Homework Answers
Add Answer to:
Gibson Company has provided the following Year 2 data. Budget $514,000 200,000 41,000 Sales Variable product costs Vari...
Exercise 9-4A (Algo) Income statement for internal use LO 9-1 Gibson Company has provided the following...
Exercise 9-4A (Algo) Income statement for internal use LO 9-1 Gibson Company has provided the following Year 2 data. $505,000 196,000 45,000 3,300 16,400 24,100 2,000 750 Budget Sales Variable product costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense Variances Sales Variable product costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense 7,800 U 4,600 F 2,300 U 1,000 U 280...
Gibson Publications established the following standard price and costs for a hardcover picture book that the...
Gibson Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price $ 36.90 Materials cost 8.50 Labor cost 3.60 Overhead cost 5.40 Selling, general, and administrative costs 6.60 Planned fixed costs Manufacturing overhead $ 127,000 Selling, general, and administrative 50,000 Gibson planned to make and sell 38,000 copies of the book. Required: a. - d. Prepare the pro forma income statement that would appear in the...
Gibson Publications established the following standard price and costs for a hardcover picture book that the...
Gibson Publications established the following standard price and costs for a hardcover picture book that the company produces. $ Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 36.10 8.10 3.70 6.10 7.10 $131,000 49,000 Assume that Gibson actually produced and sold 34,000 books. The actual sales price and costs incurred follow: $ Actual price and variable costs Sales price Materials cost...
Packer Company, which has only one product, has provided the following data concerning its most recent...
Packer Company, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $ 95 Units in beginning inventory 350 Units produced 2,100 Units sold 1,720 Units in ending inventory 730 Variable cost per unit: Direct materials $ 24 Direct labor $ 21 Variable manufacturing overhead $ 1 Variable selling and administrative $ 13 Fixed costs: Fixed manufacturing overhead $ 52,500 Fixed selling and administrative $ 5,160 The company produces the same...
Gibson Publications established the following standard price and costs for a hardcover picture book that the...
Gibson Publications established the following standard price and costs for a hardcover picture book that the company produces Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative $ 36.60 8.20 3.80 5.40 6.40 $128,000 47,000 Gibson planned to make and sell 32,000 copies of the book. Required: a.-d. Prepare the pro forma income statement that would appear in the master budget and...
The following income statement was drawn from the records of Gibson Company, a merchandising firm: GIBSON COMPANY Incom...
The following income statement was drawn from the records of Gibson Company, a merchandising firm: GIBSON COMPANY Income Statement For the Year Ended December 31, 2018 Sales revenue (7,000 units X $162) $1,134,000 Cost of goods sold (7,000 units * $85) (595,000 Gross margin 539,000 Sales commissions (108 of sales) (113,400) Administrative salaries expense (87,000) Advertising expense (37,000) Depreciation expense 41,000) Shipping and handling expenses (7,000 units X $2) Net income 246,600 Required a. Reconstruct the income statement using the...
Maher Corporation, which has only one product, has provided the following data concerning its most recent month of opera...
Maher Corporation, which has only one product, has provided the
following data concerning its most recent month of operations:
Selling price
$
187
Units in beginning inventory
0
Units produced
3,180
Units sold
2,810
Units in ending inventory
370
Variable costs per unit:
Direct materials
$
52
Direct labor
$
58
Variable manufacturing overhead
$
15
Variable selling and administrative expense
$
17
Fixed costs:
Fixed manufacturing overhead
$
111,300
Fixed selling and administrative
$
8,430
Required:
a. What is...
Master Master Budget Variance Actual 60,500 Budget 57,000 Sales volume (number of cases sold) Sales revenue...
Master Master Budget Variance Actual 60,500 Budget 57,000 Sales volume (number of cases sold) Sales revenue Less: Variable expenses Contribution margin Less: Fixed expenses $ 193,700 $ 71,200 176,700 62,700 $ 122,500 $ 73,200 114,000 72,000 $ 49,300 $ 42,000 Operating income The budgeted sales price per unit is $ 3.10 Requirement 2. What is the budgeted variable expense per unit? The budgeted variable expense per unit is $ 1.10. Requirement 3. What is the budgeted fixed cost for the...
S.Evergreen Co. provided the following budget and actual data for the year: Sales (30,000 units) $1,290,000...
S.Evergreen Co. provided the following budget and actual data for the year: Sales (30,000 units) $1,290,000 Cost of Sales $210,000 Direct materials Direct labor 540,000 Variable overhead 120,000 Fixed overhead Gross Profit 944,000 $346,000 74,000 Operating expenses: Fixed $10,000 31,000 Variable 21,000 $315,000 Income from operations The company's actual activity for the year: Sales (29,000 units) Cost of Sales $1,264,400 $208,800 Direct materials 536,500 Direct labor 101,500 Variable overhead 75,000 921,800 Fixed overhead $342,600 Gross Profit Operating expenses: $10,000 Fixed...
Abe Company, which has only one product, has provided the following data concerning its most +...
Abe Company, which has only one product, has provided the following data concerning its most + recent month of operations: Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead $156.600 Fixed selling and administrative $151,200 1. Using variable costing method, prepare the income statement for the year. Sales revenue Variable expenses Contribution margin Fixed expenses...
Exercise 9-4A (Algo) Income statement for internal use LO 9-1 Gibson Company has provided the following Year 2 data. $505,000 196,000 45,000 3,300 16,400 24,100 2,000 750 Budget Sales Variable product costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense Variances Sales Variable product costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense 7,800 U 4,600 F 2,300 U 1,000 U 280...
Gibson Publications established the following standard price and costs for a hardcover picture book that the company produces. $ Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 36.10 8.10 3.70 6.10 7.10 $131,000 49,000 Assume that Gibson actually produced and sold 34,000 books. The actual sales price and costs incurred follow: $ Actual price and variable costs Sales price Materials cost...
Gibson Publications established the following standard price and costs for a hardcover picture book that the company produces Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative $ 36.60 8.20 3.80 5.40 6.40 $128,000 47,000 Gibson planned to make and sell 32,000 copies of the book. Required: a.-d. Prepare the pro forma income statement that would appear in the master budget and...
The following income statement was drawn from the records of Gibson Company, a merchandising firm: GIBSON COMPANY Income Statement For the Year Ended December 31, 2018 Sales revenue (7,000 units X $162) $1,134,000 Cost of goods sold (7,000 units * $85) (595,000 Gross margin 539,000 Sales commissions (108 of sales) (113,400) Administrative salaries expense (87,000) Advertising expense (37,000) Depreciation expense 41,000) Shipping and handling expenses (7,000 units X $2) Net income 246,600 Required a. Reconstruct the income statement using the...
Maher Corporation, which has only one product, has provided the
following data concerning its most recent month of operations:
Selling price
$
187
Units in beginning inventory
0
Units produced
3,180
Units sold
2,810
Units in ending inventory
370
Variable costs per unit:
Direct materials
$
52
Direct labor
$
58
Variable manufacturing overhead
$
15
Variable selling and administrative expense
$
17
Fixed costs:
Fixed manufacturing overhead
$
111,300
Fixed selling and administrative
$
8,430
Required:
a. What is...
Master Master Budget Variance Actual 60,500 Budget 57,000 Sales volume (number of cases sold) Sales revenue Less: Variable expenses Contribution margin Less: Fixed expenses $ 193,700 $ 71,200 176,700 62,700 $ 122,500 $ 73,200 114,000 72,000 $ 49,300 $ 42,000 Operating income The budgeted sales price per unit is $ 3.10 Requirement 2. What is the budgeted variable expense per unit? The budgeted variable expense per unit is $ 1.10. Requirement 3. What is the budgeted fixed cost for the...
S.Evergreen Co. provided the following budget and actual data for the year: Sales (30,000 units) $1,290,000 Cost of Sales $210,000 Direct materials Direct labor 540,000 Variable overhead 120,000 Fixed overhead Gross Profit 944,000 $346,000 74,000 Operating expenses: Fixed $10,000 31,000 Variable 21,000 $315,000 Income from operations The company's actual activity for the year: Sales (29,000 units) Cost of Sales $1,264,400 $208,800 Direct materials 536,500 Direct labor 101,500 Variable overhead 75,000 921,800 Fixed overhead $342,600 Gross Profit Operating expenses: $10,000 Fixed...
Abe Company, which has only one product, has provided the following data concerning its most + recent month of operations: Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead $156.600 Fixed selling and administrative $151,200 1. Using variable costing method, prepare the income statement for the year. Sales revenue Variable expenses Contribution margin Fixed expenses...
Most questions answered within 3 hours.
-
Implement C++ program for each of the following.
Let D = [-48, -14, -8, 0, 1,...
asked 6 minutes ago -
Consider a labor market in which LD = 400 – 4W and LS = 250 +...
asked 20 minutes ago -
Let’s say you are teaching a typically-developing young child
how to eat with a spoon. Describe...
asked 4 minutes ago -
Ask Your Teacher A toy gun uses a spring to project a 5.6-g soft
rubber sphere...
asked 16 minutes ago -
*****DO NOT ANSWER THIS QUESTION IF YOU DON'T
KNOW*******
Question - PERSONAL DEVELOPMENT ESSAY and Detailed...
asked 22 minutes ago -
A certain rifle bullet has a mass of 5.25 g. Calculate the de
Broglie wavelength of...
asked 47 minutes ago -
Research new software products that assist in project
communication management. Write a paper summarizing your findings,...
asked 45 minutes ago -
the figure below to the left shows a beaker completely filled
with water. then a block...
asked 44 minutes ago -
what is the duistribution channels of HUL in india and how they
distribute?
how is this...
asked 51 minutes ago -
Batteries play an important role in our everyday lives. From
making many devices mobile, to allowing...
asked 1 hour ago -
It is possible to iterate through an array quickly and easily
using a loop?
asked 1 hour ago -
Determine the pHpH of an HFHF solution of each of the following
concentrations. The KAKA value...
asked 1 hour ago