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For the Three Months Ended September 30 July Sales in units Sales Cost of goods sold Gross margin Selling and administrative expenses: Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense Total selling and administrative expenses Net operating income 5,000 $ 625,000 375,000 250,000 22,800 46,000 92,000 6,050 24,700 191,550 $ 58,450 Required 1 Required 2 Required 3 August 5,500 $ 687,500 412,500 275,000 22,800 48,800 98,400 6,050 24,700 200, 750 $ 74,250 Complete this question by entering your answers in the tabs below. September 6,000 $750,000 450,000 300,000 22,800 51,600 104,800 equired: By analyzing the data from the company's income statements, classify each of its expenses (including cost of goods sold) as either ariable, fixed, or mixed. 6,050 24,700 209,950 $ 90,050 Using the high-low method, separate each mixed expense into variable and fixed elements. Express the variable and fixed portions f each mixed expense in the form Y = a +bX. Redo the company's income statement at the 6,000-unit level of activity using the contribution format.

For the Three Months Ended September 30 July Sales in units Sales Cost of goods sold Gross margin Selling and administrative expenses: Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense Total selling and administrative expenses Net operating income 5,000 $ 625,000 375,000 250,000 22,800 46,000 92,000 6,050 24,700 191,550 $ 58,450 Required 1 Required 2 Required 3 August 5,500 $ 687,500 412,500 275,000 22,800 48,800 98,400 6,050 24,700 200, 750 $ 74,250 Complete this question by entering your answers in the tabs below. September 6,000 $750,000 450,000 300,000 22,800 51,600 104,800 equired: By analyzing the data from the company's income statements, classify each of its expenses (including cost of goods sold) as either ariable, fixed, or mixed. 6,050 24,700 209,950 $ 90,050 Using the high-low method, separate each mixed expense into variable and fixed elements. Express the variable and fixed portions f each mixed expense in the form Y = a +bX. Redo the company's income statement at the 6,000-unit level of activity using the contribution format.

FINANCIAL ACCOUNTING
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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Sales in units Sales Cost of goods sold Gross margin Selling and administrative expenses: Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense Total selling and administrative expenses Net operating income Morrisey & Brown, Limited Income Statements For the Three Months Ended September 30 Required 1 Required 2 Required 3 Expenses August 5,000 5,500 $ 625,000 $ 687,500 $ 750,000 375,000 412,500 450,000 250,000 275,000 300,000 FF 22,800 22,800 22,800 46,000 48,800 51,600 92,000 98,400 104,800 6,050 6,050 24,700 24,700 200, 750 $ 74,250 Complete this question by entering your answers in the tabs below. Cost of goods sold Advertising expense Shipping expense Salaries and commissions July Insurance expense Depreciation expense 191,550 $ 58,450 Classification Required: 1. By analyzing the data from the company's income statements, classify each of its expenses (including cost of goods sold) as either variable, fixed, or mixed. September 2. Using the high-low method, separate each mixed expense into variable and fixed elements. Express the variable and fixed portions of each mixed expense in the form Y= a + bx. 3. Redo the company's income statement at the 6,000-unit level of activity using the contribution format. 6,000 6,050 24,700 209,950 By analyzing the data from the company's income statements, classify each of its expenses (including cost of goods sold) as either variable, fixed, or mixed. $ 90,050
Transcribed Image Text:Sales in units Sales Cost of goods sold Gross margin Selling and administrative expenses: Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense Total selling and administrative expenses Net operating income Morrisey & Brown, Limited Income Statements For the Three Months Ended September 30 Required 1 Required 2 Required 3 Expenses August 5,000 5,500 $ 625,000 $ 687,500 $ 750,000 375,000 412,500 450,000 250,000 275,000 300,000 FF 22,800 22,800 22,800 46,000 48,800 51,600 92,000 98,400 104,800 6,050 6,050 24,700 24,700 200, 750 $ 74,250 Complete this question by entering your answers in the tabs below. Cost of goods sold Advertising expense Shipping expense Salaries and commissions July Insurance expense Depreciation expense 191,550 $ 58,450 Classification Required: 1. By analyzing the data from the company's income statements, classify each of its expenses (including cost of goods sold) as either variable, fixed, or mixed. September 2. Using the high-low method, separate each mixed expense into variable and fixed elements. Express the variable and fixed portions of each mixed expense in the form Y= a + bx. 3. Redo the company's income statement at the 6,000-unit level of activity using the contribution format. 6,000 6,050 24,700 209,950 By analyzing the data from the company's income statements, classify each of its expenses (including cost of goods sold) as either variable, fixed, or mixed. $ 90,050
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