### Calculate a sales mix variance and sales quantity variance

Assignment Help Marketing Management
##### Reference no: EM132752

Question 50:

The Phipps Company produces and sells over 100 different products. For the past year, the master budget called for:

Sales (70,000 units) \$420,000

Variable costs 140,000

Contribution margin \$280,000

Fixed costs 200,000

Net income \$ 80,000

At the end of the year, the subsequent flexible budget was prepared based on the actual products sold:

Sales (72,000 units) \$446,400

Variable costs 216,000

Contribution margin \$230,400

Fixed costs 200,000

Net income \$ 30,400

The actual income statement for the period revealed:

Sales (72,000 units) \$442,800

Variable costs 219,600

Contribution margin \$223,200

Fixed costs 210,000

Net income \$ 13,200

Required:

Reconcile master budget to actual total income by calculating a sales mix variance, sales quantity variance, selling price variance (in total), variable cost variances, and a fixed cost budget variance.

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