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umka2103 [35]
3 years ago
11

Fixed Overhead Spending and Volume Variances, Columnar and Formula Approaches

Business
1 answer:
shutvik [7]3 years ago
3 0

Answer:

Fixed Overheads Spending Variance = $5,000 Unfavorable(U).

Fixed Overheads Spending Variance = $20,000  Favorable (F).

Explanation:

Fixed Overheads Spending Variance = Actual Fixed Overheads  - Budgeted Fixed Overheads

                                                              = $305,000 -  $300,000

                                                              = $5,000 Unfavorable(U).

Fixed Overheads Spending Variance = Fixed Overheads at Actual Production  - Budgeted Fixed Overheads

                                                              = ($5.00 × 64,000) - $300,000

                                                              = $320,000 - $300,000

                                                              = $20,000  Favorable (F)

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The 2021 income statement of Adrian Express reports sales of $20,710,000, cost of goods sold of $12,600,000, and net income of $
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Answer:

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1. Five Profitability Ratios:

Gross profit ratio: = 39.2%

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Profit margin = 9.6%

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Less profitable

than the industry average.

Explanation:

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Sales Revenue        $20,710,000

Cost of goods sold $12,600,000

Gross profit                $8,110,000

Net income               $1,980,000

ADRIAN EXPRESS

Balance Sheets

December 31, 2021 and 2020

                                                                          2021                  2020

Assets

Current assets:

Cash                                                              $840,000            $930,000

Accounts receivable                                     1,775,000            1,205,000

Inventory                                                      2,245,000            1,675,000

Current assets                                          $4,860,000          $3,810,000

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Total assets                                             $ 9,900,000         $8,220,000

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Current liabilities                                     $ 2,074,000          $1,844,000

Long-term liabilities                                   2,526,000           2,584,000

Common stock                                          2,075,000           2,005,000

Retained earnings                                    3,225,000             1,787,000

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Industry averages for the following profitability ratios are as follows:

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Return on assets 25 %

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Asset turnover 8.5 times

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= $1,980,000/$20,710,000 * 100

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Asset turnover = Sales/Total Assets

= $20,710,000/$9,900,000 = 2.1 times

Return on equity = Net Income/Total Equity * 100

= $1,980,000/$5,300,000 * 100

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