7 Fanelli Corporation, a merchandising company, reported the following results for July.Number of units sold6,200600Selling price per unitUnit cost of goods soldVariable selling expense per unitTotal fixed selling expenseVariable administrative expense per unitTotal fixed administrative expense2$$4$125,7004145230$207,600Cost of goods sold is a variable cost in this company.Required:a. Prepare a traditional format income statement for July.b. Prepare a contribution format income statement for July.Complete this question by entering your answers in the tabs below.Required ARequired BPrepare a traditional format income statement for July.Fanelli CorporationFor the month of JulyTraditional Income StatementSelling and administrative expenses:Required B

Fanelli corporation For the month of July Traditional income statement Sales…

Fanelli Corporation, a merchandising company, reported the following results for July: 6,200 2$ Number of units sold 600 Selling price per unit Unit cost of goods sold Variable selling expense per unit Total fixed selling expense Variable administrative expense per unit Total fixed administrative expense 414 $ $125,700 52 30 $207,600

Fanelli Corporation, a merchandising company, reported the following results for July: 6,200 2$ Number of units sold 600 Selling price per unit Unit cost of goods sold Variable selling expense per unit Total fixed selling expense Variable administrative expense per unit Total fixed administrative expense 414 $ $125,700 52 30 $207,600

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter2: Basic Managerial Accounting Concepts

Section: Chapter Questions

Problem 58P: Cost of Goods Manufactured, Income Statement W. W. Phillips Company produced 4,000 leather recliners...

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Cost of Goods Manufactured, Income Statement W. W. Phillips Company produced 4,000 leather recliners during the year. These recliners sell for 400 each. Phillips had 500 recliners in finished goods inventory at the beginning of the year. At the end of the year, there were 700 recliners in finished goods inventory. Phillips accounting records provide the following information: Required: 1. Prepare a statement of cost of goods manufactured. 2. Compute the average cost of producing one unit of product in the year. 3. Prepare an income statement for external users.
2)Fanelli Corporation, a merchandising company, reported the following resultsfor July:Number of units sold 5400Selling price per unit $ 590Unit cost of goods sold $ 406Variable selling expense per unit $ 58Total fixed selling expense $ 124,900Variable administrative expense per unit $ 28Total fixed administrative expense $ 206,800Cost of goods sold is a variable cost in this company.Required:a. Prepare a traditional format income statement for July.Fanelli CorporationFor the month of JulyTraditional Income Statement993,600Selling and administrative expenses:671,200$322,400b. Prepare a contribution format income statement for July.Fanelli CorporationFor the month of JulyContribution Format Income Statement2) 2Variable expenses:2,656,800529,200Fixed expenses:331,700$197,500 Please Provide Full Question Answer
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Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold 6,400 Selling price per unit $| 600 Unit cost of goods sold $ 416 Variable selling expense per unit $ | 56 Total fixed selling expense $ 125,900 Variable administrative expense per unit | $| 24 Total fixed administrative expense $| 207,800 Cost of goods sold is a variable cost in this company. Required: a. Prepare a traditional format income statement for July. b. Prepare a contribution format income statement for July.
Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold Selling price per unit Unit cost of goods sold 5,400 $ 590 $ 406 Variable selling expense per unit Total fixed selling expense Variable administrative expense per unit Total fixed administrative expense Cost of goods sold is a variable cost in this company. Required: a. Prepare a traditional format income statement for July. b. Prepare a contribution format income statement for July. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a traditional format income statement for July. Fanelli Corporation For the month of July Traditional Income Statement Selling and administrative expenses: $ 58 $ 124,900 $ 28 $ 206,800
Number of units sold. Selling price per unit Unit cost of goods sold Variable selling expense per unit Total fixed selling expense Variable administrative expense per unit Total fixed administrative expense Cost of goods sold is a variable cost in this company. Required: a. Prepare a traditional format income statement for July. b. Prepare a contribution format income statement for July. Complete this question by entering your answers in the tabs below. 6,400 $ 600 $416 $ 56 $ 125,900 $ 24 $ 207,800
A. Manufacturing margin? b. Contribution margin? C. Operating income for PhiladelPho's company ?