Calip Corporation, a merchandising company, reported thefollowing results for October:SalesCost of goods gold (all variable)Total variable selling expenseTotal fixed selling expense$490,000$169,700$24,200$21,700Total variable administrative expense $13,200Total fixed administrative expense$33,600The gross margin for October is:a) $320,300b) $434,700c) $282,900d) $227,600

Step 1: Introduction to the Variable administrative expenses:Variable administrative expenses can be…

Answered: Calip Corporation, a merchandising…

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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XYZ, Inc. reports the following information for November: Sales Revenue $800,000 Variable Cost of Goods Sold 110,000 Fixed Cost of Goods Sold 45,000 Variable Selling and Administrative Costs 100,000 Fixed Selling and Administrative Costs 70,000 Calculate the gross profit for November using absorption (traditional) costing. Question 18Select one: A. $ 730,000 B. $690,000 C. $700,000 D. $645,000
The following information is available about the operations of the Delaware Publishing Company for the month of January. Find the missing values. Revenue (total sales) Fixed costs Variable costs Total costs Net Income $28,400 $85,700 $29,200
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Bolka Corporation, a merchandising company, reported the following results for October: Sales $ 418,000 Cost of goods sold (all variable) $ 175,500 Total variable selling expense $ 23,700 Total fixed selling expense $ 21,800 Total variable administrative expense $ 16,200 Total fixed administrative expense $ 34,300 The contribution margin for October is: Multiple Choice $146,500 $361,900 $202,600 $242,500
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On March 31, the end of the first year of operations, Barnard Inc., manufactured 5,500 units and sold 4,700 units. The following income statement was prepared, based on the variable costing concept: Barnard Inc.Variable Costing Income StatementFor the Year Ended March 31, 20Y1 Sales $940,000 Variable cost of goods sold: Variable cost of goods manufactured $528,000 Inventory, March 31 (76,800) Total variable cost of goods sold (451,200) Manufacturing margin $488,800 Total variable selling and administrative expenses (112,800) Contribution margin $376,000 Fixed costs: Fixed manufacturing costs $242,000 Fixed selling and administrative expenses 75,200 Total fixed costs (317,200) Operating income $58,800 Determine the unit cost of goods manufactured, based on (a) the variable costing concept and (b) the absorption costing concept. Variable costing $fill in the blank 1 Absorption costing…

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