EXERCISE 5-11 Missing Data; Basic CVP Concepts [LO5-1, LO5-9]Fill in the missing amounts in each of the eight case situations below. Each case is independent ofthe others. (Hint: One way to find the missing amounts would be to prepare a contribution formatincome statement for each case, enter the known data, and then compute the missing items.)Assume that only one product is being sold in each of the four following case situations:a.ContributionNet OperatingIncomeUnitsSoldVariableMarginper UnitFixedCaseSalesExpensesExpenses(Loss)$180,000$100,000$120,00015,000?$50,000$32,000$8,000$12,0002$10310,000$70,000$1346,000$300,000?$100,000$(10,000)b.Assume that more than one product is being sold in each of the four following case situations:AverageContributionNet OperatingVariableMarginRatioFixedIncomeCaseSalesExpensesExpenses(Loss)1.$500,000$400,00020%$7,000$100,000$130,000?2$260,000?$20,000$(5,000)3.60%$600,000$420,000? Scribners Corporation produces fine papers in three production departments-Pulping, Drying,and Finishing. In the Pulping Department, raw materials such as wood fiber and rag cotton aremechanically and chemically treated to separate their fibers. The result is a thick slurry of fibers. Inthe Drying Department, the wet fibers transferred from the Pulping Department are laid down onporous webs, pressed to remove excess liquid, and dried in ovens. In the Finishing Department, thedried paper is coated, cut, and spooled onto reels. The company uses the weighted-average methodin its process costing system. Data for March for the Drying Department follow:Percent CompletedUnitsPulpingConversion20%Work in process inventory, March 1Work in process inventory, March 315,000100%8,000100%25%$4,800$500Pulping cost in work in process inventory, March 1Conversion cost in work in process inventory, March 1Units transferred to the next production departmentPulping cost added during March...Conversion cost added during March..157,000$102,450$31,300No materials are added in the Drying Department. Pulping cost represents the costs of the wetfibers transferred in from the Pulping Department. Wet fiber is processed in the Drying Depart-ment in batches; each unit in the above table is a batch and one batch of wet fibers produces a setamount of dried paper that is passed on to the Finishing Department.Required:1. Determine the equivalent units for March for pulping and conversion.Compute the costs per equivalent unit for March for pulping and conversion.3.2.Determine the total cost of ending work in process inventory and the total cost of units trans-ferred to the Finishing Department in March.4. Prepare a cost reconciliation report for the Drying Department for March.

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Fill in the missing amounts in each of the eight case situations below. Each case is independent of the others. (Hint: One way to find the missing amounts would be to prepare a contribution format income statement for each case, enter the known data, and then compute the missing items.) a. Assume that only one product is being sold in each of the four following case situations: Net Operating Income (Loss) Contribution Units Margin per Unit Variable Fixed Case Sold Sales Expenses Expenses 1........ 15,000 $180,000 $100,000 $120,000 ? $10 $13 $50,000 $32,000 2....... $8,000 $70,000 $12,000 $(10,000) 3 10,000 4 6,000 $300,000 $100,000 b. Assume that more than one product is being sold in each of the four following case situations:

Fill in the missing amounts in each of the eight case situations below. Each case is independent of the others. (Hint: One way to find the missing amounts would be to prepare a contribution format income statement for each case, enter the known data, and then compute the missing items.) a. Assume that only one product is being sold in each of the four following case situations: Net Operating Income (Loss) Contribution Units Margin per Unit Variable Fixed Case Sold Sales Expenses Expenses 1........ 15,000 $180,000 $100,000 $120,000 ? $10 $13 $50,000 $32,000 2....... $8,000 $70,000 $12,000 $(10,000) 3 10,000 4 6,000 $300,000 $100,000 b. Assume that more than one product is being sold in each of the four following case situations:

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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