### What was the actual operating income for the period

Assignment Help Accounting Basics
##### Reference no: EM132284008

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)?

#### About how evidence is the heart of the audit

You read about how evidence is the heart of the audit. Auditors base their opinions on the quality of evidence to confirm what the client states to be true. What measures woul

#### Estimate for sampling error results

The estimate for sampling error results because the auditor has sampled only a portion of the population. Sampling error represents the:

#### Calculate cost of forward contract and option

Please define and explain each of the above hedges. (B) Assume the following: LC Exposure = 10,000; Spot Rate = \$1.00/LC1.00; 1 Year Forward = \$0.98/LC1.00; 1 Year Strike Pr

#### What amounts would be reported on an income statement

Complete the following aged listing of customer accounts at June 30. Estimate the Allowance for Doubtful Accounts required at June 30 assuming the following uncollectible rate

#### Razar sharp company purchased equipment on july

Razar Sharp Company purchased equipment on July 1, 2014, for \$50,490. The equipment was expected to have a useful life of three years, or 7,560 operating hours, and a residual

#### Accounting principles and assumptions

Genesis Corporation is now in its 30th year of business. The founder of the company is planning to retire at the end of the year and turn the business over to his daughter.

#### Prepare an income statement for the year 2011

The CPA firm you are working for has just taken on a new client. The firm has just learned that the new client will soon be on the cover of a well-known magazine, the firm i

#### Economic order quantity-ordering costs

Monthly demand for an inventory item currently averages 160 units. The annual carrying cost is \$10 per unit. Ordering cost is \$60 per order. This information applies to all

### Write a Review

#### Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!