Fill in the missing amounts in each of the eight cases below. Each case is independent of the others. (Hint: One way to find the missingamounts would be to prepare a contribution format income statement for each case, enter the known data, and then compute themissing items.)Required:a. Assume that only one product is being sold in each of the four following case situations:b. Assume that more than one product is being sold in each of the four following case situations:Complete this question by entering your answers in the tabs below.Required A Required BAssume that only one product is being sold in each of the four following case situations:Units soldSalesVariable expensesFixed expensesNet operating income (loss)Contribution margin per unitCase 1Case 2Case 3Case 49,10020,8005,800$254,800 $296,100$191,400163,800291,20087,000175,00075,000$S(62,200) $8 $54,600 $17,8007

Step 1: Answer to Part A:Case A:Net Operating Income (Loss) = Sales - Variable Expenses - Fixed…

Answered: Fill in the missing amounts in each of…

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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Fill in the missing amounts in each of the eight case situations below. Each case is independent of the others. Required: a. Assume that only one product is being sold in each of the four following case situations: b. Assume that more than one product is being sold in each of the four following case situations: Complete this question by entering your answers in the tabs below. Required A Required B Assume that more than one product is being sold in each of the four following case situations: (Loss amounts should be indicated by a minus sign.) Sales Variable expenses Fixed expenses Net operating income (loss) Contribution margin ratio (percent) $ $ Case 1 452,000 59,280 39 % Case 2 199,000 121,390 59,000 % Case 3 474,000 51,920 76 % $ Case 4 305,000 82,350 $ (10,350)
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(2) Allocate the common cost between the previous five products during November 2018 using the physical measurement method. 1-1 (degree) (3) Prepare an income statement for the five products, calculating the percentage of gross profit for each product during the month of November 2018 1-1 (degree) (4) Allocating the common cost among the previous five products during the month of November 2018 using the weights method It is likely that a detailed table will be prepared, indicating how to allocate the joint cost of (55,000 dinars). - (1 degree - 1) You have the following information: Gulf Wooden Industries Company uses oak tree wood to produce its various products, which are five products and are as follows: tables - chairs - libraries - wooden window frames - reception rooms). Note that the cost of the raw material, which is the oak wood that was used, and the costs necessary to manufacture it, amounted to (55,000 dinars) per month. November 2018. The following table shows a summary of…
h7
Provide graph in answer
Tennair Corporation manufactures cooling system components. The company has gathered the following information about two of its customers: Evans Equipment and Rogers Refrigeration. Evans Equipment Sales revenue Rogers Refrigeration $ 160,000 61,000 Cost of goods sold General selling costs $ 229,000 102,000 37,000 23,800 28,500 General administrative costs 17,850 Cost-driver data used by the firm and traceable to Evans and Rogers are: Customer Activity Sales activity Order taking Special handling Special shipping Customer Activity Sales activity Order taking Special handling Special shipping Cost Driver Sales visits Sales orders Units handled Shipments Evans Equipment 12 visits 31 orders 460 units. 33 shipments Pool Rate $ 970 278 44 460 Rogers Refrigeration 9 visits 36 orders 410 units 44 shipments Required: A. Perform a customer profitability analysis for Tennair. Compute the gross margin and operating income on transactions related to Evans Equipment and Rogers Refrigeration.
For each situation, list the assumption, principle, or constraint that has been violated, if any. List only one answer for each situation. a. East Lake Company recognizes revenue at the end of the production cycle but before sale. The price of the product, as well as the amount that can be sold, is not certain. choose one of the assumption, principle or constraint Going concern assumptionPeriodicity assumptionNo violationHistorical cost principleRevenue recognition principleEconomic entity assumption b. Hilo Company is in its fifth year of operation and has yet to issue financial statements. (Do not use the full disclosure principle.) choose one of the assumption, principle or constraint Historical cost principleGoing concern assumptionRevenue recognition principleNo violationPeriodicity assumptionEconomic entity assumption c. Gomez, Inc. is…
Fill in the missing amounts in each of the eight case situations below. Each case is independent of the others. Required: a. Assume that only one product is being sold in each of the four following case situations: b. Assume that more than one product is being sold in each of the four following case situations: Complete this question by entering your answers in the tabs below. Required A Required B Assume that only one product is being sold in each of the four following case situations: (Loss amounts should be indicat a minus sign.) Units sold Sales Variable expenses Contribution margin Fixed expenses Net operating income (loss) Contribution margin per unit Required A Required B Sales Variable expenses Contribution margin $ Fixed expenses Net operating income (loss) Contribution margin ratio (percent) $ $ Case 1 8,000 216,000 $ 160,000 56,000 92,000 (36,000) $ 7 $ $ $ Case 2 Case 1 454,000 323,400 65.600 174,000 (12,300) $ 11 $ Assume that more than one product is being sold in each of…
You have the following information for Kingbird Diamonds. Kingbird Diamonds uses the periodic method of accounting for its inventory transactions. Kingbird only carries one brand and size of diamonds-all are identical. Each batch of diamonds purchased is carefully coded and marked with its purchase cost. March 1 March 3 March 5 March 10 March 25 Beginning inventory 180 diamonds at a cost of €368 per diamond. Purchased 240 diamonds at a cost of €420 each. Sold 224 diamonds for €720 each. Purchased 420 diamonds at a cost of €464 each. Sold 480 diamonds for €780 each.
The normal profit Required: What unit value should Royal Decking use for each of its products when applying the lower of cost or market (LCM) rule to units of ending inventory? (Do not round Intermediate calculations. Round final answers to 2 decimal places.)
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Which of the following statements correctly complete the sentence:"Gross Margin equals":I. sales revenue less (minus) cost of goods sold.II. contribution margin less (minus) fixed costs.III. operating income plus all period costs.IV. sales revenue less (minus) cost of goods manufactured.

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