Garcia Company has two operating departments (Phone and Earbuds) and one service department (Office). Its departmental income statements follow. Indirect expenses and service department expenses consist of rent, utilities, and office department expenses. Sales Cost of goods sold. Gross profit Expenses Sales salaries Supplies used Depreciation-Equipment GARCIA COMPANY Departmental Income Statements For Year Ended December 31 Phone $ 230,000 112,700 117,300 Rent Utilities Share of office department expenses Total expenses Income Gross profit Direct expenses Required: Prepare a departmental contribution to overhead report. 22,000 650 2,100 7,080 3,000 13,000 47,830 $ 69,470 Garcia Company Departmental Contribution to Overhead For Year Ended December 31 Phone Total direct expenses Departmental contribution to overhead Earbuds $ 105,000 65,100 39,900 8,500 650 500 3,600 2,000 6,500 21,750 $ 18,150 Earbuds Combined Combined $ 335,000 177,800 157, 200 30,500 1,300 2,600 10,680 5,000 19,500 69,580 $ 87,620

Garcia Company has two operating departments (Phone and Earbuds) and one service department (Office). Its departmental income statements follow. Indirect expenses and service department expenses consist of rent, utilities, and office department expenses. Sales Cost of goods sold. Gross profit Expenses Sales salaries Supplies used Depreciation-Equipment GARCIA COMPANY Departmental Income Statements For Year Ended December 31 Phone $ 230,000 112,700 117,300 Rent Utilities Share of office department expenses Total expenses Income Gross profit Direct expenses Required: Prepare a departmental contribution to overhead report. 22,000 650 2,100 7,080 3,000 13,000 47,830 $ 69,470 Garcia Company Departmental Contribution to Overhead For Year Ended December 31 Phone Total direct expenses Departmental contribution to overhead Earbuds $ 105,000 65,100 39,900 8,500 650 500 3,600 2,000 6,500 21,750 $ 18,150 Earbuds Combined Combined $ 335,000 177,800 157, 200 30,500 1,300 2,600 10,680 5,000 19,500 69,580 $ 87,620

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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