The Next Year's Budget for Howard,Inc At the End of the Year,the Total Fixed Costs and Below

question 50

Essay

The next year's budget for Howard,Inc. ,a multi-product company,is given below:
$$\begin{array} { | l | r | r | } \hline & \text { Product } A & \text { Product B } \\\hline \text { Sales } & \$ 1,890,000 & \$ 1,377,000 \\\hline \text { Variable costs } & 919,800 & 594,000 \\\hline \text { Fixed costs } &\underline{ 500,000 }& \underline{500,000} \\\hline \text { Net income } & \underline{\$ 470,200} & \underline{283,000} \\\hline \text { Units } & 252,000 & 108,000 \\\hline \text { Market share } & 12.5 \% & 20.0 \% \\\hline\end{array}$$ At the end of the year,the total fixed costs and the variable costs per unit were exactly as budgeted,but the following units per product line were sold.Howard analyzes the effects its sales variances have on the profitability of the company. $$\begin{array} { | c | r | r | r | } \hline \text { Product Line } & \text { Units } & \text { Sales } & \text { Mkt share } \\\hline \text { A } & 252,230 & \$ 1,848,579 & 15.0 \% \\\hline \text { B } & 113,770 & \$ 1,479,010 & 17.0 \% \\\hline\end{array}$$
Required:
(Be sure to indicate whether the variance is favorable or unfavorable. )
a.Compute the sales activity variance for each product.b.Compute the market share variance for each product.c.Compute the industry volume variance for each product.

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Definitions:

Extinct

A status describing species that no longer exists anywhere on Earth.

Amphibians

Cold-blooded vertebrates that include frogs, toads, salamanders, and newts, known for their ability to live both in water and on land during different life stages.

Atmospheric CO₂

The concentration of carbon dioxide in Earth's atmosphere, a crucial factor influencing climate change and global temperatures through the greenhouse effect.

Keystone Species

A species on which other species in an ecosystem largely depend, such that if it were removed the ecosystem would change drastically.