A. Calculate the missing amounts in MVP MVP, Inc. Income Statement For the Year Ended December 31, 2021 Sales $ 375,000 9. Cost of Goods Sold: 10 Direct Materials (variable) Direct Labor (variable) Manufacturing Overhead ($40,000 is fixed) 100,000 11 19,600 12 89,500 13 Cost of Goods Sold 209,100 14 Gross Profit In/a Operating Expenses: Sales Commissions (variable) 15 16 12,500 Shipping (variable) Advertising (fixed) Billing (of which $10,000 is fixed) Sales and Administrative Salaries (fixed) Total Operating Expenses Operating Income (Loss) 17 2,500 18 9,800 19 10,250 20 99,900 21 134,950 22 n/a 23
A. Calculate the missing amounts in MVP MVP, Inc. Income Statement For the Year Ended December 31, 2021 Sales $ 375,000 9. Cost of Goods Sold: 10 Direct Materials (variable) Direct Labor (variable) Manufacturing Overhead ($40,000 is fixed) 100,000 11 19,600 12 89,500 13 Cost of Goods Sold 209,100 14 Gross Profit In/a Operating Expenses: Sales Commissions (variable) 15 16 12,500 Shipping (variable) Advertising (fixed) Billing (of which $10,000 is fixed) Sales and Administrative Salaries (fixed) Total Operating Expenses Operating Income (Loss) 17 2,500 18 9,800 19 10,250 20 99,900 21 134,950 22 n/a 23
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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4 A. Calculate the missing amounts in MVP's Income Statement presented for financial reporting purposes below:
MVP, Inc.
Income Statement
7.
For the Year Ended December 31, 2021
8.
Sales
$ 375,000
6.
Cost of Goods Sold:
10
Direct Materials (variable)
100,000
11
Direct Labor (variable)
19,600
Manufacturing Overhead ($40,000 is fixed)
Cost of Goods Sold
12
89,500
13
209,100
14
Gross Profit
In/a
Operating Expenses:
Sales Commissions (variable)
15
16
12,500
Shipping (variable)
Advertising (fixed)
Billing (of which $10,000 is fixed)
Sales and Administrative Salaries (fixed)
Total Operating Expenses
Operating Income (Loss)
17
2,500
18
9,800
19
10,250
20
99,900
21
134,950
22
n/a
23
24 Additional information:
25
Sales Price per unit:
$15.00
Plant capacity (relevant range) is 60,000 units per year
All variable expenses in the company vary in terms of units sold
26
27
28
There was no change in inventory levels between the beginning and end of the year
29
30 B. Using the information above, calculate the missing amounts below:
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