Question Content AreaMultiple-Product Break-even, Break-Even Sales RevenueCherry Blossom Products Inc. produces and sells yoga-training products: how-to DVDs and a basicequipment set (blocks, strap, and small pillows). Last year, Cherry Blossom Products sold 13,500+DVDs and 4,500 equipment sets. Information on the two products is as follows:|DVDsEquipment SetsPriceVariable cost per unitTotal fixed cost is $99,900.Suppose that in the coming year, the company plans to produce an extra-thick yoga mat for sale tohealth clubs. The company estimates that 9,000 mats can be sold at a price of $16 and a variable costper unit of $9. Total fixed cost must be increased by $33,300 (making total fixed cost $133,200).Assume that anticipated sales of the other products, as well as their prices and variable costs, remainthe same.SalesTotal variable cost$8Contribution margin2. Compute the break-even quantity of each product.Total fixed cost$2543a. Prepare an income statement for Cherry Blossom Products for the coming year.Cherry Blossom Products Inc.Income StatementFor the Coming YearOperating income15

A variable costing income statement calculates the operating income by deducting the fixed cost…

Answered: Blossom Products Inc. produces and…

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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Suds & Cuts is a local pet grooming shop owned by Collin Bark. Collin has prepared the following standard cost card for each dog bath given: Shampoo Water Standard Quantity 2.3 oz. 21 gal. Direct labor 1.35 hr. Standard Rate $ 0.60 per oz. $ 0.05 per gal. $11.00 per hr. Standard Unit Cost $ 1.38 1.05 14.85 During the month of July, Collin's employees gave 410 baths. The actual results were 755 ounces of shampoo used (cost of $520.95), 7,100 gallons of water used (cost of $639), and labor costs for 350 hours (cost of $4,375). Required: 1. Calculate Suds & Cuts direct materials variances for both shampoo and water for the month of July. 2. Calculate Suds & Cuts direct labor variances for the month of July Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate Suds & Cuts direct materials variances for both shampoo and water for the month of July. (Round your answers to 2 decimal places. Indicate the…
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Suds & Cuts is a local pet grooming shop owned by Collin Bark. Collin has prepared the following standard cost card for each dog bath given: Standard Quantity Standard Rate Standard Unit Cost Shampoo 1.2 oz. $ 0.20 per oz. $ 0.24 Water 10 gal. $ 0.04 per gal. 0.40 Direct labor 0.8 hr. $ 9.00 per hr. 7.20 During the month of July, Collin’s employees gave 350 baths. The actual results were 700 ounces of shampoo used (cost of $182.00), 6,000 gallons of water used (cost of $420), and labor costs for 240 hours (cost of $2,448). Required: 1. Calculate Suds & Cuts direct materials variances for both shampoo and water for the month of July. 2. Calculate Suds & Cuts direct labor variances for the month of July.
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Blossom Products Inc. produces and sells yoga-training products: how-to DVDs an hent set (blocks, strap, and small pillows). Last year, Cherry Blossom Products sold and 4.500 equipment sets. Information on the two products is as follows: