Question
Phi Apparel Quarter Budgeted Sales Actual Sales Budgeted Production Actual Production Q1 $1,200,000 $1,180,000 $700,000 $720,000 Q2 $1,400,000 $1,380,000 $800,000 $780,000 Q3 $1,600,000 $1,580,000 $900,000
Phi Apparel
Quarter | Budgeted Sales | Actual Sales | Budgeted Production | Actual Production |
Q1 | $1,200,000 | $1,180,000 | $700,000 | $720,000 |
Q2 | $1,400,000 | $1,380,000 | $800,000 | $780,000 |
Q3 | $1,600,000 | $1,580,000 | $900,000 | $910,000 |
Q4 | $1,800,000 | $1,750,000 | $1,000,000 | $980,000 |
Requirement: Calculate the sales and production variances for each quarter and analyze the reasons for these variances. Discuss the implications for future sales and production planning.
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
6th Canadian edition
1118644948, 978-1118805084, 1118805089, 978-1118644942
