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omheducation.com 2 and 3) Exercise 2-54 (Algo) Gross Margin and Contribution Margin Income Statem The following...
The following data are from the accounting records of Niles Castings for year 2: 88,000 Units...
The following data are from the accounting records of Niles Castings for year 2: 88,000 Units produced and sold Total revenues and costs Sales revenue Direct materials costs Direct labor costs Variable manufacturing overhead Fixed manufacturing overhead Variable marketing and administrative costs Fixed marketing and administrative costs $ 270,000 61,000 38,000 10,000 42,000 14,500 34,000 Required: a. Prepare a gross margin income statement. Gross Margin Income Statement b. Prepare a contribution margin income statement Contribution Margin Income Statement
The following data are from the accounting records of Niles Castings for year 2: 86,000 Units...
The following data are from the accounting records of Niles Castings for year 2: 86,000 Units produced and sold Total revenues and costs Sales revenue Direct materials costs Direct labor costs Variable manufacturing overhead Fixed manufacturing overhead Variable marketing and administrative costs Fixed marketing and administrative costs $ 320,000 64,000 34,000 11,000 48,000 17,000 31,000 Required: a. Prepare a gross margin income statement. Gross Margin Income Statement b. Prepare a contribution margin income statement Contribution Margin Income Statement MacBoo
The following data are from the accounting records of Niles Castings for year 2: Units produced...
The following data are from the accounting records of Niles Castings for year 2: Units produced and sold 84,000 Total revenues and costs Sales revenue $ 280,000 Direct materials costs 65,000 Direct labor costs 32,000 Variable manufacturing overhead 16,000 Fixed manufacturing overhead 48,000 Variable marketing and administrative costs 14,500 Fixed marketing and administrative costs 39,000 a. Prepare a gross margin income statement sales revenue variable manufacturing costs fixed manufacturing costs gross margin fixed marketing and administrative costs variable marketing and...
Question 1: Question 2: Required information [The following information applies to the questions displayed below.) Madrid...
Question 1:
Question 2:
Required information [The following information applies to the questions displayed below.) Madrid Corporation has compiled the following information from the accounting system for the one product it sells. $ 630 per unit $ 140,400 $ 164,700 Sales price Fixed costs (for the month) Marketing and administrative Manufacturing overhead Variable costs (per unit) Marketing and administrative Direct materials Manufacturing overhead Direct labor Units produced and sold (for the month) $ 26 $ 180 $ 26 110 2,700...
Direct materials Fixed manufacturing overhead costs Sales price Variable manufacturing overhead Direct labor Fixed marketing and...
Direct materials Fixed manufacturing overhead costs Sales price Variable manufacturing overhead Direct labor Fixed marketing and administrative costs Units produced and sold Variable marketing and administrative costs 35 per unit 225,000 190 per unit 20 per unit 30 per unit $ 185,000 $ 5,000 $ 8 per unit Required: a. Prepare a gross margin income statement. b. Prepare a contribution margin income statement. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a...
Larcker Manufacturing's cost accountant has provided you with the following information for January operations. Direct materials...
Larcker Manufacturing's cost accountant has provided you with
the following information for January operations.
Direct materials
$
36
per unit
Fixed manufacturing overhead costs
$
200,000
Sales price
$
200
per unit
Variable manufacturing overhead
$
19
per unit
Direct labor
$
32
per unit
Fixed marketing and administrative costs
$
185,000
Units produced and sold
$
5,500
Variable marketing and administrative costs
$
7
per unit
Required:
a. Prepare a gross margin income statement.
b. Prepare a contribution margin...
Larcker Manufacturing's cost accountant has provided you with the following information for January operations. Direct materials...
Larcker Manufacturing's cost accountant has provided you with the following information for January operations. Direct materials 35 per unit $ 205,000 24 Fixed manufacturing overhead costs Sales price Variable manufacturing overhead Direct labor 200 per unit 21 per unit 26 per unit $ 200,000 5,500 Fixed marketing and administrative costs Units produced and sold Variable marketing and administrative costs 9 per unit 2$ Required: a. Prepare a gross margin income statement. b. Prepare a contribution margin income statement. Complete this...
Direct materials Fixed manufacturing overhead costs Sales price Variable manufacturing overhead Direct labor Fixed marketing and...
Direct materials Fixed manufacturing overhead costs Sales price Variable manufacturing overhead Direct labor Fixed marketing and administrative costs Units produced and sold Variable marketing and administrative costs 35 per unit 215,000 205 per unit 19 per unit 34 per unit $ 205,000 $ 5,000 8 per unit Required: a. Prepare a gross margin income statement. b. Prepare a contribution margin income statement. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a gross...
1.) Need help finding the Contribution Margin and Net Income 2. Prepare an income statement for...
1.) Need help finding the Contribution Margin and Net Income
2. Prepare an income statement for the year using absorption
costing.
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. 30 points $ 35 per unit 55 per unit 20 per unit $8,000,000 (per year) Manufacturing costs Direct materials Direct labor Overhead costs Variable Fixed Selling and administrative costs for the year Variable Fixed Production and sales...
Problem 3-17A (Algo) Determining the break-even point and preparing a contribution margin income statement LO 3-1...
Problem 3-17A (Algo) Determining the break-even point and preparing a contribution margin income statement LO 3-1 Ritchie Manufacturing Company makes a product that it sells for $130 per unit. The company incurs variable manufacturing costs of $66 per unit. Variable selling expenses are $12 per unit, annual fixed manufacturing costs are $450,000, and fixed selling and administrative costs are $226,000 per year. Required Determine the break-even point in units and dollars using each of the following approaches: a. Use the...
The following data are from the accounting records of Niles Castings for year 2: 88,000 Units produced and sold Total revenues and costs Sales revenue Direct materials costs Direct labor costs Variable manufacturing overhead Fixed manufacturing overhead Variable marketing and administrative costs Fixed marketing and administrative costs $ 270,000 61,000 38,000 10,000 42,000 14,500 34,000 Required: a. Prepare a gross margin income statement. Gross Margin Income Statement b. Prepare a contribution margin income statement Contribution Margin Income Statement
The following data are from the accounting records of Niles Castings for year 2: 86,000 Units produced and sold Total revenues and costs Sales revenue Direct materials costs Direct labor costs Variable manufacturing overhead Fixed manufacturing overhead Variable marketing and administrative costs Fixed marketing and administrative costs $ 320,000 64,000 34,000 11,000 48,000 17,000 31,000 Required: a. Prepare a gross margin income statement. Gross Margin Income Statement b. Prepare a contribution margin income statement Contribution Margin Income Statement MacBoo
Question 1:
Question 2:
Required information [The following information applies to the questions displayed below.) Madrid Corporation has compiled the following information from the accounting system for the one product it sells. $ 630 per unit $ 140,400 $ 164,700 Sales price Fixed costs (for the month) Marketing and administrative Manufacturing overhead Variable costs (per unit) Marketing and administrative Direct materials Manufacturing overhead Direct labor Units produced and sold (for the month) $ 26 $ 180 $ 26 110 2,700...
Direct materials Fixed manufacturing overhead costs Sales price Variable manufacturing overhead Direct labor Fixed marketing and administrative costs Units produced and sold Variable marketing and administrative costs 35 per unit 225,000 190 per unit 20 per unit 30 per unit $ 185,000 $ 5,000 $ 8 per unit Required: a. Prepare a gross margin income statement. b. Prepare a contribution margin income statement. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a...
Larcker Manufacturing's cost accountant has provided you with
the following information for January operations.
Direct materials
$
36
per unit
Fixed manufacturing overhead costs
$
200,000
Sales price
$
200
per unit
Variable manufacturing overhead
$
19
per unit
Direct labor
$
32
per unit
Fixed marketing and administrative costs
$
185,000
Units produced and sold
$
5,500
Variable marketing and administrative costs
$
7
per unit
Required:
a. Prepare a gross margin income statement.
b. Prepare a contribution margin...
Larcker Manufacturing's cost accountant has provided you with the following information for January operations. Direct materials 35 per unit $ 205,000 24 Fixed manufacturing overhead costs Sales price Variable manufacturing overhead Direct labor 200 per unit 21 per unit 26 per unit $ 200,000 5,500 Fixed marketing and administrative costs Units produced and sold Variable marketing and administrative costs 9 per unit 2$ Required: a. Prepare a gross margin income statement. b. Prepare a contribution margin income statement. Complete this...
Direct materials Fixed manufacturing overhead costs Sales price Variable manufacturing overhead Direct labor Fixed marketing and administrative costs Units produced and sold Variable marketing and administrative costs 35 per unit 215,000 205 per unit 19 per unit 34 per unit $ 205,000 $ 5,000 8 per unit Required: a. Prepare a gross margin income statement. b. Prepare a contribution margin income statement. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a gross...
1.) Need help finding the Contribution Margin and Net Income
2. Prepare an income statement for the year using absorption
costing.
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. 30 points $ 35 per unit 55 per unit 20 per unit $8,000,000 (per year) Manufacturing costs Direct materials Direct labor Overhead costs Variable Fixed Selling and administrative costs for the year Variable Fixed Production and sales...
Problem 3-17A (Algo) Determining the break-even point and preparing a contribution margin income statement LO 3-1 Ritchie Manufacturing Company makes a product that it sells for $130 per unit. The company incurs variable manufacturing costs of $66 per unit. Variable selling expenses are $12 per unit, annual fixed manufacturing costs are $450,000, and fixed selling and administrative costs are $226,000 per year. Required Determine the break-even point in units and dollars using each of the following approaches: a. Use the...
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