mayer company has provided the following data for 2014 budget sales 250 000 3384335

Mayer Company has provided the following data for 2014: Budget Sales …………… $250,000 Variable product costs …….. 82,000 Variable selling expense …….. 23,000 Other variable expenses ……… 4,000 Fixed product costs ……… 35,000 Fixed selling expense …….. 13,000 Other fixed expenses …….. 1,000 Interest expense ………. 500 Actual results Sales ………….. 260,000 Variable product costs ……. 84,000 Variable selling expense ……. 22,000 Other variable expenses ……. 3,500 Fixed product costs …….. 32,000 Fixed selling expense …….. 11,000 Other fixed expenses …….. 4,000 Interest expense ………. 525 Required a. Prepare in good form a budgeted and actual income statement for internal use. Separate operating income from net income in the statements. b. Calculate variances and identify them as favorable (F) or unfavorable (U).

 

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