Homework Answers
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| Jasper Company | ||
| Sales (units) | 280,000.00 | |
| Sells price | 12.00 | |
| Sales ($) | 3,360,000.00 | |
| Answer 1 | ||
| Income Statement | Amount $ | % of Sales |
| Sales | 3,360,000.00 | 100.00% |
| Lees: Cost of goods sold | ||
| Direct Materials | 180,000.00 | 5.36% |
| Direct Labor | 505,000.00 | 15.03% |
| Manufacturing overhead | 110,000.00 | 3.27% |
| Gross Profit | 2,565,000.00 | 76.34% |
| Lees: Operating Expenses | ||
| Selling Expense | 437,000.00 | 13.01% |
| Administrative Expense | 854,000.00 | 25.42% |
| Net income | 1,274,000.00 | 37.92% |
| Answer 2 | ||
| Income Statement can be used to control costs. | ||
| Like if we see above Administrative Expense is the highest percentage of sales. Selling expense is also 13% of sales which is high. So a manager should analyze these expenses and try to optimize them. | ||
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2. FIP Exercise 2-49 Income Statement Refer to the information for Jasper Company on the previous...
Jasper Company provided the following information for last year: Costs Amount Sales in units 280,000 Selling...
Jasper Company provided the following information for last year: Costs Amount Sales in units 280,000 Selling price $12 Direct materials $180,000 Direct labor $505,000 Manufacturing overhead $110,000 Selling expense $437,000 Administrative expense $854,000 Last year, beginning and ending inventories of work in process and finished goods equaled zero. Required: 1. Prepare an income statement for Jasper for last year. Calculate the percentage of sales for each line item on the income statement. Round percentages to the nearest tenth of a...
Cost of Goods Sold, Sales Revenue, Income Statement Jasper Company provided the following information for last...
Cost of Goods Sold, Sales Revenue, Income Statement Jasper Company provided the following information for last year: Sales in units 280,000 Selling price $12 Direct materials 190,000 Direct labor 585,000 Manufacturing overhead 110,000 Selling expense 437,000 Administrative expense 854,000 Last year, beginning and ending inventories of work in process and finished goods equaled zero. Required: Calculate the cost of goods sold for last year.
Jasper Company provided the following information for last year: Sales in units 280,000 Selling price $...
Jasper Company provided the following information for last year: Sales in units 280,000 Selling price $ 12 Direct materials 180,000 Direct labor 505,000 Manufacturing overhead 110,000 Selling expense 437,000 Administrative expense 854,000 make income statement and percentage of sale items
Jasper Company provided the following information for last year. Costs Sales in units Selling price Direct...
Jasper Company provided the following information for last year. Costs Sales in units Selling price Direct materials Amount 300,000 $18 $179.000 5495,000 $110,000 $435.000 $864.000 Direct labor Manufacturing overhead Selling expense I Administrative expense Last year, beginning and ending inventories of work in process and finished goods equaled zero Rende Last year, beginning and ending inventories of work in process and finished goods equaled zero. Required 1. Prepare an income statement for Jasper for last year Calculate the percentage of...
Instructions Jasper Company provided the following information for last year: Costs Amount Sales in units 290,000...
Instructions Jasper Company provided the following information for last year: Costs Amount Sales in units 290,000 Selling price $13 Direct materials $150,000 Direct labor $504,000 Manufacturing overhead $110,000 $437,000 Selling expense Administrative expense $860,000 Last year, beginning and ending inventories of work in process and finished goods equaled zero. Required: 1. Prepare an income statement for Jasper for last year. Calculate the percentage of sales for each line item on the income statement. Round percentages to the nearest tenth of...
Instructions Jasper Company provided the following information for last year: Costs Amount Sales in units Selling...
Instructions Jasper Company provided the following information for last year: Costs Amount Sales in units Selling price 325,000 $12 $171,000 Direct materials $505,000 Direct labor Manufacturing overhead $110,000 $433,000 Selling expense Administrative expense $869,000 Last year, beginning and ending inventories of work in process and finished goods equaled zero. Required: 1. Calculate the sales revenue for last year. 2. Prepare an income statement for Jasper for last year. Labels and Amount Descriptions Refer to the list below for the exact...
Instructions Income Statement Shaded cells have feedbac Jasper Company provided the following information for last year:...
Instructions Income Statement Shaded cells have feedbac Jasper Company provided the following information for last year: 2. Prepare an income statement for Jasper for last year. Refer to the list of Labels and Amount Description for the exact wording of text items within your income statement. Be sure to complete the statement heading Costs Amount 285,000 $17 Jasper Company Score: 0/65 Income Statement Sales in units Selling price Direct materials Direct labor Manufacturing overhead Selling expense Administrative expense (Label) $143,000...
please help filling in the blanks I need to put in formula the percentage January 1...
please help filling in the blanks
I need to put in formula the percentage
January 1 December 31 6,800 7,200 Required: How many jet skis did Allyson sell during the year? If each jet ski had a product cost of $2,200, what was the cost of goods sold last year? To the following information for Exercises 2-37 and 2-38: In March, Chilton Company purchased materials costing $25,000 and incurred direct labor cost of $10,000. Overhead totaled $42,000 for the month....
OBJECTIVE2 Exercise 2-31 Cost Classification Loring Company incurred the following costs last year: Sua Direct materials...
OBJECTIVE2 Exercise 2-31 Cost Classification Loring Company incurred the following costs last year: Sua Direct materials Factory rent Direct labor Factory utilities Supervision in the factory Indirect labor in the factory Depreciation on factory equipment Sales commissions Sales salaries Advertising Depreciation on the headquarters building Salary of the corporate receptionist Other administrative costs Salary of the factory receptionist S216,000 24,000 120,000 6,300 50,000 30,000 9,000 27,000 65,000 37,000 10,000 30,000 175,000 28,000 (Continued) Required: 1. Classify each of the costs...
Given the following information, prepare an income statement for the Dental Drilling Company. Selling and administrative...
Given the following information, prepare an income statement for the Dental Drilling Company. Selling and administrative expense Depreciation expense Sales Interest expense Cost of goods sold Taxes $ 62,000 77,000 505,000 48,000 207,000 53,000 Dental Drilling Company Income Statement 0 0 0 0
Cost of Goods Sold, Sales Revenue, Income Statement Jasper Company provided the following information for last year: Sales in units 280,000 Selling price $12 Direct materials 190,000 Direct labor 585,000 Manufacturing overhead 110,000 Selling expense 437,000 Administrative expense 854,000 Last year, beginning and ending inventories of work in process and finished goods equaled zero. Required: Calculate the cost of goods sold for last year.
Jasper Company provided the following information for last year. Costs Sales in units Selling price Direct materials Amount 300,000 $18 $179.000 5495,000 $110,000 $435.000 $864.000 Direct labor Manufacturing overhead Selling expense I Administrative expense Last year, beginning and ending inventories of work in process and finished goods equaled zero Rende Last year, beginning and ending inventories of work in process and finished goods equaled zero. Required 1. Prepare an income statement for Jasper for last year Calculate the percentage of...
Instructions Jasper Company provided the following information for last year: Costs Amount Sales in units 290,000 Selling price $13 Direct materials $150,000 Direct labor $504,000 Manufacturing overhead $110,000 $437,000 Selling expense Administrative expense $860,000 Last year, beginning and ending inventories of work in process and finished goods equaled zero. Required: 1. Prepare an income statement for Jasper for last year. Calculate the percentage of sales for each line item on the income statement. Round percentages to the nearest tenth of...
Instructions Jasper Company provided the following information for last year: Costs Amount Sales in units Selling price 325,000 $12 $171,000 Direct materials $505,000 Direct labor Manufacturing overhead $110,000 $433,000 Selling expense Administrative expense $869,000 Last year, beginning and ending inventories of work in process and finished goods equaled zero. Required: 1. Calculate the sales revenue for last year. 2. Prepare an income statement for Jasper for last year. Labels and Amount Descriptions Refer to the list below for the exact...
Instructions Income Statement Shaded cells have feedbac Jasper Company provided the following information for last year: 2. Prepare an income statement for Jasper for last year. Refer to the list of Labels and Amount Description for the exact wording of text items within your income statement. Be sure to complete the statement heading Costs Amount 285,000 $17 Jasper Company Score: 0/65 Income Statement Sales in units Selling price Direct materials Direct labor Manufacturing overhead Selling expense Administrative expense (Label) $143,000...
please help filling in the blanks
I need to put in formula the percentage
January 1 December 31 6,800 7,200 Required: How many jet skis did Allyson sell during the year? If each jet ski had a product cost of $2,200, what was the cost of goods sold last year? To the following information for Exercises 2-37 and 2-38: In March, Chilton Company purchased materials costing $25,000 and incurred direct labor cost of $10,000. Overhead totaled $42,000 for the month....
OBJECTIVE2 Exercise 2-31 Cost Classification Loring Company incurred the following costs last year: Sua Direct materials Factory rent Direct labor Factory utilities Supervision in the factory Indirect labor in the factory Depreciation on factory equipment Sales commissions Sales salaries Advertising Depreciation on the headquarters building Salary of the corporate receptionist Other administrative costs Salary of the factory receptionist S216,000 24,000 120,000 6,300 50,000 30,000 9,000 27,000 65,000 37,000 10,000 30,000 175,000 28,000 (Continued) Required: 1. Classify each of the costs...
Given the following information, prepare an income statement for the Dental Drilling Company. Selling and administrative expense Depreciation expense Sales Interest expense Cost of goods sold Taxes $ 62,000 77,000 505,000 48,000 207,000 53,000 Dental Drilling Company Income Statement 0 0 0 0
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