Homework Help Question & Answers

Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 54,500...


Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 54,500 units will be
Required: 1. Prepare an income statement in good form. Round the percent to four decimal places before converting to a percen
Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 54,500 units will be produced, with the following total costs: Direct materials 2 Direct labor 74,000 Variable overhead 26,000 Fixed overhead 240,000 Next year, Pietro expects to purchase $122,000 of direct materials Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Work-in-Process Inventory Inventory Beginning $6,000 $14,800 Ending $5.900 $16,800 Next year, Pietro expects to produce 54,500 units and sell 53,800 units at a price of $18.00 each. Beginning inventory of finished goods is $41,500, and ending inventory of finished goods is expected to be $33,000. Total selling expense is projected at $25,000, and total administrative expense is projected at $127,500 Required: 1. Prepare an income statement in good form. Round the percent to four decimal places before converting to a percentage. For example,.88349 would be rounded to.5835 and entere as 88.35
Required: 1. Prepare an income statement in good form. Round the percent to four decimal places before converting to a percentage. For example, 88349 would be rounded to 8835 and entered as 38.35 Pletro Frozen Foods, Inc. Income Statement For the Coming Year Percent Sales 968.000 100 Cost of goods sold Gross margin Less operating expenses Selling expenses Administrative expenses Operating income 2. What if the cost of goods sold percentage for the past few years was 46.39 percent? Management's reaction might be
0 0
Next > < Previous
ReportAnswer #1
Pietro Frozen Foods
Income Statement
Percent
Sales (53800*18) 968400 100%
Cost of Goods Sold 468600 48%
Gross Margin 499800 52%
Less: Operating Exp.
Sellin g Exp. 25000
Admin Exp. 127500 152500 16%
Operating income 347300 36%

Working Notes:

1.

Computation of Cost of Goods Manufactured
Particulars Amount
Direct Material Used:
Beginning Raw Material 6000
Add: Raw Material Purchase 122000
Total Raw Material Available 128000
Less: Ending Raw Material -5900
Total Raw Material Used 122100
Direct Labor 74000
Manuf. OH:
Variable OH 26000
Fixed OH 240000
Total Manuf. OH 266000
Total Manuf. Cost 462100
Add. Opening WIP 14800
476900
Less: Closing WIP -16800
Cost of of goods Manufactured 460100

2.

Pietro Frozen Foods
Cost of goods sold
Beginning finished goods inventory 41500
Add: Cost of goods manufactured 460100
Cost of goods available for sales 501600
Less: ending finished goods inventory -33000
Cost of goods sold 468600
Know the answer?
Add Answer to:
Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 54,500...
Your Answer: Your Name: What's your source?
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
  • Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 53,500...

    Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 53,500 units will be produced, with the following total costs: Direct materials ? Direct labor 52,000 Variable overhead 25,000 Fixed overhead 235,000 Next year, Pietro expects to purchase $117,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Inventory Work-in-Process Inventory Beginning $6,000 $11,800 Ending $5,900 $13,800 Next year, Pietro expects to produce 53,500...

  • Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 52,400...

    Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 52,400 units will be produced, with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead 56,000 27,000 180,000 Next year, Pietro expects to purchase $123,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Inventory $5,000 $4,900 Work-in-Process Inventory $12,600 $14,600 Beginning Ending Next year, Pietro expects to produce 52,400 units...

  • Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 50,900...

    Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 50,900 units will be produced, with the following total costs: Direct materials ? Direct labor 55,000 Variable overhead 22,000 Fixed overhead 215,000 Next year, Pietro expects to purchase $117,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Inventory Work-in-Process Inventory Beginning $7,000 $14,900 Ending $6,900 $16,900 Next year, Pietro expects to produce 50,900...

  • Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 49,000...

    Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 49,000 units will be produced, with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead Next year, Pietro expects to purchase $126,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows 74,000 20,000 195,000 Direct materials Work-in-Process Inventory $4,000 $3,900 Inventory $12,800 $14,800 Beginning Ending Next year, Pietro expects to produce 49,000 units...

  • Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 52,400 units will...

    Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 52,400 units will be produced, with the following total costs: Direct materials? Direct labor 53,000 Variable overhead 17,000 Fixed overhead 250,000 Next year, Pietro expects to purchase $115,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Inventory Work-in-Process Inventory Beginning $4,000 $12,700 Ending $3,900 $14,700 Next year, Pietro expects to produce 52,400 units and sell...

  • Income Statement Fietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 47,900...

    Income Statement Fietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 47,900 units will be produced, with the following total costs: Þirect materials Direct labor 54,000 Variable overhead 16,000 Fixed overhead 180.000 Next year, Pietro expects to purchase $122,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Work-in-Process Inventory Inventory $6,000 $13,400 $5,900 $15,400 Next year, Pietro expects to produce 47,900 units and sell...

  • Cost of Goods Sold Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts...

    Cost of Goods Sold Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 54,500 units will be produced, with the following total costs: Direct materials ? Direct labor 55,000 Variable overhead 26,000 Fixed overhead 225,000 Next year, Pietro expects to purchase $128,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Inventory Work-in-Process Inventory Beginning $5,000 $14,500 Ending $4,900 $16,500 Pietro expects to produce 54,500...

  • Cost of Goods Sold Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts...

    Cost of Goods Sold Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 54,500 units will be produced, with the following total costs: Direct materials ? Direct labor 55,000 Variable overhead 26,000 Fixed overhead 225,000 Next year, Pietro expects to purchase $128,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Inventory Work-in-Process Inventory Beginning $5,000 $14,500 Ending $4,900 $16,500 Pietro expects to produce 54,500...

  • How do I calculate and get the percentages? Pietro Frozen Foods, Inc, produces frozen pizzas, For...

    How do I calculate and get the percentages? Pietro Frozen Foods, Inc, produces frozen pizzas, For next year, Pietro predicts that 48,500 units will be produced, with the following total costs: Direct materials Direct labor Variable overhead Fxed overhead Next year, Pietro expects to purchase 121,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows 74,000 15,000 185,000 Direct materials Work-in-Process $6,000 $5,900 Inventory $13,000 $15,000 Bepinning Ending Next year, Pietro...

  • Cost of Goods Sold Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts...

    Cost of Goods Sold Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 50,200 units will be produced, with the following total costs: Direct materials ? Direct labor 58,000 Variable overhead 21,000 Fixed overhead 245,000 Next year, Pietro expects to purchase $128,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as fu Direct materials Work-in-Process Inventory Inventory Beginning $7,000 $14,000 Ending $6,900 $16,000 Pietro expects to produce 50,...

Free Homework 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.