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Homework: Chapter 4 Homework Score: 0 of 1 pt 6 of 6 (3 complete) 4-51 (similar...

Homework: Chapter 4 Homework Score: 0 of 1 pt 6 of 6 (3 complete) 4-51 (similar to) The Kashmir Company provides you with the

Homework: Chapter 4 Homework Score: 0 of 1 pt 6 of 6 (3 complete) 4-51 (similar to) The Kashmir Company provides you with the following miscellaneous data regarding operations in 20X9: (Click the icon to view the data.) Requirements Compute (a) variable selling and administrative expenses, (b) contribution margin in dollars, (c) variable manufacturing overhead, (d) break-even point in sales dollars, and (e) manufacturing cost of goods sold. Complete the income statement to solve for (a) variable selling and administrative expenses, (c) variable manufacturing overhead, and (e) manufacturing cost of goods sold. Sales 300000 Cost of goods manufactured and sold Direct material 163000 Data Table Х Direct labor 23000 Fixed manufacturing overhead 18000 $ 93,000 64,000 Total manufacturing cost of goods sold Gross profit Selling and administrative expenses: Gross profit Net profit Sales Direct materials used 300,000 163.000 Direct labor 23,000 18.000 Fixed manufacturing overhead Fixed selling and administrative expenses 14,000 Net profit There are no beginning or ending inventories. Print Done
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Answer #1
Sales $300,000
Cost of goods manufactured and sold
Direct material $163,000
Direct labour $23,000
Variable manufacturing overhead $3,000
Fixed manufacturing overhead $18,000
Total manufacturing cost of goods sold $207,000
Gross profit $93,000
Selling and administrative expenses
Variable selling and administrative expense $15,000
Fixed selling and administrative expense $14,000
Net profit $64,000

(a)

Variable selling and administrative expense:

= $93,000 - $64,000 - $14,000

= $15,000

(b)

Contribution margin:

= $300,000 - $163,000 - $23,000 - $3,000 - $15,000

= $96,000

(c)

Variable manufacturing overhead:

= $300,000 - $163,000 - $23,000 - $18,000 - $93,000

= $3,000

(d)

Contribution margin ratio:

= $96,000 / $300,000

= 32%

Breakeven sales:

= ($18,000 + $14,000) / 32%

= $100,000

(e)

Manufacturing cost of goods sold:

= $163,000 + $23,000 + $18,000 + $3,000

= $207,000

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