Question

Marwicks Pianos, Inc, purchases pianos from a large manufacturer and sells them at the retail level. The pianos cnet on the

0 0
Add a comment Improve this question Transcribed image text
Answer #1
Marwick's Pianos Inc
Traditional Income Statement
For the Month of August
Sales revenue $      1,77,000.00
Less: Cost of Goods sold $          87,969.00
Gross Profit $          89,031.00
Selling and Administrative Expense
Selling Expenses
Advertising $               938.00
Sales salaries and Commission $         13,636.00
Delivey Expense $           3,658.00
Utilities $               646.00
Depreciation of sales facility $           4,997.00
Total Selling Expenses $         23,875.00
Administrative Expenses
Executive Salaries $         13,497.00
Insurance $               706.00
Clerical   $           4,891.00
Depreciation- Office Equipment $               871.00
Total Administrative expenses $         19,965.00
Total Selling and Administrative Expense $          43,840.00
Net income $          45,191.00

.

Marwick's Pianos Inc
Contribution formal Income statement
For the Month of August
Total Per Piano
Sales $     1,77,000.00 $            3,000.00
variable Expenses
Direct material cost $         87,969.00 $            1,491.00
Variable Sales salaries and Commission $           8,850.00 $                150.00
Delivery Expenses $           3,658.00 $                  62.00
Clerical   $           2,360.00 $                  40.00
Total Variable Cost $     1,02,837.00 $            1,743.00
Contribution Margin $         74,163.00 $            1,257.00
Fixed costs
Advertising $               938.00
Fixed Sales salaries and Commission $           4,786.00
Utilities $               646.00
Depreciation- Sales Facility $           4,997.00
Executive salaries $         13,497.00
Insurance $               706.00
Clerical fixed cost $           2,531.00
Depreciation- Office equipment $               871.00
Total Fixed cost $         28,972.00
Net Income $         45,191.00
Add a comment
Know the answer?
Add Answer to:
Marwick's Pianos, Inc, purchases pianos from a large manufacturer and sells them at the retail level....
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Marwick’s Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail level....

    Marwick’s Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail level. The pianos cost, on the average, $1,484 each from the manufacturer. Marwick’s Pianos, Inc., sells the pianos to its customers at an average price of $2,600 each. The selling and administrative costs that the company incurs in a typical month are presented below: ​​​​​​​ Marwick's Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail level. The pianos cost, on...

  • Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,519 per...

    Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,519 per unit and then sells them to retail customers for an average price of $2,400 each. The company's selling and administrative costs for a typical month are presented below: Cost Formula Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative Executive salaries Insurance Clerical Depreciation of office equipment $942 per month $4,786 per month, plus 48...

  • Marwick's Pisnos, Inc., purchases pianos from a large manufacturer for an average cost of $1,520 per...

    Marwick's Pisnos, Inc., purchases pianos from a large manufacturer for an average cost of $1,520 per unit and then sells them to retail customers for an average price of $2.800 esch. The company's selling and administrative costs for a typical month are presented below: Cost Formula Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative: Executive salaries $957 per month $4,773 per month, plus 5% of sales $61 per piano sold $668...

  • Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,511 per...

    Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,511 per unit and then sells them to retail customers for an average price of $2,600 each. The company's selling and administrative costs for a typical month are presented below: Cost Formula Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative: Executive salaries Insurance Clerical Depreciation of office equipment $964 per month $4,786 per month, plus 4%...

  • Need traditional income statement. Marwick's Pianos, Inc., purchases planos from a large manufacturer for an average...

    Need traditional income statement. Marwick's Pianos, Inc., purchases planos from a large manufacturer for an average cost of $1,505 per unit and then sells them to retail customers for an average price of $3,400 each. The company's selling and administrative costs for a typical month are presented below Cost Formula Song Advertising $950 per month Sales salaries and commissions 54,820 per month, plus 6% of sales Delivery of plans to customers $81 per piano sold Us 5667 per month Depreciation...

  • Marwick's Planos, Inc., purchases pianos from a large manufacturer for an average cost of $1,484 per...

    Marwick's Planos, Inc., purchases pianos from a large manufacturer for an average cost of $1,484 per unit and then sells them to retail customers for an average price of $2,900 each. The company's selling and administrative costs for a typical month are presented below Cost Formula Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative: Executive salaries Insurance Clerical Depreciation of office equipment $931 per month $4,772 per month, plus 6%...

  • Please help! I always to thumbs up, thanks! Marwick's Pianos, Inc., purchases pianos from a large...

    Please help! I always to thumbs up, thanks! Marwick's Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail level. The pianos cost, on the average, $1,480 each from the manufacturer. Marwick's Pianos, Inc., sells the pianos to its customers at an average price of $2,800 each. The selling and administrative costs that the company incurs in a typical month are presented below: Cost Formula Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to...

  • Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1.483 per...

    Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1.483 per unit and then sells them to retail customers for an average price of $2,600 esch. The company's selling and administrative costs for a typical month are presented below: Cost Formula Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative: Executive salaries $953 per month $4,813 per month, plus 4% of sales $62 per piano sold...

  • Marwick’s Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail level....

    Marwick’s Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail level. The pianos cost, on the average, $1,500 each from the manufacturer. Marwick’s Pianos, Inc., sells the pianos to its customers at an average price of $3,400 each. The selling and administrative costs that the company incurs in a typical month are presented below: Selling: Advertising $ 954 per month Sales salaries and commissions $ 4,819 per month, plus 5% of sales Delivery of pianos...

  • Marwick's Pianos, Inc. purchases planos from a large manufacturer for an average cost of $1,514 per...

    Marwick's Pianos, Inc. purchases planos from a large manufacturer for an average cost of $1,514 per unit and then sells them to retail customers for an average price of $2,300 each. The company's selling and administrative costs for a typical month are presented below: Cost Formula Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative Executive salaries Insurance Clerical Depreciation of office equipment $942 per month $4,822 per month, plus 48...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT