established the following standard price and costs for a hardcover picture book

Question

established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs $36.68 8.20 4.19 6.30 7.10 Planned fixed costs Manufacturing overhead Selling, general, and administrative $125,080 49,000 Assume that Baird actually produced and sold 37000 books. The actual sales price and costs incurred follow Actual price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs $ 35.60 8.48 4.00 6.35 6.98 Actual fixed costs Manufacturing overhead Selling, general, and administrative $110,000 55,080

Explanation / Answer

37000 37000 Actual Flexible Flexible budget variance Sales revenue 1317200 1354200 37000 U Variable manufacturing costs materials 310800 303400 7400 U labor 148000 151700 3700 F overhead 234950 233100 1850 U Selling.general & administrative costs 255300 262700 7400 F contribution margin 368150 403300 35150 U fixed costs manufacturing overhead 110,000 125,000 15,000 F Selling.general & administrative costs 55,000 49,000 6,000 U net income 203,150 229,300 26,150 U

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