Oxford Co Produces and Sells Two Lines of T-Shirts, Classic and and Mod

question 129

Essay

Oxford Co. produces and sells two lines of t-shirts, Classic and Mod. Oxford provides the following data. Compute the sales price and the sales volume variances for each product.
$\begin{array}{|c|c|r|}\hline&\text { Budget } & \text { Actual }\\ \hline\text { Unit sales price-Classic.... } & \$ 15 & \$ 16 \\\hline \text { Unit sales price-Mod ...... } & \$ 20 & \$ 19 \\\hline \text { Unit sales-Classic........ } & 2,400 & 2,500 \\\hline\end{array}$

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Definitions:

Payroll Account

An account used by a business to process and manage payments to employees, including salaries, wages, and deductions.

Total Compensation

The complete reward package offered to an employee, including salary, bonuses, benefits, and any other financial or non-financial perks.

Current Liabilities

Financial obligations that a company is required to pay within a year, including accounts payable, short-term loans, and other short-term debts.

Past Transactions

Previous financial activities or exchanges that have occurred in an entity's history.