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19 October, 13:39

Brief Exercise 10-2 Your answer is partially correct. Try again. For the quarter ended March 31, 2020, Croix Company accumulates the following sales data for its newest guitar, The Edge: $313,200 budget; $304,000 actual. In the second quarter, budgeted sales were $383,200, and actual sales were $399,500. Prepare a static budget report for the second quarter and for the year to date.

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  1. 19 October, 14:00
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    Answer and Explanation:

    The preparation of static budget is shown below:-

    Static budget for the second quarter

    Croix Company

    Sales budget report

    for the quarter ending March 31, 2020

    Product line Budget Actual Difference

    Newest guitar $383,200 $399,500 $16,300 Favorable

    Static budget for the year to date

    Croix Company

    Sales budget report

    for the quarter ending March 31, 2020

    Product line Budget Actual Difference

    Newest guitar $696,400 $703,500 $7,100 Unfavorable

    Working note

    Total budget sales = Sales of first quarter + Sales of second quarter

    = $313,200 + $383,200

    = $696,400

    Total actual sales = Sales of first quarter + Sales of second quarter

    = $304,000 + $399,500

    = $703,500
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