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For the month of December, Blue Inc. sold 4,000 units for a...
China Imports Inc. sold 14,500 units in May. Per unit selling price and variable expense were...
China Imports Inc. sold 14,500 units in May. Per unit selling price and variable expense were $32 and $24, respectively. Fixed expense incurred for May totaled $74,000. Required: Prepare the May income statement for China Imports in the contribution margin format. CHINA IMPORTS INC. May Income Statement Contribution Margin Format $ S 0
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the...
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month: $77,000 $39,000 $18,200 30,400 $48,600 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Total manufacturing overhead Variable selling expense Fixed selling expense Total selling expense Variable administrative expense Fixed administrative expense Total administrative expense $13,600 21,200 $34,800 $ 4,800 26,600 $31,400 Required: 1. With respect to cost classifications for preparing financial statements: a. What is...
Last month, Pioneer Company sold its product for $50 per unit. Fixed production costs were $20,000,...
Last month, Pioneer Company sold its product for $50 per unit. Fixed production costs were $20,000, and variable production costs amounted to $8.00 per unit. Fixed selling and administrative costs totaled $13,000, and variable selling and administrative costs amount to $3.00 per unit. Pioneer produced and sold 4,000 units last month. Required: (1) Prepare a traditional income statement for Pioneer Industries. (2) Prepare a contribution margin income statement for Pioneer Industries. (3) Why do companies use the contribution margin income...
7. Bob's Company is a merchandiser that reported the following information based on 1,000 units sold:...
7. Bob's Company is a merchandiser that reported the following information based on 1,000 units sold: Sales $300,000 Beginning merchandise inventory$ 20,000 Purchases $200,000 Ending merchandise inventory $ 7,000 Fixed selling expense $ 3.000 Fixed administrative expense $ 12,000 Variable selling expense $ 15,000 Variable administrative expense $ 4,000 Contribution margin $ 60,000 Net operating income $ 18,000 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3. Calculate the selling price per unit....
Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price...
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 13,000 S 17.00 2.00 $1.00 $19,000 $ 16,000 S 8,000 $ 25,000 $88,000 Required: 1. Prepare a traditional income statement CHEROKEE, INC. Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses...
Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price...
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 12,000 $ 16 1 $ 2 $ 21,000 15,000 11,000 $ 25,000 $ 89,000 Required: 1. Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Selling and administrative expenses. 2. Prepare a contribution format income...
Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price...
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 12,000 S 16.00 $ 2.0 S 1.00 $ 19,000 S 15,000 $ 11,000 S 24,000 $ 87,000 Required: 1. Prepare a traditional income statement. CHEROKEE, INC. Traditional Income Statement Selling and administrative expenses: 2. Prepare a...
QUESTION 12 Bootfall Company currently produces and sells 4,000 units of a product that has a...
QUESTION 12 Bootfall Company currently produces and sells 4,000 units of a product that has a contribution margin of $5 per unit. The company sells the product for a sales price of $20 per unit. Fixed costs are $20,000. The company has recently invested in new technology and expects the variable cost per unit to fall to $12 per unit. The investment is expected to increase fixed costs by $15,000. After the new investment is made, how many units must...
Cherokee Inc. is a merchandiser that provided the following information: 12,000 Number of units sold Selling...
Cherokee Inc. is a merchandiser that provided the following information: 12,000 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 $ 20,000 $ 16,000 $ 12,000 $ 25,000 $ 86,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your s in the tabs below....
fill in Cherokee Inc. is a merchandiser that provided the following information: Number of units sold...
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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 12,000 $ 17 $ 1 $ 3 $ 19,000 $ 15,000 $ 10,000 $ 23,000 $ 88,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this...
China Imports Inc. sold 14,500 units in May. Per unit selling price and variable expense were $32 and $24, respectively. Fixed expense incurred for May totaled $74,000. Required: Prepare the May income statement for China Imports in the contribution margin format. CHINA IMPORTS INC. May Income Statement Contribution Margin Format $ S 0
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month: $77,000 $39,000 $18,200 30,400 $48,600 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Total manufacturing overhead Variable selling expense Fixed selling expense Total selling expense Variable administrative expense Fixed administrative expense Total administrative expense $13,600 21,200 $34,800 $ 4,800 26,600 $31,400 Required: 1. With respect to cost classifications for preparing financial statements: a. What is...
7. Bob's Company is a merchandiser that reported the following information based on 1,000 units sold: Sales $300,000 Beginning merchandise inventory$ 20,000 Purchases $200,000 Ending merchandise inventory $ 7,000 Fixed selling expense $ 3.000 Fixed administrative expense $ 12,000 Variable selling expense $ 15,000 Variable administrative expense $ 4,000 Contribution margin $ 60,000 Net operating income $ 18,000 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3. Calculate the selling price per unit....
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 13,000 S 17.00 2.00 $1.00 $19,000 $ 16,000 S 8,000 $ 25,000 $88,000 Required: 1. Prepare a traditional income statement CHEROKEE, INC. Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses...
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 12,000 $ 16 1 $ 2 $ 21,000 15,000 11,000 $ 25,000 $ 89,000 Required: 1. Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Selling and administrative expenses. 2. Prepare a contribution format income...
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 12,000 S 16.00 $ 2.0 S 1.00 $ 19,000 S 15,000 $ 11,000 S 24,000 $ 87,000 Required: 1. Prepare a traditional income statement. CHEROKEE, INC. Traditional Income Statement Selling and administrative expenses: 2. Prepare a...
QUESTION 12 Bootfall Company currently produces and sells 4,000 units of a product that has a contribution margin of $5 per unit. The company sells the product for a sales price of $20 per unit. Fixed costs are $20,000. The company has recently invested in new technology and expects the variable cost per unit to fall to $12 per unit. The investment is expected to increase fixed costs by $15,000. After the new investment is made, how many units must...
Cherokee Inc. is a merchandiser that provided the following information: 12,000 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 $ 20,000 $ 16,000 $ 12,000 $ 25,000 $ 86,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your s in the tabs below....
fill in
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 12,000 $ 17 $ 1 $ 3 $ 19,000 $ 15,000 $ 10,000 $ 23,000 $ 88,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this...
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