Modine Corporation has provided the following data for September.
Required:
a. Compute the budget variance for September.
b. Compute the volume variance for September.
Definitions:
Vertical Analysis
A method of financial statement analysis in which each entry for each of the three major categories of accounts, or financial statements, is represented as a proportion of the total account.
Net Income
The amount by which revenues exceed expenses.
Cost Of Goods Sold
The direct costs attributable to the production of the goods sold by a company.
Profitability Ratios
Financial metrics used to assess a business's ability to generate earnings relative to its revenue, operating costs, balance sheet assets, or shareholders' equity.
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