Homework Answers
Income statement (Contribution format)
| Particulars | Amount(In $) | Cost per unit(In $) |
| Sales | 12000 | 20 |
|
Less: variable cost Cost of goods sold:4800(600*8) Operating expense:1200(600*2) |
6000 |
10 |
| Contribution | 6000 | 10 |
|
Less: Fixed cost (Total operating expense-Variable operating expense,2566-1200) |
1366 | |
| Net income | 4634 |
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The Pharoah Company sells sports decals that can be personalized with a player's name, team name,...
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Question 2 The Crane Company sells sports decals that can be personalized with a player’s name,...
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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...
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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...
J Bonita, Ltd. is a local coat retailer. The store's accountant prepared the following income statement for the month ended January 31: $ 788,000 394,000 394,000 Sales revenue Cost of goods sold Gross margin Operating expenses Selling expense Administrative expense Net operating income $ 23,990 50,010 74,000 $ 320,000 Bonita sells its coats for $250.00 each. Selling expenses consist of fixed costs plus a commission of $6.50 per coat. Administrative expenses consist of fixed costs plus a variable component equal...
Pharoah Company bottles and distributes B-Lite, a diet soft drink. The beverage is sold for 60 cents per 16-ounce bottle to retailers, who charge customers 75 cents per bottle. For the year 2020, management estimates the following revenues and costs. Sales $1,800,000 Selling expenses-variable Direct materials $93,000 65,000 27,000 Direct labor 410,000 400,000 420,000 150,000 Selling expenses-fixed Administrative expenses--variable Administrative expenses---fixed 55,000 Manufacturing overhead-variable Manufacturing overhead-fixed 150,000 Prepare a CVP income statement for 2020 based on management's estimates. PHAROAH COMPANY...
J Concord, Ltd. is a local coat retailer. The store's accountant prepared the following income statement for the month ended January 31: Rectangular Snip $ 763,000 345,500 417,500 Sales revenue Cost of goods sold Gross margin Operating expenses Selling expense Administrative expense Net operating income $ 24,260 50,560 74,820 $ 342,680 Concord sells its coats for $250 each. Selling expenses consist of fixed costs plus a commission of $6.50 per coat. Administrative expenses consist of fixed costs plus a variable...
Sheridan, Ltd. is a local coat retailer. The store's accountant prepared the following income statement for the month ended January 31: $ 795,000 381,600 413,400 Sales revenue Cost of goods sold Gross margin Operating expenses Selling expense Administrative expense Net operating income $ 24.150 51,800 75,950 $ 337,450 Sheridan sells its coats for $250 each. Selling expenses consist of fixed costs plus a commission of $6.50 per coat. Administrative expenses consist of fixed costs plus a variable component equal to...
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