Reference no: EM133170841
Question - Candice Inc., manufactures and sells three products: K, L, and P. In April, Candice, Inc., budgeted sales of the following:
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Budgeted Volume
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Budgeted Price
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Product K
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110,000
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P50
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Product L
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165,000
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20
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Product P
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20,000
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20
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At the end of the year, actual sales for Product K and Product L were P5,600,000 and P3,270,000, respectively. The actual price charged for each was equal to the budgeted price. Product P, however, had revenues of P600,000. While total revenue was higher than expected, the actual price of $10 represented a last- minute revision from budget to increase consumer acceptance of the product.
Required -
a. Calculate the sales price and price volume variances for each of the three products based on the original budget.
b. Suppose that Product P is a new product just introduced during the year. What pricing strategy is Candice, Inc., following for this product?
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