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A B C D 8 After analyzing expenses, the company has determined the following cost patterns. 9 Cost of Goods Sold (per unit) 10 Sales Commissions (per dollar of sales) 11 Administrative Salaries (per quarter) 12 Rent Expense (per quarter) 13 Depreciation Expense (per quarter) 14 $29.00 9.50% $45,000 $27,000 $36,000 15 Shipping has been determined to be a mixed cost with the following to tal costs and units: E F G H 16 17 2022 18 Quarter 1 19 Quarter2 20 Quarter 3 21 Quarter 4 22 2023 23 Quarter 1 24 Quarter2 25 Quarter 3 26 Quarter 4 27 28 Use the data to answer the following. 29 30 31 Total Cost Units $67,000 12,500 $94,000 21,000 $89,800 13,800 $92,600 20,000 $72,500 13,700 $80,000 14,000 $84,000 14,300 $100,000 22,500 (Use cells A4 to C26 from the given Information to complete this question. All answers should be input and displayed as positive values.) 321. Using the high-low method, determine a cost formula for shipping costs. 33 34 35 High level of activity 36 Low level of activity 37 Change in activity Total Cost Units 38 39 Variable cost per unit 40 41 Fixed cost portion: 42 Total cost at high level of activity 43 Less: Variable cost element 44 Total fixed cost 45 46 2. Prepare a contribution margin income statement for Quarter 1 of 2024. 47 48 49 50 Jay Corporation Budgeted Income Statement For 2024, Quarter 1 51 Sales 52 Variable expenses: 53 Cost of goods sold 54 Sales commissions 55 Shipping expense 56 Total variable expenses 57 Contribution margin 58 Fixed expenses: 59 Adminstrative salaries 60 Rent expense 61 Shipping expense 62 Depreciation expense 63 Total fixed expenses 64 Net operating income 65

A B C D 8 After analyzing expenses, the company has determined the following cost patterns. 9 Cost of Goods Sold (per unit) 10 Sales Commissions (per dollar of sales) 11 Administrative Salaries (per quarter) 12 Rent Expense (per quarter) 13 Depreciation Expense (per quarter) 14 $29.00 9.50% $45,000 $27,000 $36,000 15 Shipping has been determined to be a mixed cost with the following to tal costs and units: E F G H 16 17 2022 18 Quarter 1 19 Quarter2 20 Quarter 3 21 Quarter 4 22 2023 23 Quarter 1 24 Quarter2 25 Quarter 3 26 Quarter 4 27 28 Use the data to answer the following. 29 30 31 Total Cost Units $67,000 12,500 $94,000 21,000 $89,800 13,800 $92,600 20,000 $72,500 13,700 $80,000 14,000 $84,000 14,300 $100,000 22,500 (Use cells A4 to C26 from the given Information to complete this question. All answers should be input and displayed as positive values.) 321. Using the high-low method, determine a cost formula for shipping costs. 33 34 35 High level of activity 36 Low level of activity 37 Change in activity Total Cost Units 38 39 Variable cost per unit 40 41 Fixed cost portion: 42 Total cost at high level of activity 43 Less: Variable cost element 44 Total fixed cost 45 46 2. Prepare a contribution margin income statement for Quarter 1 of 2024. 47 48 49 50 Jay Corporation Budgeted Income Statement For 2024, Quarter 1 51 Sales 52 Variable expenses: 53 Cost of goods sold 54 Sales commissions 55 Shipping expense 56 Total variable expenses 57 Contribution margin 58 Fixed expenses: 59 Adminstrative salaries 60 Rent expense 61 Shipping expense 62 Depreciation expense 63 Total fixed expenses 64 Net operating income 65

Financial Reporting, Financial Statement Analysis and Valuation
Financial Reporting, Financial Statement Analysis and Valuation
8th Edition
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Chapter10: Forecasting Financial Statement
Section: Chapter Questions
Problem 12PC
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A B C D 8 After analyzing expenses, the company has determined the following cost patterns. 9 Cost of Goods Sold (per unit) 10 Sales Commissions (per dollar of sales) 11 Administrative Salaries (per quarter) 12 Rent Expense (per quarter) 13 Depreciation Expense (per quarter) 14 $29.00 9.50% $45,000 $27,000 $36,000 15 Shipping has been determined to be a mixed cost with the following to tal costs and units: E F G H 16 17 2022 18 Quarter 1 19 Quarter2 20 Quarter 3 21 Quarter 4 22 2023 23 Quarter 1 24 Quarter2 25 Quarter 3 26 Quarter 4 27 28 Use the data to answer the following. 29 30 31 Total Cost Units $67,000 12,500 $94,000 21,000 $89,800 13,800 $92,600 20,000 $72,500 13,700 $80,000 14,000 $84,000 14,300 $100,000 22,500 (Use cells A4 to C26 from the given Information to complete this question. All answers should be input and displayed as positive values.) 321. Using the high-low method, determine a cost formula for shipping costs. 33 34 35 High level of activity 36 Low level of activity 37 Change in activity Total Cost Units 38 39 Variable cost per unit 40 41 Fixed cost portion: 42 Total cost at high level of activity 43 Less: Variable cost element 44 Total fixed cost 45 46 2. Prepare a contribution margin income statement for Quarter 1 of 2024. 47 48 49 50 Jay Corporation Budgeted Income Statement For 2024, Quarter 1 51 Sales 52 Variable expenses: 53 Cost of goods sold 54 Sales commissions 55 Shipping expense 56 Total variable expenses 57 Contribution margin 58 Fixed expenses: 59 Adminstrative salaries 60 Rent expense 61 Shipping expense 62 Depreciation expense 63 Total fixed expenses 64 Net operating income 65
Transcribed Image Text:A B C D 8 After analyzing expenses, the company has determined the following cost patterns. 9 Cost of Goods Sold (per unit) 10 Sales Commissions (per dollar of sales) 11 Administrative Salaries (per quarter) 12 Rent Expense (per quarter) 13 Depreciation Expense (per quarter) 14 $29.00 9.50% $45,000 $27,000 $36,000 15 Shipping has been determined to be a mixed cost with the following to tal costs and units: E F G H 16 17 2022 18 Quarter 1 19 Quarter2 20 Quarter 3 21 Quarter 4 22 2023 23 Quarter 1 24 Quarter2 25 Quarter 3 26 Quarter 4 27 28 Use the data to answer the following. 29 30 31 Total Cost Units $67,000 12,500 $94,000 21,000 $89,800 13,800 $92,600 20,000 $72,500 13,700 $80,000 14,000 $84,000 14,300 $100,000 22,500 (Use cells A4 to C26 from the given Information to complete this question. All answers should be input and displayed as positive values.) 321. Using the high-low method, determine a cost formula for shipping costs. 33 34 35 High level of activity 36 Low level of activity 37 Change in activity Total Cost Units 38 39 Variable cost per unit 40 41 Fixed cost portion: 42 Total cost at high level of activity 43 Less: Variable cost element 44 Total fixed cost 45 46 2. Prepare a contribution margin income statement for Quarter 1 of 2024. 47 48 49 50 Jay Corporation Budgeted Income Statement For 2024, Quarter 1 51 Sales 52 Variable expenses: 53 Cost of goods sold 54 Sales commissions 55 Shipping expense 56 Total variable expenses 57 Contribution margin 58 Fixed expenses: 59 Adminstrative salaries 60 Rent expense 61 Shipping expense 62 Depreciation expense 63 Total fixed expenses 64 Net operating income 65
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