E5-17 (Algo) Determining Cost Behavior, Preparing Contribution Margin Income Statement [LO 5-1, 5-5)Riverside Incorporated makes one model of wooden canoe. Partial information for it follows:Number of Canoes Produced and SoldTotal costsVariable costsFixed costsTotal costsCost per unitVariable cost per unitFixed cost per unitTotal cost per unitRequired 1 Required 3Variable costsFixed costs515$ 72,615149,300$ 221,915Number of Canoes Produced and SoldTotal costsTotal costsCost per unitVariable cost per unitFixed cost per unitRequired:1. Complete the table.3. Suppose Riverside sells its canoes for $505 each. Calculate the contribution margin per canoe and the contribution margin ratio.4. Next year Riverside expects to sell 865 canoes. Complete the contribution margin income statement for the company.Required 4Total cost per unit77Complete the table.Note: Round your cost per unit answers to 2 decimal places.$$665$751572,615149,300221,915 $8150.00 $777< Required 177665149,300149,300 $0.00 $815149.300149,3000.00Required 3> Complete this question by entering your answers in the tabs below.Required 1 Required 3Suppose Riverside sells its canoes for $505 each. Calculate the contribution margin per canoe and the contribution marginratio.Note: Round your contribution margin to the nearest whole dollar and your contribution margin ratio to the nearest wholepercent.Unit contribution marginContribution margin ratioRequired 4Contribution marginper canceNet operating income< Required 1Required 1 Required 3 Required 4Next year Riverside expects to sell 865 canoes. Complete the contribution margin income statement for the company.Note: Round your Contribution margin to 2 decimal places.RIVERSIDE INCORPORATEDContribution Margin Income Statement+For the Next YearRequired 4 >< Required 3Required 4 >

Variable costs are costs that varies with the number of units sold or produced. Fixed costs are…

E5-17 (Algo) Determining Cost Behavior, Preparing Contribution Margin Income Statement [LO 5-1, 5-5] Riverside Incorporated makes one model of wooden canoe. Partial information for it follows: Number of Canoes Produced and Sold Total costs Variable costs Fixed costs Total costs Cost per unit Variable cost per unit Fixed cost per unit Total cost per unit 515 $ 72,615 149,300 $ 221,915 665 7 7 ? 7 815 7 7 7 7 7 Required: 1. Complete the table. 3. Suppose Riverside sells its canoes for $505 each. Calculate the contribution margin per canoe and the contribution margin ratio. 4. Next year Riverside expects to sell 865 canoes. Complete the contribution margin income statement for the company

E5-17 (Algo) Determining Cost Behavior, Preparing Contribution Margin Income Statement [LO 5-1, 5-5] Riverside Incorporated makes one model of wooden canoe. Partial information for it follows: Number of Canoes Produced and Sold Total costs Variable costs Fixed costs Total costs Cost per unit Variable cost per unit Fixed cost per unit Total cost per unit 515 $ 72,615 149,300 $ 221,915 665 7 7 ? 7 815 7 7 7 7 7 Required: 1. Complete the table. 3. Suppose Riverside sells its canoes for $505 each. Calculate the contribution margin per canoe and the contribution margin ratio. 4. Next year Riverside expects to sell 865 canoes. Complete the contribution margin income statement for the company

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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am.103.
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