Homework Answers
Solution 1:
| Jesper | ||
| Income statement | ||
| For last year | ||
| Particulars | Amount | % |
| Sales revenue | $5,400,000.00 | 100.0% |
| Cost of goods sold (DM + DL + MOH) | $784,000.00 | 14.5% |
| Gross profit | $4,616,000.00 | 85.5% |
| Selling expenses | $435,000.00 | 8.1% |
| Administrative expenses | $864,000.00 | 16.0% |
| Net income | $3,317,000.00 | 61.4% |
Solution 2:
Manager could use income statement by comparing percentage of cost on sales to industry standards and take measures to control the costs.
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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 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...
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...
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.
2. FIP Exercise 2-49 Income Statement Refer to the information for Jasper Company on the previous...
2. FIP Exercise 2-49 Income Statement Refer to the information for Jasper Company on the previous page. EXCEL Required: 1. Prepare an income statement for Jasper for last year. Calculate the percentage of sales for each line item on the income statement. (Note: Round percentages to the nearest tenth of a percent.) 2. CONCEPTUAL CONNECTION Briefly explain how a manager could use the income statement created for Requirement 1 to better control costs. 2 Syaring 250 Ilndorotondina tho Palotionohin hotuan...
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
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...
drums. Brody provided the following information for last year: Raw materials purchases Direct labor Depreciation on...
drums. Brody provided the following information for last year: Raw materials purchases Direct labor Depreciation on factory equipment Depreciation on factory building Depreciation on headquarters building Factory insurance Property taxes: Factory Headquarters Utilities for factory $250,000 140,000 45,000 30,000 50,000 15,000 Utilities for sales office Administrative salaries Indirect labor salaries Sales office salaries 20,000 18,000 34,000 1,800 150,000 156,000 90,000 124,000 124,000 84,000 102,000 130,000 82,000 Beginning balance, raw materials Beginning balance, work in process Beginning balance, finished goods Ending...
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...
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Information about Morton Company for the month ending December 31, 2018, is as follows: Sales $650,000 Cost of goods sold 452,000 Net operating income 35,000 Beginning inventories: Direct materials 50,000 Work in process 42,000 Finished goods 70,000 Ending direct materials is 20 percent smaller than beginning direct materials. Ending work in process is 10 percent more than the beginning work in process. Ending finished goods increased by $11,000 during the year. Prime costs and conversion costs are 70 percent and...
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...
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.
2. FIP Exercise 2-49 Income Statement Refer to the information for Jasper Company on the previous page. EXCEL Required: 1. Prepare an income statement for Jasper for last year. Calculate the percentage of sales for each line item on the income statement. (Note: Round percentages to the nearest tenth of a percent.) 2. CONCEPTUAL CONNECTION Briefly explain how a manager could use the income statement created for Requirement 1 to better control costs. 2 Syaring 250 Ilndorotondina tho Palotionohin hotuan...
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...
drums. Brody provided the following information for last year: Raw materials purchases Direct labor Depreciation on factory equipment Depreciation on factory building Depreciation on headquarters building Factory insurance Property taxes: Factory Headquarters Utilities for factory $250,000 140,000 45,000 30,000 50,000 15,000 Utilities for sales office Administrative salaries Indirect labor salaries Sales office salaries 20,000 18,000 34,000 1,800 150,000 156,000 90,000 124,000 124,000 84,000 102,000 130,000 82,000 Beginning balance, raw materials Beginning balance, work in process Beginning balance, finished goods Ending...
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...
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