Everything posted is right. Just can\'t figure out contrbution margin and net in

Question

Everything posted is right. Just can't figure out contrbution margin and net income

Problem 15-21 Determining and interpreting flexible budget variances LO 15-5 Lloyd Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs $ 45.00 9.00 4.50 6.30 7.20 Planned fixed costs Manufacturing overhead Selling, general, and administrative $135,000 54,000 Assume that Lloyd actually produced and sold 32,000 books. The actual sales price and costs incurred follow Actual price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs $ 43.50 9.20 4.40 6.35 7.00 Actual fixed costs Manufacturing overhead Selling, general, and administrative $125,000 58,000

Explanation / Answer

Flexible budget variance Sales revenue 48000 U Variable Manufacturing costs Material; 6400 U labour 3200 F overhead 1600 U variable selling , generak and administrative costs 6400 F contribution margin 46400 U Fixed costs Manufactruing overhead 10000 F SGA 4000 U Net income 40400 U

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