Fanelli Corporation, a merchandising company, reported the following results for July:Number of units sold 6, 600 Selling price per unit$ 590 Unit cost of goods sold$ 418 Variable selling expense per unit$ 60 Total fixed selling expense$ 126, 100Variable administrative expense per unit$ 28Total fixed administrative expense$ 208,000

Fanelli Corporation, a merchandising company, reported the following results for July:Number of units sold 6, 600 Selling price per unit$ 590 Unit cost of goods sold$ 418 Variable selling expense per unit$ 60 Total fixed selling expense$ 126, 100Variable administrative expense per unit$ 28Total fixed administrative expense$ 208,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
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Muscat company, reported the following results for January: Number of units 10,000 Selling price $10 Total Variable selling expense $7,000 Total Variable administrative expense $10,000 Total fixed selling expense $20,000 Total fixed administrative expense $8,000 Merchandise Beginning $5,000 Merchandise Purchase $50,000 Merchandise Ending $10,000 Based on traditional income statement Muscat company’s net profit will be?
MUNOZ COMPANY Income Statement For the Year Ended December 31 Sales revenue (6,500 units x $164) Cost of goods sold (6,500 units x $82) Gross margin Sales commissions (5% of sales) Administrative salaries expense Advertising expense Depreciation expense Shipping and handling expenses (6,500 units x $3) $1,066,000 (533,000) 533,000 (53,300) (83,000) (33,000) (41,000) (19,500) $303,200 Net income Required a. Reconstruct the income statement using the contribution margin format. b. Calculate the magnitude of operating leverage. c. Use the measure of operating leverage to determine the amount of net income Munoz will earn if sales increase by 10 percent. Complete this question by entering your answers in the tabs below. Reg A Req B and C Reconstruct the income statement using the contribution margin format. MUNOZ COMPANY Income Statement For the Year Ended December 31 Less: Variable costs Less: Fixed costs