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5please1help0 Paul works in the accounting department of a local footwear manufacturer that specializes in clogs and boots. Clogs and boots typically sell for $103
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Paul works in the accounting department of a local footwear manufacturer that specializes in clogs and boots. Clogs and boots typically sell for $103 and $205 per pair, respectively. Based on past experience, fashion trends, and seasonal shifts, the company expected to sell 760 pairs of clogs and 240 pairs of boots. The variable cost per pair was $50 for clogs and $83 for boots. At the end of the year, Paul evaluated the company's sales and contribution margin amounts against the budget. Actual results for the year were as follows. - Actual sales volume: clogs, 935; boots, 165. - Actual selling price: clogs, \$114 per pair; boots, \$196 per pair. - Actual per-unit variable costs for each product were the same as budgeted. For the year just ended, determine the company's total revenues, total variable costs, and total contribution margin for its (1) master budget, (2) flexible budget, and (3) actual income statementStep by Step Solution
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