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What was the actual operating income for the period

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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                                            $397,000         $ 467,000

Variable costs                                 $227,000        $ 287,000

Fixed costs                                    $164,500        $ 152,000

Required:

Question 1. What was the actual operating income for the period?

Question 2. What was the company's master budget operating income for the period?

Question 3. What was the total master (static) budget variance, in terms of operating income, for the period? Is this variance favorable or unfavorable?

Question 4. From the information given earlier, what is the total master (static) budget variance by determining the amounts for both the total flexible-budget variance and sales volume variance? Are these variances favorable or unfavorable?

Reference no: EM132462632

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