Homework Answers
Answer: $48,000
.
Calculation:
Variable costs = $18,500 + $6,000 + $7,500 = $32,000
Contribution margin = Sales - Variable costs = $80,000 - $32,000 = $48,000
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Post-Lecture Question 03 Deighan Company had the following amounts from its income statement: Sales revenue (800...
Complete the following Income Statement and Contribution Statement. Where ever there is a "?", a formula/number...
Complete the following Income Statement and Contribution
Statement. Where ever there is a "?", a formula/number needs to be
entered.
Sales Variable costs: $12,000 Cost of goods sold Variable selling Variable administrative $6,000 $600 $400 Fixed costs: Fixed selling Fixed administrative $2,500 $1,500 Traditional Format Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Selling Administrative Net operating income Contribution Format Income Statement Sales Variable expenses Cost of goods sold Variable selling Variable administration Contribution margin...
Please post clear answers Fanelli Corporation, a merchandising company, reported the following results for July: Number...
Please post clear answers
Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold Selling price per unit Unit cost of goods sold Variable selling expense per unit Total fixed selling expense Variable administrative expense per unit Total fixed administrative expense 6,000 $ 610 $ 412 $ 70 $125,500 $ 26 $207, 400 Cost of goods sold is a variable cost in this company. Prepare a contribution format Income statement for July. Fanelli Corporation For...
Download the Applying Excel form and enter formulas in all cells that contain question markS. For...
Download the Applying Excel form and enter formulas in all cells that contain question markS. For example, in cell C18 enter the formulaB6". After entering formulas in all of the cells that contained question marks, verify that the dollar amounts in both the traditional and contribution format income statements match the numbers in Exhibit 1-7 Check your worksheet by changing the variable selling cost in the Data area to $900, keeping all of the other data the same as in...
Shown here is an income statement in the traditional format for a firm with a sales...
Shown here is an income statement in the traditional format for a firm with a sales volume of 7,800 units. Cost formulas also are shown: Revenues Cost of goods sold ($5,600+$2.25/unit) Gross profit Operating expenses $34,500 23,150 $11,350 Selling ($1,190 +$0.10/unit) Administration ($3,900 $0.20/unit) 1,970 5,460 $ 3,920 Operating income Required a. Prepare an income statement in the contribution margin format. Contribution Margin Income Statement Revenue Variable expense Cost of goods sold Selling expenses Administrative expenses Total variable expenses Contribution...
The following income statement is provided for Awesomeness Company for the current year: $ Sales revenue...
The following income statement is provided for Awesomeness Company for the current year: $ Sales revenue (3,000 units x $42 per unit) Cost of goods sold (variable; 3,000 units $15 per unit) 126,000 (45,000) Cost of goods sold (fixed) (9,000) Gross margin 72,000 Administrative salaries Depreciation (11,000) (9,000) (15,000) Supplies (3,000 units x $5 per unit) Net income $ 37,000 What amount was the company's contribution margin? A. $66,000 B. $81,000 C.$37,000 D. $48,000
Whitman Company has just completed its first year of operations. The company's absorption costing income statement...
Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year appears below: Whitman Company Income Statement Sales (39,000 units * $42.10 per unit) Cost of goods sold (39,000 units * $22 per unit) $1,641,900 858,000 Gross margin Selling and administrative expenses 783,900 448,500 Net operating income $335,400 The company's selling and administrative expenses consist of $292,500 per year in fixed expenses and $4 per unit sold in variable expenses. The $22...
Q5.9: Determine what amount of sales revenue would result in a contribution margin of $125,000, based...
Q5.9: Determine what amount of sales revenue would result in a contribution margin of $125,000, based on the following cost information? Units produced and sold: 20,000 Variable cost of goods sold: $12 per unit Total variable selling expense: $16,000 Fixed selling and administrative expense: $22,700 Total variable administrative expense: $44,000 Fixed manufacturing expense: $60,000 A $175,000 B $463,700 C $425,000 D $441,000
5. value: 3.00 points Exercise 2-6 Traditional and Contribution Format Income Statements [LO2-6] Cherokee Inc. is...
5. value: 3.00 points Exercise 2-6 Traditional and Contribution Format Income Statements [LO2-6] Cherokee Inc. is a merchandiser that provided the following information: Ꮎ Ꮎ Ꮎ 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 17.00 1.00 1.50 20.000 16,000 8,000 25,000 87,000 $ $ $ $ Required: 1. Prepare a traditional income statement....
Exercise 19-8 Contribution margin format income statement LO P2 Polarix Is a retailer of ATVs (all-terrain...
Exercise 19-8 Contribution margin format income statement LO P2 Polarix Is a retailer of ATVs (all-terrain vehicles) and accessories. An Income statement for its Consumer ATV Department for the ent year follows. ATVs sell for $4,000 each. Variable selling expenses are $320 per ATV. The remaining selling expenses are fix Administrative expenses are 70% variable and 30% fixed. The company does not manufacture its own ATVs, It purchases them from a supplier for $1,920 each. POLARIX Income Statement-Consumer ATV Department...
Please post clear answers Fanelli Corporation, a merchandising company, reported the following results for July: Number...
Please post clear answers
Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold Selling price per unit Unit cost of goods sold Variable selling expense per unit Total fixed selling expense Variable administrative expense per unit Total fixed administrative expense 6,000 610 $ 412 $ $125,500 $ 26 $2e7, 400 70 Cost of goods sold is a variable cost in this company. Required: a. Prepare a traditional format income statement for July b. Prepare...
Complete the following Income Statement and Contribution
Statement. Where ever there is a "?", a formula/number needs to be
entered.
Sales Variable costs: $12,000 Cost of goods sold Variable selling Variable administrative $6,000 $600 $400 Fixed costs: Fixed selling Fixed administrative $2,500 $1,500 Traditional Format Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Selling Administrative Net operating income Contribution Format Income Statement Sales Variable expenses Cost of goods sold Variable selling Variable administration Contribution margin...
Please post clear answers
Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold Selling price per unit Unit cost of goods sold Variable selling expense per unit Total fixed selling expense Variable administrative expense per unit Total fixed administrative expense 6,000 $ 610 $ 412 $ 70 $125,500 $ 26 $207, 400 Cost of goods sold is a variable cost in this company. Prepare a contribution format Income statement for July. Fanelli Corporation For...
Download the Applying Excel form and enter formulas in all cells that contain question markS. For example, in cell C18 enter the formulaB6". After entering formulas in all of the cells that contained question marks, verify that the dollar amounts in both the traditional and contribution format income statements match the numbers in Exhibit 1-7 Check your worksheet by changing the variable selling cost in the Data area to $900, keeping all of the other data the same as in...
Shown here is an income statement in the traditional format for a firm with a sales volume of 7,800 units. Cost formulas also are shown: Revenues Cost of goods sold ($5,600+$2.25/unit) Gross profit Operating expenses $34,500 23,150 $11,350 Selling ($1,190 +$0.10/unit) Administration ($3,900 $0.20/unit) 1,970 5,460 $ 3,920 Operating income Required a. Prepare an income statement in the contribution margin format. Contribution Margin Income Statement Revenue Variable expense Cost of goods sold Selling expenses Administrative expenses Total variable expenses Contribution...
The following income statement is provided for Awesomeness Company for the current year: $ Sales revenue (3,000 units x $42 per unit) Cost of goods sold (variable; 3,000 units $15 per unit) 126,000 (45,000) Cost of goods sold (fixed) (9,000) Gross margin 72,000 Administrative salaries Depreciation (11,000) (9,000) (15,000) Supplies (3,000 units x $5 per unit) Net income $ 37,000 What amount was the company's contribution margin? A. $66,000 B. $81,000 C.$37,000 D. $48,000
Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year appears below: Whitman Company Income Statement Sales (39,000 units * $42.10 per unit) Cost of goods sold (39,000 units * $22 per unit) $1,641,900 858,000 Gross margin Selling and administrative expenses 783,900 448,500 Net operating income $335,400 The company's selling and administrative expenses consist of $292,500 per year in fixed expenses and $4 per unit sold in variable expenses. The $22...
Q5.9: Determine what amount of sales revenue would result in a contribution margin of $125,000, based on the following cost information? Units produced and sold: 20,000 Variable cost of goods sold: $12 per unit Total variable selling expense: $16,000 Fixed selling and administrative expense: $22,700 Total variable administrative expense: $44,000 Fixed manufacturing expense: $60,000 A $175,000 B $463,700 C $425,000 D $441,000
5. value: 3.00 points Exercise 2-6 Traditional and Contribution Format Income Statements [LO2-6] Cherokee Inc. is a merchandiser that provided the following information: Ꮎ Ꮎ Ꮎ 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 17.00 1.00 1.50 20.000 16,000 8,000 25,000 87,000 $ $ $ $ Required: 1. Prepare a traditional income statement....
Exercise 19-8 Contribution margin format income statement LO P2 Polarix Is a retailer of ATVs (all-terrain vehicles) and accessories. An Income statement for its Consumer ATV Department for the ent year follows. ATVs sell for $4,000 each. Variable selling expenses are $320 per ATV. The remaining selling expenses are fix Administrative expenses are 70% variable and 30% fixed. The company does not manufacture its own ATVs, It purchases them from a supplier for $1,920 each. POLARIX Income Statement-Consumer ATV Department...
Please post clear answers
Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold Selling price per unit Unit cost of goods sold Variable selling expense per unit Total fixed selling expense Variable administrative expense per unit Total fixed administrative expense 6,000 610 $ 412 $ $125,500 $ 26 $2e7, 400 70 Cost of goods sold is a variable cost in this company. Required: a. Prepare a traditional format income statement for July b. Prepare...
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