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World Equipment produces high-quality basketballs. If the fixed cost per basketball is $4 when the company...
Patsy's Quilt Shoppe sells homemade Amish quilts each, and her shop sells them for $470 each....
Patsy's Quilt Shoppe sells homemade Amish quilts each, and her shop sells them for $470 each. She also pays a sales commission of 8% of sales revenue to sales staff. Patsy leases her country-style shop for $1,200 per month and pays $1,800 per month in payrol costs in addition to the sales commissions. Patsy sold 95 quilts in February. Prepare Patsy's traditional income statement and contribution margin income statement for the month. . Patsy buys the quilts from local Amish...
Patsy's Quilt Shoppe sells homemade Amish quilts. Patsy buys the quilts from local Amish artisans for...
Patsy's Quilt Shoppe sells homemade Amish quilts. Patsy buys the quilts from local Amish artisans for $270 each, and her shop sells them for $470 each. She also pays a sales commission of 8% of sales revenue to her sales staff. Patsy leases her country-style shop for $1,200 per month and pays $1,800 per month in payroll costs in addition to the sales commissions. Patsy sold 95 quilts in February. Prepare Patsy's traditional income statement and contribution margin income statement...
TimeHoop−Time produces high-quality basketballs. If the fixed cost per basketball is $ 3.00$3.00 when the company...
TimeHoop−Time produces high-quality basketballs. If the fixed cost per basketball is $ 3.00$3.00 when the company produces 13 comma 00013,000 basketballs, what is the fixed cost per basketball when it produces 21 comma 00021,000 basketballs? Assume both volumes are in the same relevant range.
Total fixed cost per month Variable cost per sandwich Sales price per sandwich $1,100.00 1.80 5.50...
Total fixed cost per month Variable cost per sandwich Sales price per sandwich $1,100.00 1.80 5.50 During the month of June, Snowdon sold 590 sandwiches. Complete the contribution margin income statement for the month of June. (Round your final answers to the nearest whole dollar.) SNOWDON SANDWICH SHOP Contribution Margin Income Statement Month of June Contribution Margin Net Operating Income
A company produces circuit boards used to upgrade computer equipment. The fixed cost is $42,000 per...
A company produces circuit boards used to upgrade computer equipment. The fixed cost is $42,000 per month, and the variable cost is $53 per circuit board. The selling price per unit isP=$150 – 0.02D. Maximum output of the plant is 4,000 units per month. Determine the optimal demand for this product. What is the maximum profit per month? At what volume does breakeven occur? What is the company’s range of profitable demand?
Parkins Company produces and sells a single product. The company's income statement for the most recent...
Parkins Company produces and sells a single product. The company's income statement for the most recent month is given below: $240,000 Sales (6,000 units at $40 per unit) Less Manufacturing costs: Direct materials Direct labor (variable) Variable factory overhead Fixed factory overhead Gross Margin Less selling and other expenses Variable selling and other expenses 24,000 Fixed selling and other expenses 42,000 $48,000 60,000 12,000 30,000 150,000 90,000 Net operating income $24,000 Required: a. Compute the company's monthly break-even point in...
Income Statements under Absorption Costing and Variable Costing Fresno Industries Inc. manufactures and sells high-quality camping...
Income Statements under Absorption Costing and Variable Costing Fresno Industries Inc. manufactures and sells high-quality camping tents. The company began operations on January 1 and operated at 100% of capacity (58,300 units) during the first month, creating an ending inventory of 5,300 units. During February, the company produced 53,000 units during the month but sold 58,300 units at $115 per unit. The February manufacturing costs and selling and administrative expenses were as follows: Number of Units Unit Cost Total Cost...
Fresno Industries Inc. manufactures and sells high-quality camping tents. The company began operations on January 1...
Fresno Industries Inc. manufactures and sells high-quality camping tents. The company began operations on January 1 and operated at 100% of capacity (124,000 units) during the first month, creating an ending inventory of 18,000 units. During February, the company produced 106,000 units during the month but sold 124,000 units at $500 per unit. The February manufacturing costs and selling and administrative expenses were as follows: Number of Units Unit Cost Total Cost Manufacturing costs in February 1 beginning inventory: Variable...
2. Sleepwalking Inc., manufactures and sells bunny slippers. The fabric cost per pair is $ 11.5,...
2. Sleepwalking Inc., manufactures and sells bunny slippers. The fabric cost per pair is $ 11.5, and each pair requires 12 minutes of direct labor to produce with the hourly direct labor cost being $ 12. The variable manufacturing overhead cost to produce each pair is $ 0.50. The total fixed manufacturing overhead cost is made up of factory rent $ 240,000. each year and equipment depreciation of $ 60,000. The budgeted production is 10,000 pairs a year. Sleepwalking sells...
Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,495 per...
Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,495 per unit and then sells them to retail customers for an average price of $2,500 each. The company's selling and administrative costs for a typical month are presented below: Cost Formula Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative: Executive salaries Insurance Clerical Depreciation of office equipment $939 per month $4,777 per month, plus 6%...
Patsy's Quilt Shoppe sells homemade Amish quilts each, and her shop sells them for $470 each. She also pays a sales commission of 8% of sales revenue to sales staff. Patsy leases her country-style shop for $1,200 per month and pays $1,800 per month in payrol costs in addition to the sales commissions. Patsy sold 95 quilts in February. Prepare Patsy's traditional income statement and contribution margin income statement for the month. . Patsy buys the quilts from local Amish...
Patsy's Quilt Shoppe sells homemade Amish quilts. Patsy buys the quilts from local Amish artisans for $270 each, and her shop sells them for $470 each. She also pays a sales commission of 8% of sales revenue to her sales staff. Patsy leases her country-style shop for $1,200 per month and pays $1,800 per month in payroll costs in addition to the sales commissions. Patsy sold 95 quilts in February. Prepare Patsy's traditional income statement and contribution margin income statement...
Total fixed cost per month Variable cost per sandwich Sales price per sandwich $1,100.00 1.80 5.50 During the month of June, Snowdon sold 590 sandwiches. Complete the contribution margin income statement for the month of June. (Round your final answers to the nearest whole dollar.) SNOWDON SANDWICH SHOP Contribution Margin Income Statement Month of June Contribution Margin Net Operating Income
Parkins Company produces and sells a single product. The company's income statement for the most recent month is given below: $240,000 Sales (6,000 units at $40 per unit) Less Manufacturing costs: Direct materials Direct labor (variable) Variable factory overhead Fixed factory overhead Gross Margin Less selling and other expenses Variable selling and other expenses 24,000 Fixed selling and other expenses 42,000 $48,000 60,000 12,000 30,000 150,000 90,000 Net operating income $24,000 Required: a. Compute the company's monthly break-even point in...
2. Sleepwalking Inc., manufactures and sells bunny slippers. The fabric cost per pair is $ 11.5, and each pair requires 12 minutes of direct labor to produce with the hourly direct labor cost being $ 12. The variable manufacturing overhead cost to produce each pair is $ 0.50. The total fixed manufacturing overhead cost is made up of factory rent $ 240,000. each year and equipment depreciation of $ 60,000. The budgeted production is 10,000 pairs a year. Sleepwalking sells...
Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,495 per unit and then sells them to retail customers for an average price of $2,500 each. The company's selling and administrative costs for a typical month are presented below: Cost Formula Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative: Executive salaries Insurance Clerical Depreciation of office equipment $939 per month $4,777 per month, plus 6%...
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