Gourmet Aroma Coffee House has an exclusive contract with Columbia exporters. Two brands of gourmet coffee are imported, Morning Thunder (MT) and Evening Tender (ET) . The following data are provided for the current fiscal year:
The total market was estimated to be 80,000 pounds at the time of budget. The actual total market for the year is 75,000 pounds.
What is the firm's total sales quantity variance?
Definitions:
Allowance for Doubtful Accounts
An estimation of the accounts receivable that may not be collected, serving as a contra account to accounts receivable.
Percentage of Receivables Basis
An accounting method to estimate the allowance for doubtful accounts based on the expected uncollectibility of accounts receivable.
Allowance for Doubtful Accounts
A contra-asset account that reduces the total receivables reported on the balance sheet to reflect the amount expected to be uncollectible.
Percentage of Sales Method
A method used for financial forecasting that predicts future occurrences, such as expenses or inventory needs, based on a fixed percentage of sales.
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