Homework Answers
Correct answer-------(C) $203,000
Working
| Sales revenue | $ 593,000.00 | |
| Cost of goods sold | ||
| Beginning inventory | $ 46,000.00 | |
| Purchases (304000+14000) | $ 318,000.00 | |
| Goods available for sale | $ 364,000.00 | |
| Less: Ending Inventory | $ 42,000.00 | |
| Cost of goods sold | $ 322,000.00 | |
| Gross profit | $ 271,000.00 | |
| Selling and administrative expenses | $ 68,000.00 | |
| Operating income | $ 203,000.00 |
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Artisan Inspiration, Inc. is a merchandiser of stone ornaments. The company sold 8,000 units during the...
Artisan Inspiration, Inc. is a merchandiser of stone ornaments. The company sold units during the year....
Artisan Inspiration, Inc. is a merchandiser of stone ornaments. The company sold units during the year. The company has provided the following information: 7,500 Sales Revenue $561,000 Purchases (excluding Freight In) 304,000 Selling and Administrative Expenses 68,000 Freight In 15,000 Beginning Merchandise Inventory 43,000 Ending Merchandise Inventory 42,000 What is the operating income for the year? (Round your answer to the nearest whole dollar.) A. $173,000 B. $241,000 C. $493,000 D. $320,000
4) Crystal, Inc. is a merchandiser of stone ornaments. The company sold 8,000 units during the...
4) Crystal, Inc. is a merchandiser of stone ornaments. The company sold 8,000 units during the year. The company has provided the following information Sales Revenue Purchases (excluding Freight In Selling and Administrative Expenses68 $593,000 68,000 14,00 46,000 Freight In Beginning Merchandise Inventory Ending Merchandise Inventory
Bloomington, Inc. is a merchandiser of stone ormaments. The company sold 7,500 units during the year....
Bloomington, Inc. is a merchandiser of stone ormaments. The company sold 7,500 units during the year. The company has provided the following information: Sales Revenue Purchases (excluding freight in) S600,000 03,000 67,000 13,000 45,000 3,000 Freight In Beginning Merchandise Inventory Ending Merchandise Inventony What is the cost of goods sold for the year? O A. $305,000 OB. S314.000 C. $318.000 D. $361,000
Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: $...
Todrick Company is a merchandiser that reported the following
information based on 1,000 units sold:
$ 210,000 $ 14,000 $ 140,000 $ 7,000 Sales Beginning merchandise inventory Purchases Ending merchandise inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income $ 8,400 $ 10,500 $ 42,000 $ 12,600 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3. Calculate the selling price per unit. 4. Calculate...
Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales...
Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales $ 210,000 Beginning merchandise inventory $ 14,000 Purchases $ 140,000 Ending merchandise inventory $ 7,000 Fixed selling expense $ ? Fixed administrative expense $ 8,400 Variable selling expense $ 10,500 Variable administrative expense $ ? Contribution margin $ 42,000 Net operating income $ 12,600 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3. Calculate the selling price...
Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: $...
Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: $ 210,000 $ 14,000 $ 140,000 $ 7,000 Մ Sales Beginning merchandise inventory Purchases Ending merchandise inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income Մ 8,400 10,500 Մ Մ Մ 42,000 12,600 ՄՌ Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3. Calculate the selling price per unit....
i have to submet this assignment tomorrow but i need to prepare this from today please...
i have to submet this assignment tomorrow but i need to
prepare this from today
please help if you can?
Acct 104 First Assignement Q1. For each of the following, indicate whether the statement relates to managerial accounting (MA) or financial accounting (EA): Statement Applies to MA or FA How reports will affect employee behavior is a concern. Summary reports are prepared primarily on the company as a whole, dsually on a quarterly or annual basis. Relevant information and focus...
Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: $...
Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: $ 210,000 $ 14,000 $ 140,000 $ 7,000 Sales Beginning merchandise inventory Purchases Ending merchandise inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income $ $ $ $ $ 8,400 10,500 ? 42,000 12,600 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3. Calculate the selling price per unit....
On December 1, 2018, Jack Stone forms a merchandising company, named J-Mart and set up as...
On December 1, 2018, Jack Stone forms a merchandising company, named J-Mart and set up as a proprietorship, which earns income mainly by buying and selling shoe. Stone owns and manages the business. Here are the transactions which had occurred during December of 2018. On 12/1/18, Jack Stone personally invests $1,000,000 cash in J-Mart and deposits the cash in a bank account opened under the name of J-Mart 1. On 12/1/18, J-Mart paid $48,000 for rent for 2-years (24-months, December...
4) Crystal, Inc. is a merchandiser of stone ornaments. The company sold 8,000 units during the year. The company has provided the following information Sales Revenue Purchases (excluding Freight In Selling and Administrative Expenses68 $593,000 68,000 14,00 46,000 Freight In Beginning Merchandise Inventory Ending Merchandise Inventory
Bloomington, Inc. is a merchandiser of stone ormaments. The company sold 7,500 units during the year. The company has provided the following information: Sales Revenue Purchases (excluding freight in) S600,000 03,000 67,000 13,000 45,000 3,000 Freight In Beginning Merchandise Inventory Ending Merchandise Inventony What is the cost of goods sold for the year? O A. $305,000 OB. S314.000 C. $318.000 D. $361,000
Todrick Company is a merchandiser that reported the following
information based on 1,000 units sold:
$ 210,000 $ 14,000 $ 140,000 $ 7,000 Sales Beginning merchandise inventory Purchases Ending merchandise inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income $ 8,400 $ 10,500 $ 42,000 $ 12,600 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3. Calculate the selling price per unit. 4. Calculate...
Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: $ 210,000 $ 14,000 $ 140,000 $ 7,000 Մ Sales Beginning merchandise inventory Purchases Ending merchandise inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income Մ 8,400 10,500 Մ Մ Մ 42,000 12,600 ՄՌ Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3. Calculate the selling price per unit....
i have to submet this assignment tomorrow but i need to
prepare this from today
please help if you can?
Acct 104 First Assignement Q1. For each of the following, indicate whether the statement relates to managerial accounting (MA) or financial accounting (EA): Statement Applies to MA or FA How reports will affect employee behavior is a concern. Summary reports are prepared primarily on the company as a whole, dsually on a quarterly or annual basis. Relevant information and focus...
Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: $ 210,000 $ 14,000 $ 140,000 $ 7,000 Sales Beginning merchandise inventory Purchases Ending merchandise inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income $ $ $ $ $ 8,400 10,500 ? 42,000 12,600 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3. Calculate the selling price per unit....
On December 1, 2018, Jack Stone forms a merchandising company, named J-Mart and set up as a proprietorship, which earns income mainly by buying and selling shoe. Stone owns and manages the business. Here are the transactions which had occurred during December of 2018. On 12/1/18, Jack Stone personally invests $1,000,000 cash in J-Mart and deposits the cash in a bank account opened under the name of J-Mart 1. On 12/1/18, J-Mart paid $48,000 for rent for 2-years (24-months, December...
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