Can you please answer the following requirements on these financial accounting question? Appliance Haven is a retailer that sells refrigerators. The income statementfor the month of September showed a gross margin of $75,000 and anoperating income of $25,000. Selling and administrative expenses were 40%fixed. 250 refrigerators were sold at an average price of $900 per unit. Allrefrigerators are purchased from Whirlpool and Samsung.a) Prepare an income statement for the month using the contributionapproach.b) What is the contribution margin per unit?

Step 1: Given InformationGross margin = $75,000Operating income = $25,000Selling &…

Answered: Appliance Haven is a retailer that…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement...

See similar textbooks

Similar questions

Betsy's Gift Baskets sells gift baskets, on average, for $125; each gift basket costs, on average, $60. Betsy pays salaries each month of $1,300 and her store rent is $1,000 per month. She also pays sales commissions of 5% of the sales price. In May, 140 gift baskets were sold. Required: a. Prepare a traditional income statement for the month of May. b. Prepare a contributio
In the month of July, a convenience store had total sales of $118,000 from its gas pumps and other in-store products. If HST is 17% of sales, how much HST was collected on the in-store products if these sales represent 31% of total sales? (Round your answer to 2 decimal places.) HST collected on in-store products
Klum's Fashions sold merchandise for $45,000 cash during the month of July. Returns that month totaled $1,000. If the company's gross profit rate is 40%, Compute the following: a) Net sales revenue b) Cost of goods sold
In the month of July, a convenience store had total sales of $102, 300 from its gas pumps and other in-store products. If HST is 13% of sales, how much HST was collected on the in-store products if these sales represent 36% of total sales?
Last month CyberGames, a computer game retailer, had total sales of $1,450,000, selling expenses of$210,000, and administrative expenses of $180,000. The company had beginning merchandise inventory of $240,000, purchased additional merchandise inventory for $950,000, and had ending merchandiseinventory of $170,000.Required:Prepare an income statement for the company for the month
J Coronado, Ltd. is a local coat retailer. The store’s accountant prepared the following income statement for the month ended January 31: Sales revenue $ 751,000 Cost of goods sold 585,780 Gross margin 165,220 Operating expenses Selling expense $ 24,430 Administrative expense 50,650 75,080 Net operating income $ 90,140 Coronado sells its coats for $250 each. Selling expenses consist of fixed costs plus a commission of $6.50 per coat. Administrative expenses consist of fixed costs plus a variable component equal to 5% of sales. (a) Prepare a contribution format income statement for January. (Round per unit cost to 2 decimal places, e.g. 52.75 and all other answers to 0 decimal places, e.g. 5,275.) Per Unit select an income statement item $enter a dollar…
A car salesperson had $85,460 in total monthly sales in September and $74,570 in October. The salesperson earned a total of $3,485 in commission from those sales combined. What is the salesperson's commission as a percent of the total monthly sales? Enter your answer, rounded to the nearest tenth of a percent, in the box. %
Frank’s Company has two stores: Urban and Rural. During November, Frank’s Company reported operating income of $1,250 and sales of $475,000. The contribution margin in The Urban store was $96,250, or 35% of sales. The segment margin inthe Rural store was $20,000, or 10% of sales. Traceable fixed expenses were $60,000 in the Urban store and $40,000 in the Rural store. What was the segment margin ratio in Urban Store? Multiple Choice 13.18% 35.0% 26.5% 15.75%
Colton Inc. is a merchandising company. Last month, the company's cost of goods sold was $85,600. The company's beginning merchandise inventory was $18,200, and its ending merchandise inventory was $30,500. What was the total amount of the company's merchandise purchases for the month? correct answer
Your campus computer store reported Sales Revenue of $168,000. The company’s gross profit percentage was 60.0 percent. What amount of Cost of Goods Sold did the company report?
ABC is an online-to-offline platform that sells e-commerce products to offline customers through a network of agents. ABC gives a commission to agents for each sale made. ABC has 4 main product categories: electronics, fashion, supermarket, and others. Please refer to the exhibits for data sets pertaining to the questions below. Today is May 16th. What is the average growth in average sales per agent per month from March to May target? Answer:..... % Which one is the category with the highest and lowest average month-on-month sales growth from March to May target? Answer: Highest : .......... Lowest:............. Today is 16th May We have got the interim result of the sales figures in the first half of May. Typically, the first half of the month constitutes of 40% of sales. Using this assumption, will we reach our May target? What % over the target will we over/under-deliver? Answer: under/over-deliver by ......... % of target Using that assumption, which…
You are the vice president of finance of Sandy Alomar Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 2020. These schedules appear below. Sales($5 per unit) Cost ofGoods Sold GrossMarginSchedule 1 $150,000 $124,900 $25,100Schedule 2 150,000 129,400 20,600The computation of cost of goods sold in each schedule is based on the following data. Units Costper Unit TotalCostBeginning inventory, January 110,000$4.00$40,000Purchase, January 108,0004.2033,600Purchase, January 306,0004.2525,500Purchase, February 119,0004.3038,700Purchase, March 1711,0004.4048,400Jane Torville, the president of the corporation, cannot understand how two different gross margins can be computed from the same set of data. As the vice president of finance, you have explained to Ms. Torville that the two schedules are based on different assumptions concerning the flow of inventory costs, i.e., FIFO and LIFO. Schedules 1 and 2 were not…

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Principles of Cost Accounting

Accounting

ISBN:

9781305087408

Author:

Edward J. Vanderbeck, Maria R. Mitchell

Publisher:

Cengage Learning

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Principles of Cost Accounting

Accounting

ISBN:

9781305087408

Author:

Edward J. Vanderbeck, Maria R. Mitchell

Publisher:

Cengage Learning

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

Essentials of Business Analytics (MindTap Course …

Statistics

ISBN:

9781305627734

Author:

Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS