Homework Answers
Calculate following
| Flexible budget | Sales volume variance | Static budget | |
| Units sales | 1029 | 49 F | 980 |
| Sales revenue | 51450 | 2450 F | 49000 |
| Cost of goods sold | 30870 | 1470 U | 29400 |
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Question 2 Waterway Sports sells volleyball kits that it purchases from a sports equipment distributor. The...
Exercise 6-2 Concord Sports sells volleyball kits that it purchases from a sports equipment distributor. The...
Exercise 6-2 Concord Sports sells volleyball kits that it purchases from a sports equipment distributor. The following static budget based on sales of 1,500 kits was prepared for the year. Fixed operating expenses account for 60% of total operating expenses at this level of sales. Sales Cost of goods sold (all variable) Gross margin Operating expenses Operating income $75,000 45,000 30,000 26,250 $ 3,750 Assume that Concord Sports actually sold 1,575 volleyball kits during the year at a price of...
Question 3 Vaughn Sports sells volleyball kits that it purchases from a sports equipment distributor. The...
Question 3 Vaughn Sports sells volleyball kits that it purchases from a sports equipment distributor. The following static budget based on sales of 200 kits was prepared for the year. Fixed operating expenses account for 8% of total operating expenses at this level of sales. Sales Cost of goods sold (all variable) Gross margin Operating expenses $10,000 6,000 4,000 3,500 $ 500 Operating income Assume that during the year Vaughn Sports actually sold 210 volleyball kits during the year at...
Rogers Sports sells volleyball kits that it purchases from a sports equipment distributor. The following static...
Rogers Sports sells volleyball kits that it purchases from a sports equipment distributor. The following static budget based on sales of 2,000 kits was prepared for the year. Fixed operating expenses account for 80% of total operating expenses at this level of sales. Sales Revenue Cost of goods sold (all variable) Gross margin Operating expenses $ 100,000 60,000 40,000 35,000 $ 5,000 Operating income Prepare a flexible budget based on sales of 1,500, 2,500, and 3,500 units. (Round unit values...
Question 1 Sheridan Sports sells volleyball kits that it purchases from a sports equipment distributor. The...
Question 1 Sheridan Sports sells volleyball kits that it purchases from a sports equipment distributor. The following static budget based on sales of 2,000 kits was prepared for the year. Fixed operating expenses account for 80% of total operating expenses at this level of sales. Sales Revenue Cost of goods sold (all variable) Gross margin Operating expenses Operating income $100,450 60,300 40,150 35,300 $ 4,850 Prepare a flexible budget based on sales of 1,430, 2,530, and 3,700 units. (Round unit...
Exercise 6-1 Vaughn Sports sells volleyball kits that it purchases from a sports equipment distributor. The...
Exercise 6-1
Vaughn Sports sells volleyball kits that it purchases from a
sports equipment distributor. The following static budget based on
sales of 2,000 kits was prepared for the year. Fixed operating
expenses account for 80% of total operating expenses at this level
of sales.
Sales Revenue
$
100,280
Cost of goods sold (all variable)
60,000
Gross margin
40,280
Operating expenses
35,170
Operating income
$
5,110
Prepare a flexible budget based on sales of 1,467, 2,570, and 3,840
units. (Round...
New Rock, Inc. sells video games it has purchased from a local distributor. The following static...
New Rock, Inc. sells video games it has purchased from a local distributor. The following static budget is based on sales of 8,000 games. However, New Rock only sold 7,800 games during the year. Fixed costs are 30% of total operating expenses. Sales $512,000 Cost of goods sold (variable) 230,000 Gross margin 282,000 Operating expenses 220,000 Net income $ 62,000 Required: Prepare a flexible budget. HINT: Split operating expenses into fixed and variable components.
please give the correct answer and explian it Brief Exercise 23-4 Waterway Corporation had the following...
please give the correct answer and explian it
Brief Exercise 23-4 Waterway Corporation had the following 2017 income statement. Sales revenue $213,000 Cost of goods sold 119,000 Gross profit 94,000 Operating expenses (includes depreciation of $19,000) 49,000 Net income $45,000 The following accounts increased during 2017: Accounts Receivable $10,000, Inventory $10,000, Accounts Payable $13,000. Prepare the cash flows from operating activities section of Waterway's 2017 statement of cash flows using the direct method. Waterway Corporation Statement of Cash Flows-Direct Method...
Oriole Ranch & Waterway is a distributor of ranch and farm equipment. Its products range from...
Oriole Ranch & Waterway is a distributor of ranch and farm
equipment. Its products range from small tools, power equipment for
trench-digging and fencing, grain dryers, and barn winches. Most
products are sold direct via its company catalog and Internet site.
However, given some of its specialty products, select farm
implement stores carry Oriole’s products. Pricing and cost
information on three of Oriole’s most popular products are as
follows.
Item
Standalone
Selling Price (Cost)
Mini-trencher
$ 3,600
($2,000
)
Power...
happy bubbles inc produces multicolored bubble solution 4 P10-50B (similar to) Question Hell Happy Bubbles, Inc...
happy bubbles inc produces multicolored bubble solution
4 P10-50B (similar to) Question Hell Happy Bubbles, Inc produces multioolored bubble solution used for weddings and other avents. The company sold 70,000 bubble kits during August, and its actual operating income was as follows E(Click the icon to view the actual ingome statement) The company's flexible budget income statement for August follows e (Click the icon to view the fiexible budget income statement.) Read the requirements Requirement 1. Prépare the inoome statement...
Question 2 The Crane Company sells sports decals that can be personalized with a player’s name,...
Question 2 The Crane Company sells sports decals that can be personalized with a player’s name, a team name, and a jersey number for $6.00 each. Crane buys the decals from a supplier for $2.60 each and spends an additional $0.70 in variable operating costs per decal. The results of last month’s operations are as follows: Sales revenue $12,000 Cost of goods sold 5,200 Gross profit 6,800 Operating expenses 3,800 Operating income $3,000 a) Contribution Margin per unit = $2.70...
Exercise 6-2 Concord Sports sells volleyball kits that it purchases from a sports equipment distributor. The following static budget based on sales of 1,500 kits was prepared for the year. Fixed operating expenses account for 60% of total operating expenses at this level of sales. Sales Cost of goods sold (all variable) Gross margin Operating expenses Operating income $75,000 45,000 30,000 26,250 $ 3,750 Assume that Concord Sports actually sold 1,575 volleyball kits during the year at a price of...
Question 3 Vaughn Sports sells volleyball kits that it purchases from a sports equipment distributor. The following static budget based on sales of 200 kits was prepared for the year. Fixed operating expenses account for 8% of total operating expenses at this level of sales. Sales Cost of goods sold (all variable) Gross margin Operating expenses $10,000 6,000 4,000 3,500 $ 500 Operating income Assume that during the year Vaughn Sports actually sold 210 volleyball kits during the year at...
Rogers Sports sells volleyball kits that it purchases from a sports equipment distributor. The following static budget based on sales of 2,000 kits was prepared for the year. Fixed operating expenses account for 80% of total operating expenses at this level of sales. Sales Revenue Cost of goods sold (all variable) Gross margin Operating expenses $ 100,000 60,000 40,000 35,000 $ 5,000 Operating income Prepare a flexible budget based on sales of 1,500, 2,500, and 3,500 units. (Round unit values...
Question 1 Sheridan Sports sells volleyball kits that it purchases from a sports equipment distributor. The following static budget based on sales of 2,000 kits was prepared for the year. Fixed operating expenses account for 80% of total operating expenses at this level of sales. Sales Revenue Cost of goods sold (all variable) Gross margin Operating expenses Operating income $100,450 60,300 40,150 35,300 $ 4,850 Prepare a flexible budget based on sales of 1,430, 2,530, and 3,700 units. (Round unit...
Exercise 6-1
Vaughn Sports sells volleyball kits that it purchases from a
sports equipment distributor. The following static budget based on
sales of 2,000 kits was prepared for the year. Fixed operating
expenses account for 80% of total operating expenses at this level
of sales.
Sales Revenue
$
100,280
Cost of goods sold (all variable)
60,000
Gross margin
40,280
Operating expenses
35,170
Operating income
$
5,110
Prepare a flexible budget based on sales of 1,467, 2,570, and 3,840
units. (Round...
New Rock, Inc. sells video games it has purchased from a local distributor. The following static budget is based on sales of 8,000 games. However, New Rock only sold 7,800 games during the year. Fixed costs are 30% of total operating expenses. Sales $512,000 Cost of goods sold (variable) 230,000 Gross margin 282,000 Operating expenses 220,000 Net income $ 62,000 Required: Prepare a flexible budget. HINT: Split operating expenses into fixed and variable components.
please give the correct answer and explian it
Brief Exercise 23-4 Waterway Corporation had the following 2017 income statement. Sales revenue $213,000 Cost of goods sold 119,000 Gross profit 94,000 Operating expenses (includes depreciation of $19,000) 49,000 Net income $45,000 The following accounts increased during 2017: Accounts Receivable $10,000, Inventory $10,000, Accounts Payable $13,000. Prepare the cash flows from operating activities section of Waterway's 2017 statement of cash flows using the direct method. Waterway Corporation Statement of Cash Flows-Direct Method...
Oriole Ranch & Waterway is a distributor of ranch and farm
equipment. Its products range from small tools, power equipment for
trench-digging and fencing, grain dryers, and barn winches. Most
products are sold direct via its company catalog and Internet site.
However, given some of its specialty products, select farm
implement stores carry Oriole’s products. Pricing and cost
information on three of Oriole’s most popular products are as
follows.
Item
Standalone
Selling Price (Cost)
Mini-trencher
$ 3,600
($2,000
)
Power...
happy bubbles inc produces multicolored bubble solution
4 P10-50B (similar to) Question Hell Happy Bubbles, Inc produces multioolored bubble solution used for weddings and other avents. The company sold 70,000 bubble kits during August, and its actual operating income was as follows E(Click the icon to view the actual ingome statement) The company's flexible budget income statement for August follows e (Click the icon to view the fiexible budget income statement.) Read the requirements Requirement 1. Prépare the inoome statement...
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