Homework Answers
Answer 1.
Direct labor cost = 30% * Total conversion cost
$18,000 = 30% * Total conversion cost
Total conversion cost = $60,000
Total conversion cost = Direct labor cost + Manufacturing
overhead cost
$60,000 = $18,000 + Manufacturing overhead cost
Manufacturing overhead cost = $42,000
Answer 2.
Direct labor cost = 40% * Total prime cost
$18,000 = 40% * Total prime cost
Total prime cost = $45,000
Total prime cost = Direct materials cost + Direct labor
cost
$45,000 = Direct materials cost + $18,000
Direct materials cost = $27,000
Answer 3.
Total manufacturing cost = Direct materials cost + Direct labor
cost + Manufacturing overhead cost
Total manufacturing cost = $27,000 + $18,000 + $42,000
Total manufacturing cost = $87,000
Answer 4.
Variable selling and administrative cost = 5% * Total
sales
Variable selling and administrative cost = 5% * $150,000
Variable selling and administrative cost = $7,500
Answer 5.
Total variable cost = Direct materials cost + Direct labor cost
+ Variable selling and administrative cost
Total variable cost = $27,000 + $18,000 + $7,500
Total variable cost = $52,500
Answer 6.
Fixed selling and administrative cost = Total selling and
administrative cost - Variable selling and administrative
cost
Fixed selling and administrative cost = $22,500 - $7,500
Fixed selling and administrative cost = $15,000
Total fixed cost = Manufacturing overhead cost + Fixed selling
and administrative cost
Total fixed cost = $42,000 + $15,000
Total fixed cost = $57,000
Answer 7.
Total contribution margin = Total sales - Total variable
cost
Total contribution margin = $150,000 - $52,500
Total contribution margin = $97,500
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5 Prepare a contribution format income statement 2. Prepare a traditional format income statement 3. Calculate...
3 Problem 1-19 Traditional and Contribution Format Income Statements [LO1-6) Todrick Company is a merchandiser that...
3 Problem 1-19 Traditional and Contribution Format Income Statements [LO1-6) Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales Beginning merchandise inventory Purchases Ending merchandise inventory rixed selling expense rixed adninistrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income 300,000 s 20,000 200,000 7,000 its Print 12,000 15.000 60,000 s 18,000 Required: 1. Prepare a contribution format income statement 2. Prepare a traditional format income statement 3. Calculate the...
Problem 1-19 Traditional and Contribution Format Income Statements (LO1-6) Todrick Company is a merchandiser that reported...
Problem 1-19 Traditional and Contribution Format Income Statements (LO1-6) 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 eses eses es ese es eses 8,400 10,500 42,000 12,600 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3....
Problem 1-19 Traditional and Contribution Format Income Statements [LO1-6] Todrick Company is a merchandiser that reported...
Problem 1-19 Traditional and Contribution Format Income Statements [LO1-6] Todrick Company is a merchandiser that reported the following information based on 1,000 units sold 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 $ 210,000 $ 14,000 $ 140,000 $ 7,000 $ 8,400 $ 10,500 $ 42,000 $ 12,600 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement....
Problem 1-19 Traditional and Contribution Format Income Statements [LO1-6] Todrick Company is a merchandiser that reported...
Problem 1-19 Traditional and Contribution Format Income Statements [LO1-6] Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: > $ 315,000 $ 21,000 $ 210,000 10,500 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 > us us us us us us us 12,600 15,750 63,000 18,900 Required: 1. Prepare a contribution format income statement. 2. Prepare a...
Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement Complete this...
Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Selling and administrative expenses: 0 Required Required 2 > Cherokee, Inc. Contribution Format Income Statement Variable expenses: 0 Fixed expenses: 0 Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling...
help plzz Problem 1-19 Traditional and Contribution Format Income Statements (LO1-6] Todrick Company is a merchandiser...
help plzz
Problem 1-19 Traditional and Contribution Format Income Statements (LO1-6] Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: 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 $450,000 $ 30,000 $300,000 $ 15,000 $ ? $ 18,000 $ 22,500 $ ? $ 90,000 $ 27,000 Required: 1. Prepare a contribution format income statement. 2. Prepare a...
What am I missing? $ 375,000 Todrick Company Contribution Format Income Statement Sales Variable expenses: Cost...
What am I missing?
$ 375,000 Todrick Company Contribution Format Income Statement Sales Variable expenses: Cost of goods sold $ 262,500 Selling expense + 18,750 Administrative expense 18,750 300.000 75.000 Contribution margin Fixed expenses Selling expense Administrative expense $ 37,500 15,000 Fixed manufacturing overhead Net operating income 52.500 22.500 $ Reg < Prey 5 of 8 Problem 1-19 Traditional and Contribution Format Income Statements [LO1-6] Todrick Company is a merchandiser that reported the following information based on 1,000 units sold:...
Problem 1-19 Traditional and Contribution Format Income Statements (L01-6] Todrick Company is a merchandiser that reported...
Problem 1-19 Traditional and Contribution Format Income Statements (L01-6] 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 es eses es eses es eses es 8,400 10,500 42,000 12,600 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format...
Problem 1-19 Traditional and Contribution Format Income Statements [LO1-6) 3 Todrick Company is a merchandiser that...
Problem 1-19 Traditional and Contribution Format Income Statements [LO1-6) 3 Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: 300,000 20,000 s 200,000 ,000 Sales Beginning merchandise inventory Ending nerehandise inventory Fixed selling expense rixed administrative expense Variable selling expense Variable administrative expense Contribation margin Net operating income 7 03:3707 12,000 15,000 Print 60,000 18,000 1. Prepare a contribution format income statement 2. Prepare a traditional format income statement 3. Calculate the selling price...
1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.
Cherokee Incorporated is a merchandiser that provided the following information: AmountNumber of units sold10,000Selling price per unit$ 15Variable selling expense per unit$ 2Variable administrative expense per unit$ 2Total fixed selling expense$ 19,000Total fixed administrative expense$ 15,000Beginning merchandise inventory$ 11,000Ending merchandise inventory$ 25,000Merchandise purchases$ 88,000 Required:1. Prepare a traditional income statement.2. Prepare a contribution format income statement.
3 Problem 1-19 Traditional and Contribution Format Income Statements [LO1-6) Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales Beginning merchandise inventory Purchases Ending merchandise inventory rixed selling expense rixed adninistrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income 300,000 s 20,000 200,000 7,000 its Print 12,000 15.000 60,000 s 18,000 Required: 1. Prepare a contribution format income statement 2. Prepare a traditional format income statement 3. Calculate the...
Problem 1-19 Traditional and Contribution Format Income Statements (LO1-6) 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 eses eses es ese es eses 8,400 10,500 42,000 12,600 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3....
Problem 1-19 Traditional and Contribution Format Income Statements [LO1-6] Todrick Company is a merchandiser that reported the following information based on 1,000 units sold 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 $ 210,000 $ 14,000 $ 140,000 $ 7,000 $ 8,400 $ 10,500 $ 42,000 $ 12,600 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement....
Problem 1-19 Traditional and Contribution Format Income Statements [LO1-6] Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: > $ 315,000 $ 21,000 $ 210,000 10,500 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 > us us us us us us us 12,600 15,750 63,000 18,900 Required: 1. Prepare a contribution format income statement. 2. Prepare a...
Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Selling and administrative expenses: 0 Required Required 2 > Cherokee, Inc. Contribution Format Income Statement Variable expenses: 0 Fixed expenses: 0 Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling...
help plzz
Problem 1-19 Traditional and Contribution Format Income Statements (LO1-6] Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: 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 $450,000 $ 30,000 $300,000 $ 15,000 $ ? $ 18,000 $ 22,500 $ ? $ 90,000 $ 27,000 Required: 1. Prepare a contribution format income statement. 2. Prepare a...
What am I missing?
$ 375,000 Todrick Company Contribution Format Income Statement Sales Variable expenses: Cost of goods sold $ 262,500 Selling expense + 18,750 Administrative expense 18,750 300.000 75.000 Contribution margin Fixed expenses Selling expense Administrative expense $ 37,500 15,000 Fixed manufacturing overhead Net operating income 52.500 22.500 $ Reg < Prey 5 of 8 Problem 1-19 Traditional and Contribution Format Income Statements [LO1-6] Todrick Company is a merchandiser that reported the following information based on 1,000 units sold:...
Problem 1-19 Traditional and Contribution Format Income Statements (L01-6] 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 es eses es eses es eses es 8,400 10,500 42,000 12,600 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format...
Problem 1-19 Traditional and Contribution Format Income Statements [LO1-6) 3 Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: 300,000 20,000 s 200,000 ,000 Sales Beginning merchandise inventory Ending nerehandise inventory Fixed selling expense rixed administrative expense Variable selling expense Variable administrative expense Contribation margin Net operating income 7 03:3707 12,000 15,000 Print 60,000 18,000 1. Prepare a contribution format income statement 2. Prepare a traditional format income statement 3. Calculate the selling price...
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