Homework Answers
Company One-
Year 1 Year 2 Year 3
Opening stock - 1000 1000
Purchase 11000 11000 12100
less Closing stock 1000 1000 1000
Cost of Goods sold 10000 11000 12100
60% of sale 1200 1320 1452
Cost of sale 10000×1200 11000×1320 12100×1452
=12000000 14520000 17569200
Company Two-
Year 1 Year 2 Year 3
Opening stock - 1000 1000
Purchase 11000 11000 12100
less Closing stock 1000 1000 1000
Cost of Goods sold 10000 11000 12100
60% of sale 1200 1320 1452
Cost of sale 10000×1200 11000×1320 12100×1452
=12000000 14520000 17569200
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Accounting Methods & Estimates and Their Effects on Net Income Homework Two different companies were organized...
Accounting Methods & Estimates and Their Effects on Net Income Homework Two different companies were organized...
Accounting Methods & Estimates and Their Effects on Net Income Homework Two different companies were organized to sell gee-gaws to the public. Both companies expect this to be a widely used device with increasing Sales each year. With increased enhancements, each year, they expect the sales price per unit to increase each year. Both companies expect to sell 10,000 units, at a selling price of $2,000 each, during their first year of business. Sales are anticipated to increase by 10%...
Accounting Methods & Estimates and Their Effects on Net Income Homework Two different companies were organized...
Accounting Methods & Estimates and Their Effects on Net Income Homework Two different companies were organized to sell gee-gaws to the public. Both companies expect this to be a widely used device with increasing Sales each year. With increased enhancements, each year, they expect the sales price per unit to increase each year. Both companies expect to sell 10,000 units, at a selling price of $2,000 each, during their first year of business. Sales are anticipated to increase by 10%...
Accounting methods and estimates and their effects on net income. Help! I have included an in-class...
Accounting methods and estimates and their effects on net
income. Help! I have included an in-class example.
Accounting Methods & Estimates and Their Effects on Net Income Homework Two different companies were organized to sell gee-gaws to the public. Both companies expect this to be a widely used device with increasing Sales each year. With increased enhancements, each year, they expect the sales price per unit to increase each year. Both companies expect to sell 25,000 units, at a selling...
Accounting methods and estimates and their effect on net income. I need help filling out the...
Accounting methods and estimates and their effect on net
income. I need help filling out the excel spreadsheet,
please!
Accounting Methods & Estimates and Their Effects on Net Income Homework Two different companies were organized to sell gee-gaws to the public. Both companies expect this to be a widely used device with increasing Sales each year. With increased enhancements, each year, they expect the sales price per unit to increase each year. Both companies expect to sell 25,000 units, at...
Saved - 6 - Homework Help Miller Company's contribution format income statement for the most recent...
Saved - 6 - Homework Help Miller Company's contribution format income statement for the most recent month is shown below: Sales (31,000 units) Variable expenses Contribution margin Fixed expenses Net operating income Total $ 186.000 93,000 93,000 46,000 $ 47,000 Per Unit $6.00 3.00 $3.00 Required: (Consider each case independently): 1. What is the revised net operating income if unit sales increase by 18%? 2. What is the revised net operating income if the selling price decreases by $1.10 per...
Presented below is the income statement of Goodwin Inc. The income statement is based on sales...
Presented below is the income statement of Goodwin Inc. The
income statement is based on sales of 100,000 units at $20 per
unit.
Goodwin estimates that 80% of Cost of Goods Sold is variable
costs, and 80% of Operating expenses is fixed costs.
9.Refer to the previous question. What is the amount of the
increase or decrease in net income?
10.Assume Goodwin reduces the selling price by 10%. How many
units would Goodwin have to sell to earn the same...
Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income (loss) Year...
Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income (loss) Year 1 $1,000,000 740,000 260,000 230,000 $ 30,000 Year 2 $ 780,000 520,000 260,000 200,000 $ 60,000 Year 3 $1,000,000 785,000 215,000 230,000 $ (15,000) In the latter part of Year 2, a competitor went out of business and in the process dumped a large number of units on the market. result, Starfax's sales dropped by 20% during Year 2 even though production increased during...
ACC 212-MANAGERIAL ACCOUNTING -SECTION 1 H-9 Fisher Company's most recent income statement is shown below: Sales...
ACC 212-MANAGERIAL ACCOUNTING -SECTION 1 H-9 Fisher Company's most recent income statement is shown below: Sales (30,000 units) Less: Variable expenses Contribution margin Less Fixed Expenses Net Income TOTAL PER UNIT 150,000 90,000 60,000 5 50,000 10,000 REQUIRED: Calculate the impact on net income of each of the following conditions (consider each case independently) using the incremental contribution marain approach. (1) The sales volume increases by 15%. (2) The selling price decreases by 50 cents per unit, and the sales...
Sales (45,000 units) Variable expenses Contribution margin Fixed expenses Net operating income Total $360,000 225,000 135,000...
Sales (45,000 units) Variable expenses Contribution margin Fixed expenses Net operating income Total $360,000 225,000 135,000 40,000 $ 95,000 Per Unit $8.00 5.00 $ 3.00 Required: (Consider each case independently): 1. What is the revised net operating income if unit sales increase by 13%? 2. What is the revised net operating income if the selling price decreases by $1.10 per unit and the number of units sold increases by 15%? 3. What is the revised net operating income if the...
Problem 18-6A Analysis of price, cost, and volume changes for contribution margin and net income P2...
Problem 18-6A Analysis of price, cost, and volume changes for contribution margin and net income P2 @ A1 This year Burchard Company sold 40,000 units of its only product for $25 per unit. Manufacturing and selling the product required $200,000 of fixed manufacturing costs and $325,000 of fixed selling and administrative costs. Its per unit variable costs follow. Material Direct labor (paid on the basis of completed units) Variable overhead costs Variable selling and administrative costs $8.00 5.00 1.00 Next...
Accounting Methods & Estimates and Their Effects on Net Income Homework Two different companies were organized to sell gee-gaws to the public. Both companies expect this to be a widely used device with increasing Sales each year. With increased enhancements, each year, they expect the sales price per unit to increase each year. Both companies expect to sell 10,000 units, at a selling price of $2,000 each, during their first year of business. Sales are anticipated to increase by 10%...
Accounting Methods & Estimates and Their Effects on Net Income Homework Two different companies were organized to sell gee-gaws to the public. Both companies expect this to be a widely used device with increasing Sales each year. With increased enhancements, each year, they expect the sales price per unit to increase each year. Both companies expect to sell 10,000 units, at a selling price of $2,000 each, during their first year of business. Sales are anticipated to increase by 10%...
Accounting methods and estimates and their effects on net
income. Help! I have included an in-class example.
Accounting Methods & Estimates and Their Effects on Net Income Homework Two different companies were organized to sell gee-gaws to the public. Both companies expect this to be a widely used device with increasing Sales each year. With increased enhancements, each year, they expect the sales price per unit to increase each year. Both companies expect to sell 25,000 units, at a selling...
Accounting methods and estimates and their effect on net
income. I need help filling out the excel spreadsheet,
please!
Accounting Methods & Estimates and Their Effects on Net Income Homework Two different companies were organized to sell gee-gaws to the public. Both companies expect this to be a widely used device with increasing Sales each year. With increased enhancements, each year, they expect the sales price per unit to increase each year. Both companies expect to sell 25,000 units, at...
Saved - 6 - Homework Help Miller Company's contribution format income statement for the most recent month is shown below: Sales (31,000 units) Variable expenses Contribution margin Fixed expenses Net operating income Total $ 186.000 93,000 93,000 46,000 $ 47,000 Per Unit $6.00 3.00 $3.00 Required: (Consider each case independently): 1. What is the revised net operating income if unit sales increase by 18%? 2. What is the revised net operating income if the selling price decreases by $1.10 per...
Presented below is the income statement of Goodwin Inc. The
income statement is based on sales of 100,000 units at $20 per
unit.
Goodwin estimates that 80% of Cost of Goods Sold is variable
costs, and 80% of Operating expenses is fixed costs.
9.Refer to the previous question. What is the amount of the
increase or decrease in net income?
10.Assume Goodwin reduces the selling price by 10%. How many
units would Goodwin have to sell to earn the same...
Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income (loss) Year 1 $1,000,000 740,000 260,000 230,000 $ 30,000 Year 2 $ 780,000 520,000 260,000 200,000 $ 60,000 Year 3 $1,000,000 785,000 215,000 230,000 $ (15,000) In the latter part of Year 2, a competitor went out of business and in the process dumped a large number of units on the market. result, Starfax's sales dropped by 20% during Year 2 even though production increased during...
ACC 212-MANAGERIAL ACCOUNTING -SECTION 1 H-9 Fisher Company's most recent income statement is shown below: Sales (30,000 units) Less: Variable expenses Contribution margin Less Fixed Expenses Net Income TOTAL PER UNIT 150,000 90,000 60,000 5 50,000 10,000 REQUIRED: Calculate the impact on net income of each of the following conditions (consider each case independently) using the incremental contribution marain approach. (1) The sales volume increases by 15%. (2) The selling price decreases by 50 cents per unit, and the sales...
Sales (45,000 units) Variable expenses Contribution margin Fixed expenses Net operating income Total $360,000 225,000 135,000 40,000 $ 95,000 Per Unit $8.00 5.00 $ 3.00 Required: (Consider each case independently): 1. What is the revised net operating income if unit sales increase by 13%? 2. What is the revised net operating income if the selling price decreases by $1.10 per unit and the number of units sold increases by 15%? 3. What is the revised net operating income if the...
Problem 18-6A Analysis of price, cost, and volume changes for contribution margin and net income P2 @ A1 This year Burchard Company sold 40,000 units of its only product for $25 per unit. Manufacturing and selling the product required $200,000 of fixed manufacturing costs and $325,000 of fixed selling and administrative costs. Its per unit variable costs follow. Material Direct labor (paid on the basis of completed units) Variable overhead costs Variable selling and administrative costs $8.00 5.00 1.00 Next...
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