CraneManufacturing Inc. had sales of $3.00 million for the first quarter of 2022. In making the sales, the company incurred thefollowing costs and expenses:Cost of goods soldSelling expensesAdministrative expensesVariable$920,00073,00087,000Fixed$448,500CRANE MANUFACTURING INC.CVP Income Statement42,00095,500Prepare a CVP income statement for the quarter ended March 31, 2022.K

CVP income statement for the quarter ended March 31, 2022.Sales$3,000,000Variable Costs$1,080,000…

Answered: CraneManufacturing Inc. had sales of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The actual selling expenses incurred in March 2022 by Sheffield Company are as follows. Variable Expenses Fixed Expenses Sales commissions $12,100 Sales salaries $38,500 Advertising 7,590 Depreciation 7,700 Travel 5,610 Insurance 1,100 Delivery 3,795 Variable costs and their percentage relationship to sales are sales commissions 6%, advertising 4%, travel 3%, and delivery 2%. Fixed selling expenses will consist of sales salaries $38,500, Depreciation on delivery equipment $7,700, and insurance on delivery equipment $1,100.
Blossom Inc. had sales of $2,300,000 for the first quarter of 2020. In making the sales, the company incurred the following costs and expenses. Variable Fixed Cost of goods sold $936,000 $473,000 Selling expenses 119,000 71,000 Administrative expenses 116,000 120,000 Prepare a CVP income statement for the quarter ended March 31, 2020. BLOSSOM INC. CVP Income Statement For the Quarter Ended March 31, 2020
Sah
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.
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…
Whitman Company has just completed its first year of operations. The company's traditional format income statement for the year follows: Whitman Company Income Statement Sales (35,000 units × $25 per unit) Cost of goods sold (35,000 units × $15 per unit) Gross margin Selling and administrative expenses Net operating income Amount $ 875,000 525,000 350,000 278,000 $ 72,000 The company's selling and administrative expenses consist of $208,000 per year in fixed expenses and $2 per unit sold in variable expenses. The $15 unit product cost given above is computed as follows: Direct materials Direct labor Variable overhead Fixed overhead ($100,000 ÷ 50,000 units) Unit product cost (under traditional costing) $ 6 6 1 2 $15 Required: 1. Prepare a contribution format income statement for the year ended December 31. 2. What was the contribution toward fixed expenses and profits for each unit sold? (State this figure in a single dollar amount per snowboard.) 3. What would operating income be if…
Sunland Beauty Corporation manufactures cosmetic products that are sold through a network of sales agents. The agents are paid a commission of 21% of sales. The income statement for the year ending December 31, 2022, is as follows. SUNLAND BEAUTY CORPORATIONIncome StatementFor the Year Ended December 31, 2022 Sales $71,200,000 Cost of goods sold Variable $30,616,000 Fixed 8,560,000 39,176,000 Gross profit $32,024,000 Selling and marketing expenses Commissions $14,952,000 Fixed costs 10,660,400 25,612,400 Operating income $6,411,600 The company is considering hiring its own sales staff to replace the network of agents. It will pay its salespeople a commission of 7% and incur additional fixed costs of $9,968,000. Calculate the company’s break-even point in sales dollars for the year 2022 if it hires its own sales force to replace the network of agents. Break-even…
None
Sisyphus Inc. records total sales of $657,500 in the current period, with a cost of goods sold of $389,000 . Sisyphus expects 4% of sales to be returned. How much in net sales will Sisyphus recognize for the current period? Group of answer choices $373,400 $268,500 $631,200 $657,500 $257,760 The Sisyphus Inc’s (SSY) Company’s annual statement of cash flows reported the following (in millions): Net cash from financing activities $63,864 Net cash from investing activities -62,512 Cash at the beginning of the year 13,152 Cash at the end of the year 18,948 What did SSY report for “Net cash from operating activities” during the year? Group of answer choices $71,220 million cash inflow None of the above $4,444 million cash outflow $4,444 million cash inflow $71,220 million cash outflow
Planet Ltd produces fridges and freezers, which are sold to retailers. The financial statements for the last three years are as follows: Income statements for the year ending 31st December 2021 2022 £000 £000 Revenue 336,250 427,038 Cost of sales (126,675) (190,012) Gross profit 209,575 237,025 Administration expenses (73,290) (95,795) Distribution expenses (14,678) (8,720) Operating profit 121,407 121,931 Interest (8,750) (11,250) Profit before tax 118,142 166,326 Tax (22,531) (22,136) Profit for the year 90,126 88,545 Statements of financial position as at 31st December 2021 2022 ￡000 ￡000 Non-current assets Property, plant and equipment 286,250 327,650 Current assets Inventories 37,000 28,000 Trade receivables 42,000 43,500 Cash 19,632 24,570 98,632 96,070 Total assets 384,882…
Burger Shack, Inc. Product Line Income Statement For the Year Ended December 31, 2023 Hamburgers Hot Dogs Tacos Sales $120,000 $110,000 $90,000 Cost of Goods Sold (Variable) $56,000 $48,000 $60,000 Gross Profit $64,000 $62,000 $30,000 Selling and Administrative Expenses (Variable) $11,000 $14,000 $15,000 Income from Operations $53,000 $48,000 $15,000 Fixed Expenses* Net Income
Dineshbhai

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS