Homework Answers
Cherokee Inc. is a merchandiser that provided the following information. Number of units sold 11,000
Solution:
Traditional Format of Income Statement
|
Sales (11,000*18) |
198000 |
|
|
COGS (11,000 +87,000 -26,000) |
72000 |
|
|
Gross Margin |
126000 |
|
|
Selling and administrative expenses |
||
|
Selling expenses (11,000 * 1 + 19,000) |
30,000 |
|
|
Administrative expenses (11,000*2 + 15,000) |
37,000 |
67,000 |
|
Net operating income |
59,000 |
Contribution Format of Income Statement
|
Sales (11,000*18) |
198000 |
|
|
Variable expenses: |
||
|
COGS (11,000 +87,000 -26,000) |
72,000 |
|
|
Selling expenses |
11,000 |
|
|
Administrative expenses |
22,000 |
|
|
105,000 |
||
|
Contribution margin |
93,000 |
|
|
Fixed expenses: |
||
|
Selling expenses |
19,000 |
|
|
Administrative expenses |
15,000 |
34,000 |
|
Net operating income |
59,000 |
Add Answer to:
6 11,000 Total fixed selling s 11,000 26,000 87,000 2. Prepare a contribution format income statement...
Exercise 1-11 Cost Behavior: Contribution Format Income Statement [L01-4, LO1-6 Harris Company manufactures and sells a...
Exercise 1-11 Cost Behavior: Contribution Format Income Statement [L01-4, LO1-6 Harris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs per unit over the relevant range of 56,000 to 96,000 units is given below: Required 1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. 2. Assume that the company produces and sells 86,000 units during the year at a selling...
MUUUURILLER Cherokee, Inc. Contribution Format Income Statement Variable expenses: 0 Fixed expenses: 0 < Required 1...
MUUUURILLER Cherokee, Inc. Contribution Format Income Statement Variable expenses: 0 Fixed expenses: 0 < Required 1 Required 2 Che Exercise 1-6 (Algo) Traditional and Contribution Format Income Statements (LO1-6) Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount 11, eee $ 17 $ 2...
Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement Complete this...
Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Selling and administrative expenses: 0 Required Required 2 > Cherokee, Inc. Contribution Format Income Statement Variable expenses: 0 Fixed expenses: 0 Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling...
1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.
Cherokee Incorporated is a merchandiser that provided the following information: AmountNumber of units sold10,000Selling price per unit$ 15Variable selling expense per unit$ 2Variable administrative expense per unit$ 2Total fixed selling expense$ 19,000Total fixed administrative expense$ 15,000Beginning merchandise inventory$ 11,000Ending merchandise inventory$ 25,000Merchandise purchases$ 88,000 Required:1. Prepare a traditional income statement.2. Prepare a contribution format income statement.
Exercise 11-13 Prepare an income statement using the contribution margin approach LO 11-3 AJ Manufacturing Company...
Exercise 11-13 Prepare an income statement using the contribution margin approach LO 11-3 AJ Manufacturing Company incurred $53,500 of fixed product cost and $42,800 of variable product cost during its first year of operation. Also during its first year, AJ incurred $17,050 of fixed and $13,700 of variable selling and administrative costs. The company sold all of the units it produced for $174,000. Required a. Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). AJ...
12 HW 6 (155,000 $1,290,000 Print 2. $1,299,000 Journal entry worksheet <Prev 6of 10 Next >
12 HW 6 (155,000 $1,290,000 Print 2. $1,299,000 Journal entry worksheet <Prev 6of 10 Next >
Assignment 6 Saved Mlilden Company is a merchandiser that plans to sell 35,000 units during the...
Assignment 6 Saved Mlilden Company is a merchandiser that plans to sell 35,000 units during the next quarter at a selling price of $56 per company also gathered the following cost estimates for the next quarter Cost Cost of good sold Advertising expense Sales commissions Shipping expense Administrative salaries Insurance expense Depreciation expense Cost Formula $26 per unit sold $183,ee0 per quarter 6% of sales $57,ee0 per quarter $4.ee per unit sold $93,800 per quarter $10,300 per quarter $63,e00 per...
Saved Help Sax Harris Company manufactures and sells a single product. A partially completed schedule of...
Saved Help Sax Harris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs per unit over the relevant range of 57,000 to 97,000 units is given below Required: 1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below 2. Assume that the company produces and sells 87000 units during the year at a selling price of $9.37 per unit. Prepare a...
Cherokee Inc. is a merchandiser that provided the following information: Amount 20,000 30 Number of units...
Cherokee Inc. is a merchandiser that provided the following information: Amount 20,000 30 Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases 4 2 $ 40,000 $ 30,000 $ 24,000 $ 44,000 $ 180,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Prepare a traditional income statement. Cherokee, Inc....
5 Prepare a contribution format income statement 2. Prepare a traditional format income statement 3. Calculate...
5 Prepare a contribution format income statement 2. Prepare a traditional format income statement 3. Calculate the selling price per unit 4. Calculate the variable cost per unit 5. Calculate the contribution margin per unit. 6. Which income statement format (traditional format or contribution format) would be more useful to managers in estimating how net operating income will change in responses to changes in unit sales 16 Complete this question by entering your answers in the tabs below R2 Resto...
Exercise 1-11 Cost Behavior: Contribution Format Income Statement [L01-4, LO1-6 Harris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs per unit over the relevant range of 56,000 to 96,000 units is given below: Required 1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. 2. Assume that the company produces and sells 86,000 units during the year at a selling...
MUUUURILLER Cherokee, Inc. Contribution Format Income Statement Variable expenses: 0 Fixed expenses: 0 < Required 1 Required 2 Che Exercise 1-6 (Algo) Traditional and Contribution Format Income Statements (LO1-6) Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount 11, eee $ 17 $ 2...
Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Selling and administrative expenses: 0 Required Required 2 > Cherokee, Inc. Contribution Format Income Statement Variable expenses: 0 Fixed expenses: 0 Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling...
Exercise 11-13 Prepare an income statement using the contribution margin approach LO 11-3 AJ Manufacturing Company incurred $53,500 of fixed product cost and $42,800 of variable product cost during its first year of operation. Also during its first year, AJ incurred $17,050 of fixed and $13,700 of variable selling and administrative costs. The company sold all of the units it produced for $174,000. Required a. Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). AJ...
12 HW 6 (155,000 $1,290,000 Print 2. $1,299,000 Journal entry worksheet <Prev 6of 10 Next >
Assignment 6 Saved Mlilden Company is a merchandiser that plans to sell 35,000 units during the next quarter at a selling price of $56 per company also gathered the following cost estimates for the next quarter Cost Cost of good sold Advertising expense Sales commissions Shipping expense Administrative salaries Insurance expense Depreciation expense Cost Formula $26 per unit sold $183,ee0 per quarter 6% of sales $57,ee0 per quarter $4.ee per unit sold $93,800 per quarter $10,300 per quarter $63,e00 per...
Saved Help Sax Harris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs per unit over the relevant range of 57,000 to 97,000 units is given below Required: 1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below 2. Assume that the company produces and sells 87000 units during the year at a selling price of $9.37 per unit. Prepare a...
Cherokee Inc. is a merchandiser that provided the following information: Amount 20,000 30 Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases 4 2 $ 40,000 $ 30,000 $ 24,000 $ 44,000 $ 180,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Prepare a traditional income statement. Cherokee, Inc....
5 Prepare a contribution format income statement 2. Prepare a traditional format income statement 3. Calculate the selling price per unit 4. Calculate the variable cost per unit 5. Calculate the contribution margin per unit. 6. Which income statement format (traditional format or contribution format) would be more useful to managers in estimating how net operating income will change in responses to changes in unit sales 16 Complete this question by entering your answers in the tabs below R2 Resto...
Most questions answered within 3 hours.
-
A university administrator working in student housing wants to
determine if the percentage of students residing...
asked 8 minutes ago -
3). Describe human population growth that has occurred in the
past 400 years. Use terms learned...
asked 5 minutes ago -
A
projectile is blue at a target. The distance from the point of
impact to the...
asked 30 minutes ago -
Given a 32 bit processor, with 2 MB of physical RAM split into 512
frames. What...
asked 20 minutes ago -
What were the main rulings in the Supreme Court cases which are
Morgan v. Virginia (1946)...
asked 19 minutes ago -
write a five paragraph essay on how setting,
specifically culture, influences the actions of
the characters...
asked 11 minutes ago -
JAVA
Provide a simple code sample of Merge sort
asked 22 minutes ago -
Discounting cash flows involves:
A. taking the cash discount offered on a trade merchandise
B. estimating...
asked 29 minutes ago -
A solid wood door 1.00 m wide and 2.00 m high is hinged along
one side...
asked 29 minutes ago -
Raleigh Company manufactures two joint products. At the
split-off point, they have sales values of:
Product...
asked 29 minutes ago -
1. Your grandmother has invested $4000 in a mutual fund each
year on your birthday (she...
asked 31 minutes ago -
HELP WITH SAS
Run the following DATA step to create a SAS data set called
ABC_CORP....
asked 44 minutes ago