Exercise 17-33 (Algo) Sales Mix and Quantity Variances (LO 17-4)Lee Lighting produces two models of floor lamps: Standard and Smart. The two differ primarily in the quality of the materials and theadditional electronics required for the Smart lamp. At budget, Standard sells for $24 per unit and has a variable cost to produce of $15.The Smart lamp sells for a budgeted $68 per lamp and has a budgeted variable cost to produce of $50. Lee expects to sell 40 percentSmart lamps, and budgeted sales at a total of 98,380 lamps of both models for May. Lee actually sold 94.380 lamps, of which 39,880were Smart lamps. Smart lamp actual revenues represented 40 percent of May total actual revenue.Required:a. Compute the sales activity variance for Lee for May.b. Compute the sales mix and sales quantity variances for May.Complete this question by entering your answers in the tabs below.Required A Required BCompute the sales mix and sales quantity variances for May.Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" forunfavorable. If there is no effect, do not select either option.Mix varianceQuantity variance< Required ARequired B cesExercise 17-33 (Algo) Sales Mix and Quantity Variances (LO 17-4)Lee Lighting produces two models of floor lamps: Standard and Smart. The two differ primarily in the quality of the materials and theadditional electronics required for the Smart lamp. At budget, Standard sells for $24 per unit and has a variable cost to produce of $15.The Smart lamp sells for a budgeted $68 per lamp and has a budgeted variable cost to produce of $50. Lee expects to sell 40 percentSmart lamps, and budgeted sales at a total of 98,380 lamps of both models for May. Lee actually sold 94,380 lamps, of which 39,880were Smart lamps. Smart lamp actual revenues represented 40 percent of May total actual revenue.Required:a. Compute the sales activity variance for Lee for May.b. Compute the sales mix and sales quantity variances for May.Complete this question by entering your answers in the tabs below.Required A Required BCompute the sales activity variance for Lee for MayNote: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" forunfavorable. If there is no effect, do not select either option.Activity varianceRequired ARequired B >

a. To compute the sales activity variance, we need to compare the actual number of lamps sold to the…

Required: a. Compute the sales activity variance for Lee for May. b. Compute the sales mix and sales quantity variances for May. Complete this question by entering your answers in the tabs below. Required A Required]B Compute the sales mix and sales quantity variances for May. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Mix variance Quantity variance < Required A Required B >

Required: a. Compute the sales activity variance for Lee for May. b. Compute the sales mix and sales quantity variances for May. Complete this question by entering your answers in the tabs below. Required A Required]B Compute the sales mix and sales quantity variances for May. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Mix variance Quantity variance < Required A Required B >

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 5PA: Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but...

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