -
1. What was the actual operating income for the period?
2. What was the company's master (static) budget operating income for the period?
3. (a) What was the total master (static) budget variance, in terms of operating income, for the period? (b) Is this variance favorable (F) or unfavorable (U)? (Note: The total master (static) budget variance is also referred to as the total operating income variance for the period.)
4. The total master (static) budget variance for a period can be decomposed into a total flexible-budget variance and a sales volume variance. (a) What was the total flexible-budget variance for the period? (b) Was this variance favorable (F) or unfavorable (U)? (c) What was the sales volume variance for the period? (d) Was this variance favorable (F) or unfavorable (U)?
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