Question

Jay Corporation has decided to prepare contribution income statements for A B C D E F G 1 Jay Corporation has decided to prepare contribution income statements for internal planning. 2 3 Budgeted information for Quarter 1 of Year 3: 4 Sales in units 5 Sales price per unit 48.00 17.000 tterns 7 After analyzing expenses, the company has determined the follo 8 Cost of Goods Sold (per unit) $ 29.00 9 Sales Commissions (per dollar of sales) 9.50% 11 Administrative Salaries (per quarter) 12 Rent Expense (per quarter) Depreciation Expense (per quarter) $ $ $ 45,000.00 27,000.00 36,000.00 16 1. Prepare a contribution margin income statement for Quarter 1 of Year Jay Corporation Budgeted Income Statement For Year 3, Quarter 1 22 Sales 23 Variable expenses: 24 Cost of goods sold

Answer 1

Budgeted Contribution Format Income Statement For Year 3, Quarter 1 $ 816,000.00 B4*B5 Units x selling price per unit $ $ 493,000.00 77,520.00 units x COGS per unit Sales x 9.50% B4*B8 C22*B9 $ 570,520.00 SUM(B24:B25) $ 245,480.00 C22-C26 22 Sales 23 Variable Expense: 24 Cost of Goods Sold 25 Sales Commision 26 Total Variable Expense 27 Contribution Margin 28 Fixed Expense: 29 Administrative Salaries 30 Rent Expense 31 Depreciation Expense 32 Total Fixed Expense 33 Net Operating Income 34 45,000.00 27,000.00 36,000.00 B11 B12 B13 SUM(B29:331) C27-C32 given given given $ $ 108,000.00 137,480.00 35 36 Blue color cells are reference and formula, put = sign before these to get answer. 37 Yellow cells are answers that you will get when to put = sign before blue color cell referrences 38