Homework Answers
| Sales | $ 950,000.00 | |||
| Less: | Variable Costs | |||
| COGS | ($ 500000 x 30%) | $ 150,000.00 | ||
| Contribution Margin | $ 800,000.00 | |||
| Less: | Fixed Costs | |||
| COGS | ($ 500000 x 70%) | $ 350,000.00 | ||
| S&A expenses | $ 260,000.00 | |||
| Operating Income | $ 190,000.00 | |||
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Omestion 2.025 marks) Ricker Manufacturing Inc. are projecting sales of $950,000, at a selling price of...
Term Test #2 CB203 Management Accounting Question 2 (25 marks) Ricker Manufacturing Inc. are projecting sales...
Term Test #2 CB203 Management Accounting Question 2 (25 marks) Ricker Manufacturing Inc. are projecting sales of $950,000, at a selling price of $10 per unit. COGS are $500,000 of which 30% is Variable Costs. Selling and Administrative Expenses total $260,000. Assume these are all fixed expenses. Create a Contribution Margin Income Statement and conduct the following CVP Analysis Ricker Manufacturing Inc. Contribution Margin Income Statement For the Period Ended Dec 31, 2019 Total $ Per Unit $ Contribution Margin...
Mills Manufacturing Inc. had sales for January 2020 of $900,000. The units sold were 18,000, and...
Mills Manufacturing Inc. had sales for January 2020 of $900,000. The units sold were 18,000, and the expenses for January 2020 were as follows: Variable Fixed Cost of goods sold $171,000 $108,000 Selling expenses 49,500 24,300 Administrative expenses 24,300 28,800 Prepare a detailed CVP income statement for the month ended January 31, 2020. (Round per unit cost to 2 decimal places, e.g. 15.25.) Mills Manufacturing Inc. CVP Income Statement Total Per unit $ Calculate the contribution margin per unit. (Round...
Z Inc. manufactures a product with a selling price of $60 per unit. Direct Materials costs...
Z Inc. manufactures a product with a selling price of $60 per unit. Direct Materials costs $12 per unit. Direct Labor costs $11 per unit. Variable Manufacturing Overhead costs $6 per unit. Fixed Manufacturing Overhead costs $34,000 per month. Variable Selling and Administrative Costs $5 per unit. Fixed Selling and Administrative costs $17,000. a) Complete the month’s Contribution Margin Income Statement Budget for Z Inc., assuming that they plan to sell 10,000 units of product. TOTAL SALES VARIABLE COST CONTRIBUTION...
Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price...
Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount 10,000 $ 17 $ 2 $ 3 $21,000 $14,000 $10,000 $23,000 $88,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Prepare a traditional income statement. Cherokee, Inc. Traditional Income...
Question 1 Poloskie Manufacturing Inc. has provided you with the following CVP income statement. $973,000 Sales...
Question 1 Poloskie Manufacturing Inc. has provided you with the following CVP income statement. $973,000 Sales (1,390 units) Variable costs: Cost of goods sold Selling expenses Administrative expenses Contribution margin Fixed costs: Cost of goods sold Selling expenses Administrative expenses Operating income 435,070 77,840 61,160 398,930 147,340 51,430 29,190 $170,970 Calculate the contribution margin ratio. (Round answer to 2 decimal places, eg, 15.25%.) Contribution margin ratio LINK TO TEXT Calculate the break-even point in sales dollars and number of units....
Grouper Inc. had sales of $2,390,000 for the first quarter of 2017. In making the sales,...
Grouper Inc. had sales of $2,390,000 for the first quarter of 2017. In making the sales, the company incurred the following costs and expenses. Cost of goods sold Selling expenses Administrative expenses Variable Fixed $951,000 $490,000 111,000 51,000 110,000 108,000 Prepare a CVP income statement for the quarter ended March 31, 2017. GROUPER INC. CVP Income Statement For the Quarter Ended March 31, 2017 Sales 2390000 Variable Costs Contribution Margin Fixed Costs Net Income/(Loss) 4
At its $30 selling price, Atlantic Company has sales of $30,000, variable manufacturing costs of $6,000,...
At its $30 selling price, Atlantic Company has sales of $30,000, variable manufacturing costs of $6,000, fixed manufacturing costs of $2,000, variable selling and administrative costs of $6,000 and fixed selling and administrative costs of $2,000. What is the company's contribution margin per unit?
At its $30 selling price, Atlantic Company has sales of $30,000, variable manufacturing costs of $5,000,...
At its $30 selling price, Atlantic Company has sales of $30,000, variable manufacturing costs of $5,000, fixed manufacturing costs of $1,000, variable selling and administrative costs of $4,000 and fixed selling and administrative costs of $1,000. What is the company's contribution margin per unit? Multiple Choice
Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price...
Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases 13,000 S 17.00 2.00 $1.00 $19,000 $ 16,000 S 8,000 $ 25,000 $88,000 Required: 1. Prepare a traditional income statement CHEROKEE, INC. Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses...
$170 per unit. The company incurs variable manufacturing costs of $83 per unit. Variable selling expenses...
$170 per unit. The company incurs variable manufacturing costs of $83 per unit. Variable selling expenses are $19 per unit, annual fixed manufacturing costs are $498.000, and fixed selling and administrative costs are $236.400 per year. Required Determine the break-even point in units and dollars using each of the following approaches: a. Use the equation method. b. Use the contribution margin per unit approach. c. Prepare a contribution margin income statement for the break-even sales volume. Complete this question by...
Term Test #2 CB203 Management Accounting Question 2 (25 marks) Ricker Manufacturing Inc. are projecting sales of $950,000, at a selling price of $10 per unit. COGS are $500,000 of which 30% is Variable Costs. Selling and Administrative Expenses total $260,000. Assume these are all fixed expenses. Create a Contribution Margin Income Statement and conduct the following CVP Analysis Ricker Manufacturing Inc. Contribution Margin Income Statement For the Period Ended Dec 31, 2019 Total $ Per Unit $ Contribution Margin...
Mills Manufacturing Inc. had sales for January 2020 of $900,000. The units sold were 18,000, and the expenses for January 2020 were as follows: Variable Fixed Cost of goods sold $171,000 $108,000 Selling expenses 49,500 24,300 Administrative expenses 24,300 28,800 Prepare a detailed CVP income statement for the month ended January 31, 2020. (Round per unit cost to 2 decimal places, e.g. 15.25.) Mills Manufacturing Inc. CVP Income Statement Total Per unit $ Calculate the contribution margin per unit. (Round...
Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount 10,000 $ 17 $ 2 $ 3 $21,000 $14,000 $10,000 $23,000 $88,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Prepare a traditional income statement. Cherokee, Inc. Traditional Income...
Question 1 Poloskie Manufacturing Inc. has provided you with the following CVP income statement. $973,000 Sales (1,390 units) Variable costs: Cost of goods sold Selling expenses Administrative expenses Contribution margin Fixed costs: Cost of goods sold Selling expenses Administrative expenses Operating income 435,070 77,840 61,160 398,930 147,340 51,430 29,190 $170,970 Calculate the contribution margin ratio. (Round answer to 2 decimal places, eg, 15.25%.) Contribution margin ratio LINK TO TEXT Calculate the break-even point in sales dollars and number of units....
Grouper Inc. had sales of $2,390,000 for the first quarter of 2017. In making the sales, the company incurred the following costs and expenses. Cost of goods sold Selling expenses Administrative expenses Variable Fixed $951,000 $490,000 111,000 51,000 110,000 108,000 Prepare a CVP income statement for the quarter ended March 31, 2017. GROUPER INC. CVP Income Statement For the Quarter Ended March 31, 2017 Sales 2390000 Variable Costs Contribution Margin Fixed Costs Net Income/(Loss) 4
At its $30 selling price, Atlantic Company has sales of $30,000, variable manufacturing costs of $5,000, fixed manufacturing costs of $1,000, variable selling and administrative costs of $4,000 and fixed selling and administrative costs of $1,000. What is the company's contribution margin per unit? Multiple Choice
Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases 13,000 S 17.00 2.00 $1.00 $19,000 $ 16,000 S 8,000 $ 25,000 $88,000 Required: 1. Prepare a traditional income statement CHEROKEE, INC. Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses...
$170 per unit. The company incurs variable manufacturing costs of $83 per unit. Variable selling expenses are $19 per unit, annual fixed manufacturing costs are $498.000, and fixed selling and administrative costs are $236.400 per year. Required Determine the break-even point in units and dollars using each of the following approaches: a. Use the equation method. b. Use the contribution margin per unit approach. c. Prepare a contribution margin income statement for the break-even sales volume. Complete this question by...
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