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In April 2016, the editor of the Sporting News decides to reduce the price per...

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Accounting

In April 2016, the editor of the Sporting News decides to reduce the price per newspaper from 0,70 in April 2016 to 0,50 starting 1 May 2016. Actual paid circulation in April is 7.5 million. The editor estimates that the 0,20 price reduction would increase paid circulation in May to 12.4 million. However, the actual May circulation turns out to be 13.6 million. The actual price paid in May 2016 was the budgeted 0,50 per newspaper.

Required: Prepare a newspaper revenue performance report for the Sporting News for May 2016 showing the actual results, budgeted amounts and the variance.

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