Use the Information Below to Answer the Following Question(s)

question 56

Multiple Choice

Use the information below to answer the following question(s) .Teddy Bear Company sold a total of 30,000 stuffed tigers and lions.During August the following information was gathered:

-The (the difference between the actual market size in units and the budgeted market size in units) times (the budgeted market share) times (budgeted contribution margin per composite unit for the budgeted mix) is called the

• A)budgeted market-size variance.
• B)budgeted market-share variance.
• C)market-share variance.
• D)market-size variance.
• E)sales quantity variance.

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Definitions:

Balance Sheet

A balance sheet is a financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time.

Par Common Stock

The face value assigned to common stock shares, representing the minimum amount that can be credited to share capital; it is not necessarily indicative of the market value.

Journalize

The act of recording business transactions in the journal, noting the accounts affected and their debits and credits.

Paid-In Capital

The total amount of money shareholders have invested in the company through the purchase of its stock.