Data related to the inventories of Mountain Ski Equipment and Supplies is presented below: Skis Apparel $132,000 Boots Supplies $72,000 Selling price $192, 000 $162,000 139,000 Cost 134, 000 96, 000 54,000 Replacement cost Sales commission Normal gross profit ratio 112, 300 142,000 122,000 62,000 10% 15% 10% 10% 10% 25% 20% 15% In applying the lower of cost or market rule, the inventory of skis would be valued at: Multiple Choice

Data related to the inventories of Mountain Ski Equipment and Supplies is presented below: Skis Apparel $132,000 Boots Supplies $72,000 Selling price $192, 000 $162,000 139,000 Cost 134, 000 96, 000 54,000 Replacement cost Sales commission Normal gross profit ratio 112, 300 142,000 122,000 62,000 10% 15% 10% 10% 10% 25% 20% 15% In applying the lower of cost or market rule, the inventory of skis would be valued at: Multiple Choice

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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Territory and Product Profitability Analysis Coast to Coast Surfboards Inc. manufactures and sells two styles of surfboards, Atlantic Wave and Pacific Pounder. These surfboards are sold in two regions, East Coast and West Coast. Information about the two surfboards is as follows: Atlantic Wave Pacific Pounder Sales price $400 $350 Variable cost of goods sold per unit (148) (168) Manufacturing margin per unit $252 $182 Variable selling expense per unit (172) (84) Contribution margin per unit $80 $98 The sales unit volume for the territories and products for the period is as follows: East Coast West Coast Atlantic Wave 3,360 1,680 Pacific Pounder 0 1,680 a. Prepare a contribution margin by sales territory report. Compute the contribution margin ratio for each territory as a whole percent, rounded to two decimal places, if required. Coast to Coast Surfboards Inc. Contribution Margin by Territory East…
Required: Jasper Company has sales of $182,000 and a break-even sales point of $123,600. Compute Jasper's margin of safety and its margin of safety percentage. Complete this question by entering your answers in the tabs below. Margin of Safety Compute Jasper's margin of safety. Margin of Safety Dercentana Margin of safety Margin of Safety Margin of Safety Percentage >
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Data related to the inventories of Alpine Ski Equipment and Supplies is presented below: Skis Boots Apparel Supplies Selling price $ 164,000 $ 157,000 $ 116,000 $ 69,000 Cost 138,000 138,000 81,200 44,850 Replacement cost 133,000 112,000 101,200 40,850 Sales commission 10 % 10 % 10 % 10 % In applying the lower of cost or net realizable value rule, the inventory of skis would be valued at:
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Data related to the inventories of Alpine Ski Equipment is shown below: Skis Boots Apparel Supplies Selling price $180,000 $150,000 $120,000 $60,000 Cost 128,000 133,000 90,000 45,000 Replacement cost 120,000 130,000 110,000 41,000 Sales commission 10% 10% 10% 10% Normal gross profit ratio 20% 20% 15% 15% In applying the LCM rule, the inventory of skis would be valued at: In applying the LCM rule, the inventory of boots would be valued at:
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Smoky Mountain Corporation makes two types of hiking boots—the Xtreme and the Pathfinder. Data concerning these two product lines appear below: Xtreme Pathfinder Selling price per unit $ 132.00 $ 94.00 Direct materials per unit $ 64.60 $ 53.00 Direct labor per unit $ 9.60 $ 8.00 Direct labor-hours per unit 1.2 DLHs 1.0 DLHs Estimated annual production and sales 24,000 units 70,000 units The company has a traditional costing system in which manufacturing overhead is applied to units based on direct labor-hours. Data concerning manufacturing overhead and direct labor-hours for the upcoming year appear below: Estimated total manufacturing overhead $ 2,470,000 Estimated total direct labor-hours 98,800 DLHs Required: 1. Compute the product margins for the Xtreme and the Pathfinder products under the company’s traditional costing system. 2. The company is considering replacing its traditional costing system with an…
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Smoky Mountain Corporation makes two types of hiking boots—the Xtreme and the Pathfinder. Data concerning these two product lines appear below: Xtreme Pathfinder Selling price per unit $ 120.00 $ 87.00 Direct materials per unit $ 65.20 $ 51.00 Direct labor per unit $ 11.20 $ 8.00 Direct labor-hours per unit 1.4 DLHs 1.0 DLHs Estimated annual production and sales 30,000 units 65,000 units The company has a traditional costing system in which manufacturing overhead is applied to units based on direct labor-hours. Data concerning manufacturing overhead and direct labor-hours for the upcoming year appear below: Estimated total manufacturing overhead $ 2,033,000 Estimated total direct labor-hours 107,000 DLHs Required: 1. Compute the product margins for the Xtreme and the Pathfinder products under the company’s traditional costing system. 2. The company is considering replacing its traditional costing system with an activity-based costing…
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