At the beginning of the year, Downtown Athletic had an inventory of $200,000. During the year, the company purchased goods costing $800,000. If Downtown Athletic reported ending inventory of $300,000 and sales of $1,050,000, their cost of goods sold and gross profit rate must be ............ The Stacy Company makes and sells a single product, Product R. Budgeted sales for April are $300,000. Gross Margin is budgeted at 30% of sales dollars. If the net income for April is budgeted at $40,000, the budgeted selling and administrative expenses are: - $133,333 - $60,000 - $102,000 - $78,000. CALIN CORPORATION HAS TOTAL CURRENT ASSETS OF $615,000, TOTAL CURRENT LIABILITIES OF $230,000, TOTAL STOCKHOLDERS EQUITY OF $1,183,000, TOTAL PLANT AND EQUIPMENT (NET) OF $958,000, TOTAL ASSETS OF $1,573,000, AND TOTAL LIABILITIES OF $390,000. THE COMPANY'S WORKING CAPITAL IS

At the beginning of the year, Downtown Athletic had an inventory of $200,000. During the year, the company purchased goods costing $800,000. If Downtown Athletic reported ending inventory of $300,000 and sales of $1,050,000, their cost of goods sold and gross profit rate must be ............ The Stacy Company makes and sells a single product, Product R. Budgeted sales for April are $300,000. Gross Margin is budgeted at 30% of sales dollars. If the net income for April is budgeted at $40,000, the budgeted selling and administrative expenses are: - $133,333 - $60,000 - $102,000 - $78,000. CALIN CORPORATION HAS TOTAL CURRENT ASSETS OF $615,000, TOTAL CURRENT LIABILITIES OF $230,000, TOTAL STOCKHOLDERS EQUITY OF $1,183,000, TOTAL PLANT AND EQUIPMENT (NET) OF $958,000, TOTAL ASSETS OF $1,573,000, AND TOTAL LIABILITIES OF $390,000. THE COMPANY'S WORKING CAPITAL IS

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 22E: Ellerson Company provided the following information for the last calendar year: During the year,...

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Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
During the current year, Sokowski Manufacturing earned income of $350,000 from total sales of $5,500,000 and average capital assets of $12,000,000. A. Based on this information, calculate asset turnover. B. Using the sales margin from the previous exercise, what is the total ROI for the company during the current year?
Prairie Corporation has sales of $7,000,000 in its first year of operation. During this first year of operations its variable costs of goods sold were $2,500,000 of sales. Fixed cost of goods sold were $400,000. Selling and administrative cost were $1,400,000 and taxes were $700,000. Please calculate Prairie Corporation's after-tax income.
Net sales for the year were $450,000 and cost of goods sold was $297,000 for the company's existing products. A new product is presently under development and has an expected selling price of not more than $75 per unit in order to remain competitive with similar products in the marketplace. Required: a. Calculate gross profit and the gross profit ratio for the year. Net sales Cost of goods sold Gross profit $ 450,000 $ 153,000 b. What is the maximum cost per unit that can be incurred to manufacture the new product so that the product can be priced competitively and will not result in a reduction to the company's gross profit ratio? (Round your final answer to 2 decimal places.) Maximum manufacturing cost per unit
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Stay Handy company is a large company providing door to door delivery service forgroceries and other daily need items. In the most recent year, company had 60 millionmembers, through which provided it a revenue of $33,347 in the most recent year. Thedetails relating to Costs and expenses for the year were as follows:ParticularsCost of revenueSelling, general, and administrative expensesDepreciation and amortizationAmount (S in millions)§14 958S§7 9948,150Form the total cost of revenue 30% was fixed and the selling, general and administrativeexpenses are fixed to the extent of 70% to the number of members. How manymemberships does the company need to break-even? (All interim calculations and finalanswers should be rounded off to one decimal place)
CraneManufacturing Inc. had sales of $3.00 million for the first quarter of 2022. In making the sales, the company incurred the following costs and expenses: Cost of goods sold Selling expenses Administrative expenses Variable $920,000 73,000 87,000 Fixed $448,500 CRANE MANUFACTURING INC. CVP Income Statement 42,000 95,500 Prepare a CVP income statement for the quarter ended March 31, 2022. K
Coyle Manufacturing reports the following information for year 1: Sales revenue (60,000 units) Manufacturing costs Materials Variable cash costs Fixed cash costs. Depreciation (fixed) Marketing and administrative costs Marketing (variable, cash) Marketing depreciation Administrative (fixed, cash) Administrative depreciation Total costs Operating profits (losses) Coyle Manufacturing Budgeted Income Statement For Year 2 Sales revenue Manufacturing costs: Materials Variable cash costs Fixed cash costs Depreciation (fixed) All depreciation charges are fixed. Manufacturing depreciation is expected to increase by 10 percent in year 2. Marketing and administrative depreciation are expected to remain the same for year 2. Sales volume is expected to increase by 5 percent, but prices are expected to fall by 10 percent. Materials costs per unit are expected to decrease by 8 percent. Unit variable cash manufacturing costs are expected to increase by 15 percent. Fixed cash costs are expected to…
Fourth Street Lighting shows a net income of $224 000 for the previous year. If the contribution rate for the store was 40.3%, and the fixed cost was $315 000, what were last year’s sales?
Harris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs per unit over the relevant range of 63,000 to 103,000 units is given below: Required: 1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. 2. Assume that the company produces and sells 93,000 units during the year at a selling price of $8.50 per unit. Prepare a contribution format income statement for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. (Round the per unit variable cost and fixed cost to 2 decimal places.) 63,000 Units Produced and Sold 83,000 Units Produced and Sold 103,000 Units Produced and Sold Total costs: Variable costs $ 176,400 Fixed costs 390,000 Total costs $ 566,400 Cost per unit: Variable cost Fixed cost Total cost per unit
24A-4. Sabatini Company has requested that you (1) assign indirect expenses to its jewelry and shoes departments as appropriate and (2) prepare an income statement for August 201X showing departmental contribution margins along with net income. Assume a 25% tax rate. Jewelry (32,000 square feet) Shoes (12,000 square feet) Indirect Cost Net Sales $277,000 $218,000 Cost of Goods Sold 203,000 115,000 Salaries Expense 2,800 1,750 $ 9,900 Depreciation Expense 23,800 21,200 Advertising Expense Administrative Expense 850 2,250 22,000 32,600 Rent Expense 12,500 Salaries are based on net sales. All other indirect expenses are based on square footage. LO2,3 (60 min) Check Figure: Total Indirect Expenses $77,000