McQueen, Inc. buys premium ice cream at a cost of $5.25 a gallon and sells it...
McQueen, Inc. buys premium ice cream at a cost of $5.25 a gallon and sells it for $11.50 a gallon. Selling, general, and administrative expenses are $2.25 per gallon. Which of the following statements is correct?
A) Gross profit per gallon is $6.25.
B) The difference between the selling price and the cost is recorded in the gross profit account.
C) Gross profit per gallon is $4.00.
D) The difference between the selling price and the cost is recorded in the Net Profit account.
Homework Answers
Gross profit
= Sales price - Cost of Goods Sold
= 11.50 - 5.25
= 6.25
Option A is the answer
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materials price variance
Wayne Pittman Inc. makes ice cream that it sells in 5-gallon
containers to retail ice cream parlors. During Year 2, the company
planned to make 100,000 containers of ice cream. It actually
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cost of sugar per container follow.
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Determine the materials price variance and indicate whether the
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Determine the materials usage variance and indicate whether the...
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