Taylor, Inc., has the following information for the two most recent years of operations.
Required:
Determine the following:
1. Selling price variance in sales dollars.
2. Sales volume variance in contribution.
3. Materials usage variance.
4. Materials price variance.
5. Labor usage variance.
6. Labor rate variance.
Definitions:
Market Price
The current price at which a good or service can be bought or sold in a marketplace.
Average Total Cost
The cost per unit is calculated by dividing the sum of fixed and variable production costs by the total quantity of units produced.
Market Price
The current price at which an asset or service can be bought or sold in a particular marketplace.
Marginal Revenue
The profit gained by selling an extra unit of a product or service.
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