Chicago consulting will record this transaction by: Cash is 2000, Fees receivable is 4000 and Fees revenue is 6000.
A transaction is what?A transaction is an agreement that has been legally ratified between a buyer and a seller to exchange money for goods, services, or financial assets. In accounting for businesses, the expression is also commonly used.
How should transactions be used?It's typically a simple process to complete a sale between two parties. For a good or service, Person A provides Person B with payment. The agreement of the terms and the exchange of money for the good or service constitute the completion of the transaction.
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regularly reviewing an accounts receivable aging report can help management do what? group of answer choices spot firms who are falling behind in their payments identify customers who have not purchased anything lately improve the speed which customers make payments determine whether the firm's pricing policy is effective
Regularly reviewing an accounts receivable aging report can help management do what spot firms who are falling behind in their payments.
Accounts receivable refer to the cash a company's clients owe for items or offerings they have got acquired however now no longer but paid for. For example, while clients buy merchandise on credit score, the quantity owed receives delivered to the debt's receivable.
It's a duty created via an enterprise transaction. Means of Payment means banknotes and coins (cash), and deposits and credit score on an account with a economic organization or a comparable organization which may be operated via charge instruments.
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Assume current assets totaled $57,000 and the current ratio was 1.2 before the following independent transactions:
(1) Purchased merchandise for $6,000 on short-term credit.
(2) Purchased a delivery truck for $29,000. paid $3,000 cash and signed a two-year interest-bearing note for the balance.
Required:
Compute the current ratio after each transaction.
Transaction current ratio
1) ?
2) ?
In contrast to case 2, which has a current ratio of 1.35, case 1 has a current ratio of 1.42.
How do you describe current ratio?Recognizing current ratios. With the help of cash, inventory, and short-term receivables, a company can determine how well its short-term or current liabilities, such as debts and payables, can be covered.
The ability of a corporation to meet its immediate financial obligations is determined by the current ratio, a liquidity ratio.
How to Calculate the Current Ratio?The method for computing the current ratio is rather straightforward: Just multiply the organization's current liabilities by the current assets. In contrast to current assets, which can be turned into cash within a year, current liabilities are obligations that must be paid within a year. Current assets include things like cash, inventory, and accounts receivable. Current liabilities include, but are not limited to, accounts payable, salaries due, and the current portion of any anticipated interest or principal payments.
Current ratio = Current assets ÷ Current liabilities
So, the current liabilities is
= $57,000 ÷ 1.2
= $47,500
where,
Current assets = $57,000 + $6,000 = $63,000
Current liabilities = $47,500 + $6,000 = $53,500
So, the current ratio is
= $63,000 ÷ $53,500
= 1.18 times
where,
Current assets = $63,000 - $3,000 = $60,000
Current liabilities = $47,500 + $6,000 = $53,500
So, the current ratio is
= $60,000 ÷ 53,500
= 1.12 times
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which type or types of inventory timing system requires the user to record two journal entries every time a sale is made.
Answer:
perpetual is the correct answer.
Explanation:
Suppose you have just celebrated your 19th birthday. A rich uncle has set up a trust fund for you that will pay you $150,000 when you turn 30. If the relevant discount rate is 9 percent, how much is this fund worth today?
The present value of $150,000 If the relevant discount rate is 9 percent is $58,130.
What is a present value?The worth that an investment currently owns or has is referred to as its "present value." By deducting any amount of money that will be received in the future, it is discovered.
The temporal value of money (TVM) principle is used to compute the present value of the any cash flow, including lump sums, annuities, and multiple cash flows.
Future value = $150,000
N= 11 years
discount rate = 9 percent.
1/1.09^{11} = 1/2.5804 = .38751/1.09
11
=1/2.5804=.3875
The present value is thus about $58,130.
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it is known that a target store can turn its inventory 5 times per year. suppose the annual sales revenue is $4 million, and the cost of goods sold is $2 million. what is the value of average inventory (in millions)?
The value of average inventory will be equal to $0.4 millions.
Inventory Turnover ratio is rate at which any company replaces its inventory by transporting all the manufactured goods. This tells that how good the production is going within the company and the company is in profit. The formula of Inventory turnover ratio is expressed as
Inventory turnover ratio = Cost of goods sold/Average value of inventory
On putting the values we get
5 = $2000000/Average value of inventory
Average value of inventory = $2000000/5
Average value of inventory = $400000
Average value of inventory = $0.4 millions
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if the real estate taxes for last year were $4,567, what is the prorated tax entry for this year's taxes for a september 11 closing?
$2,554.26 debit seller is prorated tax entry for this year's taxes for September 11 closing.
What is a tax?Tax compliance refers to both governmental actions and individual behavior in order to make sure that taxpayers are paying the correct amount of tax at the right time and receiving the correct tax allowances and tax reliefs. A tax is a levy that must be paid by the taxpayer and is imposed by the government in order to pay for various public expenses and other necessary financial charges. Ancient Egypt saw the first taxation on record sometime between 3000 and 2800 BC. A violation of the legislation includes failing to make payments on time, evading taxes, or opposing taxation. Cash or the labor equivalent may be used to pay direct and indirect taxes.
Debit= 4567-2012.74=2554.26
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jones corporation purchases land with a market value of $200,000 in exchange for 180,000 shares of its $1 par common stock. the journal entry to record this transaction is:
Jones Corporation exchanges 180,000 shares of its common stock with a par value of $1 for the purchase of land with a market value of $200,000. Debit Land for $20,000 in order to reflect this purchase. Credit Common Stock in the amount of $180,000 (180,000 shares * $1).
What is the name for company-issued and repurchased shares of its own stock?A stock that was formerly in circulation but has since been bought back and is now owned by the corporation that issued it is referred to as treasury stock. Treasury stock is a counter equity account since it lowers the amount of total shareholders' equity on a company's balance sheet.
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Label the selected nerves in the image. Note that not all of the cranial nerves have labels associated with them. CN X CN XI CN II CN III CN XII CN IV CNV CNT CN IX CN VI CN VIII CV VII
The labelling of the nerves in the image can be done as olfactory nerve (CN I) and optic nerve (CN) II.
The cerebrum is the origin of both the optic nerve (CN II) and olfactory nerve (CN I). The brain stem gives rise to cranial nerves III through XII. The brain stem locations of the cranial nerves are numbered from superior to inferior, then medial to lateral, and the order in which they leave the skull.
CN is olfactory nerve, CN II is optic nerve, CN III is oculomotor, CN IV is trochlear, CN V is trigeminal, CN VI is abducens, CN VII is facial nerve, CN VIII is vestibulocochlear, CN IX is Glossopharyngeal, CN X is Vagus, CN XI is Spinal Accessory, CN II is CN XII is Hypoglossal Nerve. You can have a look in the picture to get a clear reference.
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Quinton has built a computer by plugging his CPU into the motherboard, adding RAM and ROM, connecting an SSD card and power cables, and adding a monitor, keyboard, and mouse. Now he is ready to use the computer. What programs and instructions will he need to finish the process and actually run his new computer?
A. software
B. hardware
C. peripherals
D. extension cards
Based on the available information and the computer structure and operation, the programs and instructions Quinton will need to finish the process and run his new computer's Software.
What are software Programs?Software programs is a computer technology term that is used to describe the set of code and instructions that instructs a computer how to run and execute specific tasks.
Usually, a single computer can conduct numerous functions simultaneously, based on the installed software programs.
In this case, since the CPU, motherboard, RAM and ROM, SSD card, power cables, monitor, keyboard, and mouse are all hardware, then for a computer to complete and function well, there must be a software program.
Examples of software programs are:Microsoft WordMicrosoft ExcelPowerPointAdobe IllustratorCore DrawInternet Browser, etc.Hence, in this case, it is concluded that the correct answer is option A Software.
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4.over the past year, china has experienced an inflation rate of about 22 percent, in contrast to u.s. inflation of about 3 percent. at the same time, the exchange rate has gone from y8.7/u.s.$1 to y8.3/u.s.$1. a.what has happened to the real value of the yuan over the past year? has it gone up or down? a little or a lot? b.what are the likely effects of the change in the yuan's real value on the dollar profits of a company like procter
Inflation rate in China is increasing real value of yuan.
The real value of the yuan is increasing. The required growth is less than 5%, with 0.4 yuan now buying one dollar, making it even more important.
b) P&G products sold in China will generate enormous dollar profits. If they receive in short supply building materials or products from China, they may need to raise funds to cover the losses caused by paying more dollars for the same amount of yen. And fencing will be considered a possible solution based on current profit/gains from China.
c) The textile manufacturer will suffer because the same dollars can now produce fewer yuan than previously. They may try to raise funds by purchasing a futures contract to adjust the exchange rate and protect themselves from currency price fluctuations.
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suppose the demand for milk is relatively inelastic. what happens to sales revenue if the government imposes a price floor above the free-market equilibrium price in the market for milk?
The sales revenue rises if the government imposes a price floor above the free market equilibrium price.
Given that, demand for milk is inelastic, it is not a luxury item.
If the price of milk increases, the demand will not get affected. A given percentage change in price causes a lesser percentage change in quantity demanded when demand is price inelastic. This indicates that total revenue will fluctuate in the direction of the price change: a higher price will result in higher total revenue, and a lower price will result in lower total revenue.
Therefore, the sale revenue will increase for the government if the price is above the equilibrium price.
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Pfizer is one of the largest pharmaceutical companies in the world and has a patent on a drug that treats heartburn. If the patent is about to expire, then pfizer has two options: it can continue to charge a high price for its product or charge a low price. After the patent expires, a drug company that produces generic drugs must decide whether to enter the market or not enter the market. The profits for each scenario are given in the accompanying payoff table
Option 1: Pfizer Charges High Price
Option 2: Pfizer Charges Low Price
Generic Drug Company Enters Market: Pfizer Profit: $100 million; Generic Drug Company Profit: $25 million
Generic Drug Company Doesn't Enter Market: Pfizer Profit: $150 million; Generic Drug Company Profit: $0 million
Why do you use the term "drug patent"?Regardless of the state of a drug's approval, patents may be granted or expire at any time. If all legal prerequisites are satisfied, exclusivity is granted upon drug product approval. When compared to other medications, some have just one or no exclusivity or patent protection.
How many years does a drug's patent last?The USPTO typically grants a patent 3.4 years after a conventional medication application is submitted and 4.4 years after a biologic application is submitted in the majority of cases. In accordance with the law, a pharmaceutical patent's granting covers 20 years of protection starting from the day the patent application was made.
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a boss whose management style emphasizes consensus-building and seeks out input from her employees is demonstrating a(n) style of leadership.
The democratic leadership style, or participative management, actively involves the humans being led.
Democratic leaders frequently seek feedback and input from subordinates. They inspire dialog and participation in the decision-making process.
Which style of management focuses on crew constructing warfare resolution and morale?Affiliative management is a type of management that promotes positivity, a harmonious place of job and team-building. This management style focuses on the use of conflict decision and developing private connections between personnel and their managers to construct a sense of neighborhood and trust.
Participative Leadership. Sometimes referred to as democratic leadership, participative management is a management fashion encouraging leaders to listen to their personnel and contain them in decision-making process.
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https://brainly.com/question/29418686#SPJ4the sarbanes-oxley act makes it illegal for employers to: multiple choice sue federal contractors for fraud. retaliate against whistle-blowers who report information that could have an impact on the value of a company's shares. both of these answers are correct: retaliate against whistle-blowers who report information that could have an impact on the value of a company's shares; and hire employees who have a prior record of accounting fraud. hire employees who have a prior record of accounting fraud.
Employers are strictly forbidden by SOX from taking adverse action against workers who report unlawful or unethical behavior. When disclosing shareholder fraud or contraventions of SEC rules and regulations, employees are likewise protected.
The Sarbanes-Oxley Act of 2002 is a federal law in the United States that prescribes specific procedures for corporate financial record keeping and reporting. The rule was implemented in response to many significant business and accounting scandals, notably Enron and WorldCom. The bill's provisions address the duties of the board of directors of public corporations, impose criminal penalties for specific types of wrongdoing, and call on the Securities and Exchange Commission to establish regulations outlining public businesses' legal obligations.
The act strengthened the responsibility of boards of directors in providing supervision and expanded the independence of external auditors who check the accuracy of business financial statements.
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Cheyenne Company had the following select transactions. Apr. 1, 2022 Accepted Goodwin Company’s 12-month, 10% note in settlement of a $33,200 account receivable. July 1, 2022 Loaned $35,200 cash to Thomas Slocombe on a 9-month, 8% note. Dec. 31, 2022 Accrued interest on all notes receivable. Apr. 1, 2023 Received principal plus interest on the Goodwin note. Apr. 1, 2023 Thomas Slocombe dishonored its note; Cheyenne expects it will eventually collect.Prepare journal entries to record the transactions. Cheyenne prepares adjusting entries once a year on December 31.
Accounts Receivable A/C in the example inquiry is debited by $38,016.
What does the account entry for receivables mean?The asset account known as accounts receivable (AR) on the balance sheet is used to indicate money that will soon be owing to a corporation. Accounts receivable are created when a company allows a customer to pay for its products or services on credit.
An accounts receivable journal entry is the input of an accounts receivable transaction into the financial records of the company. For this financial action to be appropriately recorded, it is a critical stage. The accounting term "accounts receivable" is used to describe sales that haven't yet been paid for.
Loan to Thomas Slocombe = $35,200 on 9 month 8% note
Interest Receivable (Interest up to Dec 31 2022) = $35,200 x 8% x 9/12 = $2,112
Interest Revenue (Interest from 1 Jan to 31 march 2023) = $35,200 x 8% x 3/12 = $704
Account receivable = $35,200 + $2,112 + $704 = $38,016
Accounts receivable A/c- (dr) $38,016
Notes receivable A/c- (cr) $18000
Interest revenue A/c- (cr) $540
Interest receivable A/c- (cr) $1080
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which of the following is not a characteristic of a perfectly competitive market? group of answer choices there is a large number of small firms. firms sell a homogeneous product. firms can easily enter or exit the market. firms are price makers, not price takers.
The following is not a characteristic of a perfectly competitive market is firms are price makers, not price takers.
This choice is accurate due to the fact the cappotential to govern the fee isn't function of ideal competition. In a wonderfully aggressive marketplace, there are numerous customers and dealers that impact the marketplace fee of almost homogeneous merchandise and there aren't anyt any obstacles to access or go out from the marketplace. Flawlessly elastic.
The call for curve for a only aggressive organization is flawlessly elastic, however the call for curve for a only aggressive enterprise is down sloping. Firms can go out and input the marketplace freely. A flawlessly aggressive marketplace is a theoretical marketplace in which corporations can input and go out the marketplace freely or without cost.
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large department store advertises time-of-day discounts for particular items on a special sale day. the store is using to create a for the most price-sensitive customers to gain low prices. bundling; segmentation different prices at different times; hurdle haggling; segmentation alternate versions; group pricing
Haggling; segmentation Explanation -
Haggle is related to convincing the other party to purchase in this the seller makes many offers till the buyer is convenient to buy. And segmentation is related to grouping the consumers.
Income; preference
Market segmentation helps in targeting the market and designing the product to enhance consumer satisfaction. In this consumers are bundled into groups with similar features among them. price discrimination; the hurdle method.
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ncos/pos across all services and domains are accountable for their personal actions, as well as for the actions of their subordinates. they are charged with responsibilities and authorities to maintain good order and discipline at all times.
Communication between soldiers, the unit, and their officers is the responsibility of NCOs.
According to Army Command Sgt. Maj. John Wayne Troxell, the senior enlisted counselor to the chairman of the Joint Chiefs of Staff, America's noncommissioned officers and petty officers provide the military with its greatest asymmetric edge.
He claimed that American NCOs frequently perform tasks that are normally reserved for commissioned officers in the militaries of other countries, and that the US must safeguard the combat edge that they offer.
Troxell has been in the military since 1982 and has a history of successful combat in Afghanistan, Iraq, and Panama.
NCOs frequently oversaw patrols and missions to clear routes while interacting with sheikhs and tribal leaders.
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ghost rider corporation has bonds on the market with 9 years to maturity, a ytm of 8.6 percent, and a current price of $947. what must the coupon rate be on the company’s bonds?
A bond's coupon price is equal to its yield to maturity if its purchase rate is equal to its par value.
The par fee of a bond is its face value, or the stated fee of the bond at the time of issuance, as decided by using the issuing entity. Most bonds have par values of $100 or $1,000.
What is the coupon rate on Treasury bonds?Government-issued Series I bonds bought between November 2022 and April 2023 will pay hobby at an annual charge of 6.89 percent, according to TreasuryDirect. The hobby fee on I bonds is tied to inflation and changes each and every six months.
If an investor purchases a $1,000 ABC Company coupon bond and the coupon charge is 5%, the issuer presents the investor with a 5% hobby each year. This ability the investor receives $50, the face fee of the bond derived from multiplying $1,000 with the aid of 0.05, each year
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https://brainly.com/question/13120202#SPJ4according to the five forces framework, the the degree of rivalry in an industry, the the average profits will be in the industry. lower; more variable greater; lower lower; lower more variable; greater
Competition will be fierce if industry growth is slow. Competitiveness will be fierce if the company's fixed expenses are high.
What is five forces framework?An industry's flaws and strengths can be ascertained using Porter's Five Forces, a system that identifies and examines five forces model that have an impact on every organization. The Five Forces analysis is frequently used to determine an industry's structure in order to establish business strategy.
Competition in the industryPotential of new entrants into the industryPower of suppliersPower of customersThreat of substitute productsThe first of the Five Forces is the quantity of competitors and their ability to undercut a corporation. As there are more rival businesses offering more similar products and services, a corporation's power diminishes.
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The ______ is an across the board multiplier. This is a constant that applies to the entire calculation in a payment
A. conversion factor
B. MP
C. WORK
D. PE
E. GPCI
The conversion factor is an across-the-board multiplier. This is a constant that applies to the entire calculation in a payment
A conversion factor is a number or formula required to convert a measurement in one set of units to the same size in another set of units. Numbers are usually expressed as ratios or fractions that can be used as scaling factors.
A conversion factor is a number used to convert from one unit to another by multiplication or division. If conversion is required, the values should be equal using the appropriate conversion factor. For example, when converting inches to feet, the equivalent conversion value is 12 inches, or 1 foot.
The easiest way to perform stoichiometric calculations is to use conversion factors. A conversion factor is a ratio (or fraction) that expresses the relationship between two different units. The conversion factor is always1.
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TRUE/FALSE. Christina sells a parcel of land for $18,000 in cash and the buyer assumes Christina's mortgage of $12,000 on the land. Christina's amount realized is $30,000.
A land parcel owned by Christina is sold for $18,000 cash, with the $12,000 mortgage on the property being taken over by the purchaser. $30k has been made available to Christina. True is the answer.
What Is A Mortgage?
Real estate financing often involves a particular type of loan called a mortgage. Not all loans are mortgages, despite being a particular kind of loan.
When you apply for a mortgage, your lender will give you a predetermined amount of money to buy the house. You agree to pay interest while repaying your loan over a period of years. The mortgage lender continues to have a claim to the home as long as the loan is not fully repaid.
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qs 7-14 (algo) note receivable interest and maturity lo p4 on december 1, daw company accepts a $40,000, 45-day, 9% note from a customer. (1) prepare the year-end adjusting entry to record accrued interest revenue on december 31. (2) prepare the entry required on the note's maturity date assuming it is honored.
(1) The year-end adjusting entry to record accrued interest revenue on December 31 would be:
Debit Interest Revenue $360
Credit Interest Payable $360
This entry is made to record the accumulated interest of $360 that has accrued on the $40,000 note ($40k x 9% x 45/360).
(2) On the note's maturity date, assuming it is honored, the entry would be:
Debit Cash $40,360
Credit Notes Payable $40,000
Credit Interest Payable $360
This entry is made to record the payment of the $40,000 note plus the interest of $360 that has accrued on the note ($40k x 9% x 45/360).
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Equipment was purchased for $25,000 with a $5,000 residual value. It has a four-year estimated useful life. Match the amount with the respective term using the declining balance method.
1. $25,000
2. 25%
3. 50%
4. $12,500
5. $6,250
A. Year 1 depreciation
B. Book Value Beginning of Year 1
C. Year 2 depreciation
D. Twice the straight-line rate
E. Straight-line rate
Using the declining balance method. Year 1 depreciation= $12,500, Book Value Beginning of Year 1= $25,000, Year 2 depreciation=$6,250, Twice the straight-line rate= 50%, Straight-line rate=25%
The declining balance technique, a form of accelerated depreciation, records higher depreciation costs in the early years of an asset's useful life and lower depreciation costs in the asset's later years. . Other conventional contracts contain a "declining balance" condition, which entails a sliding scale for the reimbursement of your entry price. According to the declining balance technique, depreciation costs are higher at the start of an asset's useful life and get lower with time. The depreciation is computed annually using the same fixed percentage rate. Identify the asset's initial cost at the time of purchase.
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Which one of the following is NOT a Global Location Decision Factor O A. Franchising O B. Labor Issues O C. Quality of Life Issues O D. Business Clusters
According to the claim, franchising is not a transnational central decision factor.
What exactly are regional business clusters?A cluster is an organization of companies that share similar technologies, pool regional resources, work together, and form alliances. These ties can be established through associations, lobbying, staff "piracy," turnover, cooperative marketing, teaching or research initiatives, and collaborations between buyers and suppliers.
What is the name of the organization that includes all businesses?Industry clusters, also known as competitive clusters or clusters, are groups of linked, comparable companies that are essential to the success of regional economic development. The exchange of suppliers, the development of specialized worker abilities, and the sharing of a common market are all supported by clusters.
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what has become one of the most significant forces for change experienced by public companies in recent years?
The most important drivers for change that public corporations have faced in recent years are internal forces of change.
What are the four management forces?The four forces are specialization, scarcity, rivalry, and humanity. And a recent PwC research makes the claim that you can better equip yourself and your business for future issues by understanding how they've worked in the past.
What do Porter's Five Forces represent?A method for assessing the level of competition in your industry is Porter's Five Forces. Competitive rivalry, new entrants, buyer and supplier power, as well as the danger of substitutes, are the five forces. To determine a company's potential profitability and modify its strategy, it serves this goal.
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This metric shows marketers how customers interact with a page once they hit the ad that appears on it.
Click path metric shows marketers how customers interact with a page once they hit the ad that appears on it.
Who exactly are these clients?A customer is an individual or group that buys something from a third party. The main goal of any business is to gain loyal customer base that will continue to do business with them. In India, many dealers and businesses refer to the consumer as God because they believe that they are responsible for the money that comes in.
Why are consumers so important?Since positive customer experiences typically lead to word-of-mouth advertising, they are crucial for brand exposure. 55% of new consumers are drawn to a business by its reputation for offering exceptional customer service. Give your current clients a positive experience, and you'll hear them raving about your business.
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what kinds of information does your marketing team likely need included in a persona? the number of people represented by that persona that they need to bring to the website each month how the persona finds answers to problems and how they prefer to be communicated with the persona’s first name and email address so that they can be sent personalized marketing emails the size of the target market represented by each persona
The number of people represented by that persona that they need to bring to the website each month.
They help you grow by returning to buy again and by promoting your brand through their network.
You ought to do 15 or more interviews for each of your personalities. Take thorough notes during these interactions, and if you can, record them. Then, look for repeating patterns that appear from one client to the next.
Major tasks and job titles. demographics including family status, ethnicity, age, and level of education. the objectives and duties they are attempting to carry out on the website.
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California surf clothing company issues 1,000 shares of $1 par value common stock at $35 per share. Later in the year, the company decides to purchase 100 shares at a cost of $38 per share.
Treasury shares are shares that were originally issued and in circulation but were later reacquired by the company that issued them.Treasury shares are treated as a contra-equity account and recorded at cost in the company's books.
Contra-equity account indicates that the total value of shareholders' equity will decrease as a result of the total amount of treasury shares.
How Does Treasury Stock Work?
The term "treasury stock," also referred to as "treasury shares" or "reacquired stock," refers to previously outstanding stock that has been repurchased by the issuing company from its stockholders.As a result, there are fewer shares available for purchase on the open market.
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mead corporation has prepared a fixed budget based on 6,000 units. their budgeted per unit selling price is $100, variable costs are $75 per unit, and fixed costs are $20,000. if actual sales activity was 5,000 units with revenue of $550,000, what is the sales variance shown on a fixed budget performance report?
Mead corporation has expected sales of 6,000 units of its product with selling price $100 per unit. In realization, Mead is able to record sales of 5,000 units with total revenue $550,000. The sales variance on the fixed budget performane report records $50,000 (F).
Sales variance measures the difference between a company's budgeted product price and the actual price the products sold at. Sales variance is said to be favorable if the actual product price is higher than the budgeted product price.
Sales variance helps a company to determine which products contribute most to the total sales. Sales variance allows a company to decide the next pricing and selling strategy. It provides information about how the market receive and react towards the products.
Sales variance could be calculated by this formula:
Sales variance = (Actual sale price - Budgeted sale price) x Actual units sold
Based on the question, we know some informations:
Budgeted unit sold = 6,000 units
Budgeted sale price = $100 per unit
Actual unit sold = 5,000
Actual total revenue = $550,000
By assuming that total production costs are fixed, we could know the actual sale price is:
Actual total revenue = actual sale price x actual unit sold
$550,000 = actual sale price x 5,000
Actual sale price = $110 per unit
The sales variance recorded on the fixed budget performance report is:
Sales variance = (actual sale price - budgeted sale price) x Actual unit sold
Sales variance = ($110 - $100) x 5,000
Sales variance = $50,000 (F)
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