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Please help! Four Flags is a retail department store. On January 1, 2019, Four Flags' accountants used the following data to develop the master budget
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Four Flags is a retail department store. On January 1, 2019, Four Flags' accountants used the following data to develop the master budget for Four Flags for 2019: Cost Fixed Variable (per unit sold) Cost of Goods Sold $0 $5.60 $0.80 $0.10 Selling and Promotion Expense Building Occupancy Expense Buying Expense Delivery Expense Credit and Collection Expense $205,000 $180,000 $140,000 $100,000 $70,000 $0.50 $0.05 $0.01 Expected unit sales in 2019 were 1,300,000, and 2019 total revenue was expected to be $13,000,000. Actual 2019 unit sales turned out to be 1,100,000, and total revenue was $11,000,000. Actual total costs in 2019 were: Cost of Goods Sold $6,000,000 $900,000 $430,000 Selling and Promotion Expense Building Occupancy Expense Buying Expense Delivery Expense $610,000 $160,000 $50,000 Credit and Collection Expense Required Compute the flexible budget variances in 2019 for the following two cost items (NOTE: enter favorable variances as positive numbers and unfavorable variances as negative numbers): Selling and Promotion Expense Cost of Goods Sold Submit Answer Tries 0/8Step by Step Solution
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