Question

Using the Partial Financials given below, calculate the Standard COGS %. Multiply the Standard COGS %...

Using the Partial Financials given below, calculate the Standard COGS %. Multiply the Standard COGS % by the total actual costs to determine expected sales. Compare expected sales to actual sales.

 JUNE JULY AUGUST SALES 24812.25 28516 28232.75 ACTUAL COGS ICE CREAM 5247.79 6025.43 5505.38 TOPPINGS 1315.05 1511.35 1594.57 CONES 1463.92 1553.82 1665.73 PAPER GOODS 570.58 574.91 592.89 Total Actual Costs 8597.34 9665.51 9358.57 GROSS MARGIN 16214.91 18850.49 18874.18 GP % 65.35% 66.10% 66.85% SANDARD COGS ICE CREAM 4878.36 5808.18 5263.78 TOPPINGS 1103.68 1115.52 1198.66 CONES 1134.4 1242.5 1228.66 PAPER GOODS 434.72 477.07 471.33 Total Standard Costs 7551.16 8643.27 8162.43 Gross Margin 17261.09 19872.73 20070.32 GP % 69.57% 69.69% 71.09%

Standard COGS % = Standard COGS / Sales

June = \$7551.16 / 24812.25 = 30.43%
Total Actual Costs = \$8597.34
Expected Sales = \$8597.34 / 30.43% = \$28252.84
Actual Sales = \$24812.25
Variance = (\$3440.59)

July = \$8643.27 / 28516 = 30.31%
Total Actual Costs = \$9665.51
Expected Sales = \$9665.51 / 30.31% = \$31888.85
Actual Sales = \$28516
Variance = (\$3372.85)

August = \$8162.43 / 28232.75 = 28.91%
Total Actual Costs = \$9358.57
Expected Sales = \$9358.57 / 28.91% = \$32371.39
Actual Sales = \$28232.75
Variance = (\$4138.64)

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