E5-19 (Algo) Calculating Contribution Margin and Contribution Ratio, Preparing Contribution Margin Income Statement [LO 5-5] Riverside Inc. 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 450 $ $ 63,000 $ 250,200 $ 187,200 140.00 416.00 556.00 650 $ 91,000 187,200 $ 278,200 $ 140.00 288.00 $ 428.00 800 $ $ 112,000 187,200 299,200 $ 140.00 234.00 $ 374.00 Riverside sells its canoes for $700 each. Next year Riverside expects to sell 1,000 canoes. Required: Complete the Riverside's contribution margin income statement for each independent scenario. Assuming each scenario is a variation of Riverside's original data. (Round your unit contribution margin and contribution margin ratio to 2 decimal places (i.e. .1234 should be entered as 12.34%) and all other answers to the nearest dollar amount.)
E5-19 (Algo) Calculating Contribution Margin and Contribution Ratio, Preparing Contribution Margin Income Statement [LO 5-5] Riverside Inc. 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 450 $ $ 63,000 $ 250,200 $ 187,200 140.00 416.00 556.00 650 $ 91,000 187,200 $ 278,200 $ 140.00 288.00 $ 428.00 800 $ $ 112,000 187,200 299,200 $ 140.00 234.00 $ 374.00 Riverside sells its canoes for $700 each. Next year Riverside expects to sell 1,000 canoes. Required: Complete the Riverside's contribution margin income statement for each independent scenario. Assuming each scenario is a variation of Riverside's original data. (Round your unit contribution margin and contribution margin ratio to 2 decimal places (i.e. .1234 should be entered as 12.34%) and all other answers to the nearest dollar amount.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please do not give solution in image format thanku
![E5-19 (Algo) Calculating Contribution Margin and Contribution Ratio, Preparing Contribution Margin Income Statement [LO 5-5]
Riverside Inc. 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
450
$
$
$
$
63,000
187,200
140.00
250,200 $
416.00
650
556.00
$
$
91,000
140.00
187,200
278,200 $
288.00
800
$ 428.00
$
$
112,000
187,200
299,200
140.00
234.00
$ 374.00
Riverside sells its canoes for $700 each. Next year Riverside expects to sell 1,000 canoes.
Required:
Complete the Riverside's contribution margin income statement for each independent scenario. Assuming each scenario is a variation
of Riverside's original data. (Round your unit contribution margin and contribution margin ratio to 2 decimal places (i.e. .1234 should
be entered as 12.34%) and all other answers to the nearest dollar amount.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb4a77155-f926-48a9-a261-c8a1a2f25525%2F9442b9aa-fe73-45d7-8767-e096a5e576fe%2Fxmkfz3c_processed.jpeg&w=3840&q=75)
Transcribed Image Text:E5-19 (Algo) Calculating Contribution Margin and Contribution Ratio, Preparing Contribution Margin Income Statement [LO 5-5]
Riverside Inc. 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
450
$
$
$
$
63,000
187,200
140.00
250,200 $
416.00
650
556.00
$
$
91,000
140.00
187,200
278,200 $
288.00
800
$ 428.00
$
$
112,000
187,200
299,200
140.00
234.00
$ 374.00
Riverside sells its canoes for $700 each. Next year Riverside expects to sell 1,000 canoes.
Required:
Complete the Riverside's contribution margin income statement for each independent scenario. Assuming each scenario is a variation
of Riverside's original data. (Round your unit contribution margin and contribution margin ratio to 2 decimal places (i.e. .1234 should
be entered as 12.34%) and all other answers to the nearest dollar amount.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
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,
Accounting
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