Provide correct answer general Accounting question During its first year. Concord, Inc., showed a $21 per unit profitunder absorption costing but would have reported a total profitof $16,800 less under variable costing. If production exceededsales by 700 units and an average contribution margin of 60%was maintained, what is apparent:a. Fixed cost per unit?b. Sales price per unit?c. Variable cost per unit?d. Unit sales volume if total profit under absorption costing was$189,000?

Step 1: Define Total CostTotal cost is an economic factor that involves not only the initial expense…

Answered: During its first year. Concord, Inc.,…

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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A & B?? answer this problem
What is the contribution margin per unit of this general accounting question?
Please do not reject as incomplete I will submit the other portion as another question.Please answer all parts with explanations. Thx
Tami Tyler opened Tami's Creations, Incorporated, a small manufacturing company, at the beginning of the year. Getting the company through its first quarter of operations placed a considerable strain on Ms. Tyler's personal finances. The following income statement for the first quarter was prepared by a friend who has just completed a course in managerial accounting at State University. Tami's Creations, Incorporated Income Statement For the Quarter Ended March 31 $ 1,128,000 Sales (28,200 units) Variable expenses: Variable cost of goods sold Variable selling and administrative Contribution margin Fixed expenses: $ 431,460 172,020 603,480 524,520 Fixed manufacturing overhead Fixed selling and administrative 249,600 536,520 $ (12,000) 286,920 Net operating loss Ms. Tyler is discouraged over the loss shown for the quarter, particularly because she had planned to use the statement as support for a bank loan. Another friend, a CPA, insists that the company should be using absorption…
The following income statement applies to Franklin Company for the current year: Income Statement Sales revenue (410 units × $31) Variable cost (410 units × $16) Contribution margin Fixed cost Net income Required a. Use the contribution margin approach to calculate the magnitude of operating leverage. b. Use the operating leverage measure computed in Requirement a to determine the amount of net income that Franklin Company will earn If It experiences a 10 percent increase in revenue. The sales price per unit is not affected. c-1. Verify your answer to Requirement b by constructing an income statement based on a 10 percent increase in sales revenue. The sales price is not affected. c-2. Calculate the percentage change in net income for the two income statements. Req A and B Complete this question by entering your answers in the tabs below. Req C1 a. Operating leverage b. Net income $ $12,710 (6,560) 6,150 (4,100) $2,050 > Answer is complete but not entirely correct. Req C2 a. Use the…
I. What is the break- even point in dollar sales? J. How many units must be sold to achieve a target profit of $7,500? K. What is the margin of safety in dollars? What is the margin of safety percentage ? L. What is the degree of operating leverage?
Hudson Company reports the following contribution margin income statement. HUDSON COMPANY Contribution Margin Income Statement For Year Ended December 31 Sales (9,600 units at $225 each) Variable costs (9,600 units at $180 each) Contribution margin Fixed costs Income 1. Assume Hudson has a target income of $162,000. What amount of sales dollars is needed to produce this target income? 2. If Hudson achieves its target income, what is its margin of safety (in percent)? Note: Round your answer to 1 decimal place. . Dollar sales for target income 2. Margin of safety $ 2,160,000 1,728,000 432,000 324,000 $ 108,000 %
The contribution margin per unit would be??
For a certain company, the cost function for producing x items is C(x)=40x+200, and the revenue function for selling x items in R(x)=−0.5(x−80)2+3,200. The maximum capacity of the company is 110 items. The profit function P(x) is the revenue function R(x) (how much it takes in) minus the cost function C(x) (how much it spends). In economic models, one typically assumes that a company wants to maximize its profit, or at least make a profit!Assuming that the company sells all that it produces, what is the profit function?P(x)= Preview Change entry mode . Hint: Profit = Revenue - Cost as we examined in Discussion 3. What is the domain of P(x)?Hint: Does calculating P(x) make sense when x=−10 or x=1,000? The company can choose to produce either 40 or 50 items. What is their profit for each case, and which level of production should they choose?Profit when producing 40 items = Number Profit when producing 50 items = Number Can you explain, from our model, why the company makes less profit…
Lauder Company had fixed costs of $282,500, variable costs of $645,000, and actual sales amounted to $1,100,000. If the company has a break-even point at $750,000 in sales revenue. a. Determine the margin of safety expressed in dollars.$fill in the blank 1 b. Determine the margin of safety expressed as a percentage of sales. Enter the percentage amount as a whole number (for example, enter 10% as "10").fill in the blank 2 % c. Determine the contribution margin ratio.fill in the blank 3 % d. Determine the operating income.$fill in the blank 4
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Management believes it can sell a new product for $6.50. The fixed costs of production are estimated to be $5,500, and the variable costs are $2.50 a unit. Complete the following table at the given levels of output and the relationships between quantity and fixed costs, quantity and variable costs, and quantity and total costs. Round your answers to the nearest dollar. Enter zero if necessary. Use a minus sign to enter losses, if any. Quantity Total Revenue Variable Costs Fixed Costs Total Costs Profits (Losses) 0 $ $ $ $ $ 500 $ $ $ $ $ 1,000 $ $ $ $ $ 1,500 $ $ $ $ $ 2,000 $ $ $ $ $ 2,500 $ $ $ $ $ 3,000 $ $ $ $ $ Determine the break-even level using the above table and use the Exhibit 19.5 to confirm the break-even level of output. Round your answers for the break-even level to the nearest whole number. Round your answers for the fixed costs, variable costs, total costs,…

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