Below are departmental income statements for a guitar manufacturer. The company classifies advertising, rent, and utilities as indirect expenses. The manufacturer is considering eliminating its Electric Guitar department because it shows a loss. Departmental Income Statements For Year Ended December 31 Acoustic Electric Sales $ 101,800 $ 83,500 Cost of goods sold 44,675 47,450 Gross profit 57,125 36,050 Expenses Advertising 5,035 4,310 Depreciation- Equipment 10,150 8,530 Salaries 20,000 17,500 Supplies used 1,960 1,780 Rent 7,065 6,000 Utilities 2,965 2,620 Total expenses 47,175 40,740 Income (loss) $ 9,950 $ (4,690) 1. Prepare a departmental contribution to overhead report. 2. Based on contribution to overhead, should the electric guitar department be eliminated?

Below are departmental income statements for a guitar manufacturer. The company classifies advertising, rent, and utilities as indirect expenses. The manufacturer is considering eliminating its Electric Guitar department because it shows a loss. Departmental Income Statements For Year Ended December 31 Acoustic Electric Sales $ 101,800 $ 83,500 Cost of goods sold 44,675 47,450 Gross profit 57,125 36,050 Expenses Advertising 5,035 4,310 Depreciation- Equipment 10,150 8,530 Salaries 20,000 17,500 Supplies used 1,960 1,780 Rent 7,065 6,000 Utilities 2,965 2,620 Total expenses 47,175 40,740 Income (loss) $ 9,950 $ (4,690) 1. Prepare a departmental contribution to overhead report. 2. Based on contribution to overhead, should the electric guitar department be eliminated?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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