Clifford Industries has gathered the following information about the actual sale

Question

Clifford Industries has gathered the following information about the actual sales revenues and expenses for its pharmaceuticals segment for the most recent year Prepare a segment margin performance report for the pharmaceutical segment. Calculate a variance and a variance percentage for each line in the report. Round to the nearest hundredth for the variance percentages (for example, if your answer is 16.2384%, round it to 16 24%). (Click the icon to view the actual data.) Budgeted data for the same time period for the pharmaceutical segment are as follows (all data is in millions Ell (Click the icon to view the budgeted data.) Begin by preparing the performance report through the contribution margin line. Next, complete the report through the segment margin line, and then, finally, complete the report through the operating income line. (Enter the variances as positive numbers Round the variance percentages to the nearest hundredth percent. XXX%) Performance Report Clifford Pharmaceutical Seqment For Fiscal Year Ending December 31 Actual Bugeted Variance Variance % Sales Less Variable Expenses Variable Cost of Goods Sold Variable Operating Expenses Contribution Margin Choose from any list or enter any number in the input fields and then click Check Answer.

Explanation / Answer

Performance Report Actual Budgeted Variance(Budgeted-Actual) Variance %(Variance/Budgeted Amt) Workings Amt Workings Amt Sales Given 1,170,240.00 9200x 120    1,104,000.00     (66,240.00) 6.00% Less:Variable Expenses Variable cost of goods sold Given       143,520.00 15x9200        138,000.00        (5,520.00) 4.00% Variable Operating Expenses Given       253,920.00 30x9200        276,000.00        22,080.00 8.00% Contribution Margin       772,800.00        690,000.00     (82,800.00) 12.00%

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