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The Kanji Corporation (KC) sells two brands of wine glasses: Plain and Chic. KC provides the following information for sales in the month of June 2018: B (Click the icon to view the information for sales.) All variances are to be computed in contribution-margin terms. Required 1. Calculate the sales-quantity variances for each product for June 2018. 2. Calculate the individual-product and total sales-mix variances for June 2018. Calculate the individual-product and total sales-volume variances for June 2018. 3. Briefly describe the conclusions you can draw from the variances. Sales information $ 15,840 2,400 units $6 per unit Static-budget total contribution margin Budgeted units to be sold of all glasses Budgeted contribution margin per unit of Plain Budgeted contribution margin per unit of Chic Total sales-quantity variance Actual sales-mix percentage of Plain $9 per unit $6,600 U 60% Print Done Requirement 1. Calculate the sales-quantity variances for each product for June 2018. Begin by determining the basic formula for Kanji Corporation's static-budget total contribution margin (CM). Plain wine glasses Budgeted Chic wine glasses Budgeted Budgeted Budgeted Budgeted Budgeted Static-budget total CM X ) + X Rearrange the formula to determine the sales mix for each product. The sales-mix percentage of Plain wine glasses is The sales-mix percentage of Chic wine glasses is % 1% Next determine the formula and compute the budgeted CM based on actual units sold of all products at the budgeted mix. Budgeted CM based on actual units sold at the budgeted mix II 11 The actual number of all glasses sold is units. Now determine the formula, and then calculate the sales-quantity variances for each product for June 2018. Label each variance as favourable (F) or unfavourable (U). (Enter percentages, if any, as decimals rounded to two places, "X.XX".) Budgeted Actual Budgeted Budgeted Sales-quantity ) X variance Plain ) X = Chic ) X X Requirement 2. Calculate the individual-product and total sales-mix variances for June 2018. Calculate the individual-product and total sales-volume variances for June 2018. Begin with the individual product sales-mix variances for June 2018. Determine the formula, and then calculate the variance for each product. Label each variance as favourable (F) or unfavourable (U). (Enter percentages, if any, as decimals rounded to two places, "X.XX") Actual Budgeted Actual Budgeted Sales-mix ) X variance Plain ( X Chic ) X The total sales-mix variance is Now calculate the individual-product sales-volume variances for June 2018. Determine the formula, and then calculate the variance for each product. Label each variance as favourable (F) or unfavourable (U). Sales-volume ) X variance Plain ) X Chic X The total sales volume variance is Requirement 3. Briefly describe the conclusions you can draw from the variances. V wine glasses in total than was budgeted. This is partially offset by a(n) sales-mix variance because the actual mix of wine glasses sold has Kanji Corporation shows an) sales-quantity variance because it sold shifted in favour of the higher-contribution-margin wine glasses The Kanji Corporation (KC) sells two brands of wine glasses: Plain and Chic. KC provides the following information for sales in the month of June 2018: B (Click the icon to view the information for sales.) All variances are to be computed in contribution-margin terms. Required 1. Calculate the sales-quantity variances for each product for June 2018. 2. Calculate the individual-product and total sales-mix variances for June 2018. Calculate the individual-product and total sales-volume variances for June 2018. 3. Briefly describe the conclusions you can draw from the variances. Sales information $ 15,840 2,400 units $6 per unit Static-budget total contribution margin Budgeted units to be sold of all glasses Budgeted contribution margin per unit of Plain Budgeted contribution margin per unit of Chic Total sales-quantity variance Actual sales-mix percentage of Plain $9 per unit $6,600 U 60% Print Done Requirement 1. Calculate the sales-quantity variances for each product for June 2018. Begin by determining the basic formula for Kanji Corporation's static-budget total contribution margin (CM). Plain wine glasses Budgeted Chic wine glasses Budgeted Budgeted Budgeted Budgeted Budgeted Static-budget total CM X ) + X Rearrange the formula to determine the sales mix for each product. The sales-mix percentage of Plain wine glasses is The sales-mix percentage of Chic wine glasses is % 1% Next determine the formula and compute the budgeted CM based on actual units sold of all products at the budgeted mix. Budgeted CM based on actual units sold at the budgeted mix II 11 The actual number of all glasses sold is units. Now determine the formula, and then calculate the sales-quantity variances for each product for June 2018. Label each variance as favourable (F) or unfavourable (U). (Enter percentages, if any, as decimals rounded to two places, "X.XX".) Budgeted Actual Budgeted Budgeted Sales-quantity ) X variance Plain ) X = Chic ) X X Requirement 2. Calculate the individual-product and total sales-mix variances for June 2018. Calculate the individual-product and total sales-volume variances for June 2018. Begin with the individual product sales-mix variances for June 2018. Determine the formula, and then calculate the variance for each product. Label each variance as favourable (F) or unfavourable (U). (Enter percentages, if any, as decimals rounded to two places, "X.XX") Actual Budgeted Actual Budgeted Sales-mix ) X variance Plain ( X Chic ) X The total sales-mix variance is Now calculate the individual-product sales-volume variances for June 2018. Determine the formula, and then calculate the variance for each product. Label each variance as favourable (F) or unfavourable (U). Sales-volume ) X variance Plain ) X Chic X The total sales volume variance is Requirement 3. Briefly describe the conclusions you can draw from the variances. V wine glasses in total than was budgeted. This is partially offset by a(n) sales-mix variance because the actual mix of wine glasses sold has Kanji Corporation shows an) sales-quantity variance because it sold shifted in favour of the higher-contribution-margin wine glasses