4. Contribution Income StatementPicnic Time produces a picnic basket that is sold for $100 per unit.Assume the company produced and sold 4,000 baskets during July.There were no beginning or ending inventories. Variable and fixed costsfollow.Variable Costs per UnitFixed Costs per MonthManufacturing overhead $36,000Selling and administrative 68,000$104,000Manufacturing:Direct materials$25Direct labor15TotalManufacturing overhead5 $45Selling and administrative4Total$49Prepare a contribution income statement for July. Please enter the correctamount into the blank in yellow. Show your calculations.Picnic TimeContribution Income StatementFor the Month of JulySalesLess: variable costs:Direct materialsDirect laborManufacturing overheadSelling and administrativeContribution MarginLess: fixed costs:Manufacturing overheadSelling and administrativeProfit

An income statement is a type of financial statement that displays how much money a company makes…

4. Contribution Income Statement Picnic Time produces a picnic basket that is sold for $100 per unit. Assume the company produced and sold 4,000 baskets during July. There were no beginning or ending inventories. Variable and fixed costs follow. Variable Costs per Unit Manufacturing: Direct materials Fixed Costs per Month Manufacturing overhead $36,000 Selling and administrative 68,000 $25 Direct lahor $104. 000 15 Total

4. Contribution Income Statement Picnic Time produces a picnic basket that is sold for $100 per unit. Assume the company produced and sold 4,000 baskets during July. There were no beginning or ending inventories. Variable and fixed costs follow. Variable Costs per Unit Manufacturing: Direct materials Fixed Costs per Month Manufacturing overhead $36,000 Selling and administrative 68,000 $25 Direct lahor $104. 000 15 Total

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

JART manufactures and sells underwater markers. Its contribution margin income statement follows. Contribution Margin Income Statement For Year Ended December 31 Annual Total Sales (600,000 units) Variable costs Per Unit $ 7.00 $ 4,200,000 Direct materials Direct labor 984,000 1.64 0.56 336,000 Variable overhead 0.60 360,000 Contribution margin Fixed costs 4.20 2,520,000 Fixed overhead 0.20 Fixed general and administrative 120,000 90,000 0.15 Income $ 3.85 $ 2,310,000 A potential customer offers to buy 70,000 units for $3.60 each. These sales would not affect the company's sales through its normal channels. Details about the special offer follow • Direct materials cost per unit and variable overhead cost per unit would not change. . Direct labor cost per unit would be $0.71 because the offer would require overtime pay, Accepting the offer would require incremental fixed general and administrative costs of $7,000 Accepting the offer would require no incremental fixed overhead costs…
The Peterson company incurred the following revenue and costs in the month of May: Sales Revenue S 57,000 Direct Materials $12,000 Variable Selling Costs $5,000 Direct labor paid $9,000 Mfg. Plant Utility Costs $19,000 Fixed Adv. Costs $2,000 1. The company's gross margin is? 2. If $10,000 of the mfg plant utility costs were fixed (and rest variable) the the Contribution Margin was? 3. If companys revenue is $ 530,000, profit before taxes $98000, and product costs are $390,000 then the companys period costs total is? 4. If fixed Costs are $15,000, operating income is $55, 000, revenues are $160,000, variable costs are $ 90,000, total Contribution Margin is?
The data below relates to SunRise for January and February of the current year. January February Maintenance hours 4,000 5,000 Maintenance cost $70,000 $80,000 January and February were the lowest and highest activity levels respectively and SunRise uses the high-low method to analyze cost behaviour. Which of the following statement is true? Multiple Choice The fixed maintenance cost is $40,000 per month The variable maintenance costs is $12 per hour The variable maintenance cost is $18 per hour The fixed maintenance cost is $30,000 per month The variable maintenance cost is $16 per hour
don't give answer in im
K Maintenance costs at Red Dot Manufacturing over the past six months are listed in the following table. (Click the icon to view the maintenance costs.) Using the high-low method, what is the total maintenance costs at Red Dot Manufacturing if 18,000 machine hours were used? OA. $7,875 OB. $15,660 O C. $10,175 O D. $9,950 Maintenance costs Month January February March April May June Maintenance cost $9,500 $9,860 Print E $8,600 $8,840 $8,600 $8,100 Done Machine hours 15,800 17,300 14,500 16,100 17,100 15,500 - X - Remaining: 01:
Please answet the first few parts
How do you figure this out?
Lindquist Company has the following information for February: Line Item Description Amount Sales $370,000 Variable cost of goods sold 173,900 Fixed manufacturing costs 55,500 Variable selling and administrative expenses 40,700 Fixed selling and administrative expenses 22,200 Determine the following for Lindquist Company for the month of February: Line Item Description Amount a. Manufacturing margin $fill in the blank 1 b. Contribution margin $fill in the blank 2 c. Operating income $fill in the blank 3
Give me answer for this question
Green and White Company reported the following monthly data: 3,600 units $ 27 per unit $ 2 per unit $ 3 per unit $ 3.50 per unit $ 14,400 in total $0.50 per unit Units produced Sales price Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses What is Green and White's contribution margin for this month if 1,140 units were sold? Multiple Choice O $64,800 O $20,520 $30,780 $97,200 $3,600 in total $25,080
Marley Company has the following information for March: Sales $912,000 Variable cost of goods sold 474,000 Fixed manufacturing costs 82,000 Variable selling and administrative expenses 238,100 Fixed selling and administrative expenses 54,700 Determine the following for Marley Company for the month of March: a. Manufacturing margin $fill in the blank 1 b. Contribution margin $fill in the blank 2 c. Operating income $fill in the blank 3
Right answer