Need help getting the right answers I tried multiple times and still can’t get this problem correct.
Desired profit is $7,000
![Required information [The following information applies to the questions displayed below] Solomon Company makes and sells products with variable costs of $65 each. Solomon incurs annual fixed costs of $28,000. The current sales price is $85. f. If variable cost rises to $59 per unit, what level of sales is required to earn the desired profit? Express your answer in units and dollars. Prepare an income statement using the contribution margin format Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required F1Required F2 If variable cost rises to $59 per unit, what level of sales is required to earn the desired profit? Express your answer in units and dollars. Sales volume in units Sales volume in dollars 1,346 114,423](http://img.homeworklib.com/questions/591bb820-7111-11ea-b56f-573bcdb690c7.png?x-oss-process=image/resize,w_560)
Homework Answers
1
Sales volume in units to get desired profit of $7000=(Desired profit +fixed cost)/Contribution per Unit
=(7000+28000)/(85-65)=1750 units
Sales volume in Dollars to get desired profit of $7000==1750 units*85=$148750
2
| Income Statement | |
| Sales | $ 1,48,750.00 |
| Variable cost 1750*65 | $ 1,13,750.00 |
| Gross Profit | $ 35,000.00 |
| Less Fixed cost | $ 28,000.00 |
| Net Income | $ 7,000.00 |
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Need help getting the right answers I tried multiple times and
still can’t get this problem...
Need help answering these problems: Desired profit is $7,000 that should be all you need We...
Need help answering these problems:
Desired profit is $7,000 that should be all you need
We were unable to transcribe this imageSolomon Company makes and sells products with variable costs of $65 each. Solomon incurs annual fixed costs of $28,000. The current sales price is $85 f.If variable cost rises to $59 per unit, what level of sales is required to earn the desired profit? Express your answer in units and dollars. Prepare an income statement using the contribution margin...
Required information [The following information applies to the questions displayed below.] Vernon Company makes and sells...
Required information [The following information applies to the questions displayed below.] Vernon Company makes and sells products with variable costs of $56 each. Vernon incurs annual fixed costs of $39,900. The current sales price is $77. e. If fixed costs drop to $22,800, what level of sales is required to earn the desired profit? Express your answer in units and dollars. Prepare an income statement using the contribution margin format. Complete this question by entering your answers in the tabs...
Required information Problem 3-23A Comprehensive CVP analysis LO 3-3, 3-4, 3-5 [The following information applies to...
Required information Problem 3-23A Comprehensive CVP analysis LO 3-3, 3-4, 3-5 [The following information applies to the questions displayed below.] Benson Company makes and sells products with variable costs of $41 each. Benson incurs annual fixed costs of $27.300. The current sales price is $62. Problem 3-23A Part a Required The following requirements are interdependent. For example, the $6,300 desired profit introduced in Requirement calso applies to subsequent requirements. Likewise, the $53 sales price introduced in Requirement d applies to...
Required information Problem 3-23A Comprehensive CVP analysis LO 3-3, 3-4, 3-5 [The following information applies to...
Required information Problem 3-23A Comprehensive CVP analysis LO 3-3, 3-4, 3-5 [The following information applies to the questions displayed below.] Benson Company makes and sells products with variable costs of $41 each. Benson incurs annual fixed costs of $27,300. The current sales price is $62. Problem 3-23A Part a Required The following requirements are interdependent. For example, the $6,300 desired profit introduced in Requirement calso applies to subsequent requirements. Likewise, the $53 sales price introduced in Requirement d applies to...
Please help me. I thought I was doing good but then idk what happened. Required information...
Please help me. I thought I was doing good
but then idk what happened.
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for
which one i belive that is all the information
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Benson Company makes and sells products with variable costs of $41 each. Benson incurs annual fixed costs of $27,300. The current sales price is $62. Problem 3-23A Part a Required The following requirements are interdependent. For example, the $6,300 desired profit introduced in Requirement calso applies to subsequent requirements. Likewise, the $53 sales price introduced in Requirement d applies to the subsequent requirements. a. Determine the contribution margin per unit. b. Determine the break-even point in units and in dollars. Prepare an income statement...
Need help answering these problems:
Desired profit is $7,000 that should be all you need
We were unable to transcribe this imageSolomon Company makes and sells products with variable costs of $65 each. Solomon incurs annual fixed costs of $28,000. The current sales price is $85 f.If variable cost rises to $59 per unit, what level of sales is required to earn the desired profit? Express your answer in units and dollars. Prepare an income statement using the contribution margin...
Required information [The following information applies to the questions displayed below.] Vernon Company makes and sells products with variable costs of $56 each. Vernon incurs annual fixed costs of $39,900. The current sales price is $77. e. If fixed costs drop to $22,800, what level of sales is required to earn the desired profit? Express your answer in units and dollars. Prepare an income statement using the contribution margin format. Complete this question by entering your answers in the tabs...
Required information Problem 3-23A Comprehensive CVP analysis LO 3-3, 3-4, 3-5 [The following information applies to the questions displayed below.] Benson Company makes and sells products with variable costs of $41 each. Benson incurs annual fixed costs of $27.300. The current sales price is $62. Problem 3-23A Part a Required The following requirements are interdependent. For example, the $6,300 desired profit introduced in Requirement calso applies to subsequent requirements. Likewise, the $53 sales price introduced in Requirement d applies to...
Required information Problem 3-23A Comprehensive CVP analysis LO 3-3, 3-4, 3-5 [The following information applies to the questions displayed below.] Benson Company makes and sells products with variable costs of $41 each. Benson incurs annual fixed costs of $27,300. The current sales price is $62. Problem 3-23A Part a Required The following requirements are interdependent. For example, the $6,300 desired profit introduced in Requirement calso applies to subsequent requirements. Likewise, the $53 sales price introduced in Requirement d applies to...
Please help me. I thought I was doing good
but then idk what happened.
Required information [The following information applies to the questions displayed below.] Solomon Company makes and sells products with variable costs of $24 each. Solomon incurs annual fixed costs of $413,400. The current sales price is $102. Note: The requirements of this question are interdependent. For example, the $312,000 desired profit introduced in Requirement c also applies to subsequent requirements. Likewise, the $80 sales price introduced in...
Required information [The following information applies to the questions displayed below.] Vernon Company makes and sells products with variable costs of $24 each. Vernon incurs annual fixed costs of $434,160. The current sales price is $105. f. If variable cost rises to $30 per unit, what level of sales is required to earn the desired profit? Express your answer in units and dollars. Prepare an income statement using the contribution margin format.
for
which one i belive that is all the information
Required Information [The following information applies to the questions displayed below.] Perez Company makes and sells products with variable costs of $24 each. Perez incurs annual fixed costs of $393,000. The current sales price is $99. Note: The requirements of this question are interdependent. For example, the $300,000 desired profit introduced in Requirement c also applies to subsequent requirements. Likewise, the $80 sales price introduced in Requirement d applies to...
Solomon Corporation sells hammocks; variable costs are $58 each, and the hammocks are sold for $138 each. Solomon incurs $499,000 of fixed operating expenses annually. Required a1. Determine the sales volume in units and dollars required to attain a $77,000 profit. a 2. Prepare an income statement using the contribution margin format. b. Solomon is considering implementing a quality improvement program. The program will require a $6 increase in the variable cost per unit. To inform its customers of the...
Benson Company makes and sells products with variable costs of $41 each. Benson incurs annual fixed costs of $27,300. The current sales price is $62. Problem 3-23A Part a Required The following requirements are interdependent. For example, the $6,300 desired profit introduced in Requirement calso applies to subsequent requirements. Likewise, the $53 sales price introduced in Requirement d applies to the subsequent requirements. a. Determine the contribution margin per unit. b. Determine the break-even point in units and in dollars. Prepare an income statement...
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