Geneva Company reports the following information for July: Sales $ 792,000 Variable cost of goods sold239,000 Fixed cost of goods sold 114,000 Calculate the contribution margin for July.

Lets understand the basics.Contribution margin is a margin generated on sales. It is derived by…

Answered: Geneva Company reports the following…

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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Sorin Inc., a company that produces and sells a single product, has provided its contribution format income statement for January. Sales (3,700 units) $ 92,500 Variable expenses 55,500 Contribution margin 37,000 Fixed expenses 27,000 Net operating income $ 10,000 If the company sells 4,300 units, its total contribution margin should be closest to: (Do not round intermediate calculations.)
Income Statements Segmented by TerritoryScript, Inc., has two product lines. The September income statements of each product line and the company are as follows: SCRIPT, INC.Product Line and Company Income StatementsFor Month of September Pens Pencils Total Sales $25,000 $30,000 $55,000 Less variable expenses (10,000) (12,000) (22,000) Contribution margin 15,000 18,000 33,000 Less direct fixed expenses (8,000) (6,000) (14,000) Product margin $7,000 $12,000 $19,000 Less common fixed expenses (6,000) Net income $13,000 Pens and pencils are sold in two territories, Florida and Alabama, as follows: Florida Alabama Pen sales $11,000 $14,000 Pencil sales 13,000 17,000 Total sales $24,000 $31,000 The preceding common fixed expenses are traceable to each territory as follows: Florida fixed expenses $2,000 Alabama fixed expenses 3,000 Home office administration fixed expenses 1,000 Total common fixed expenses $6,000 The…
XYZ, Inc. reports the following information for November: Sales Revenue $800,000 Variable Cost of Goods Sold 110,000 Fixed Cost of Goods Sold 45,000 Variable Selling and Administrative Costs 100,000 Fixed Selling and Administrative Costs 70,000 Calculate the gross profit for November using absorption (traditional) costing. Question 18Select one: A. $ 730,000 B. $690,000 C. $700,000 D. $645,000
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McDaniel Inc., a company that produces and sells a single product, has provided its contribution format income statement for January. Sales (4,200 units) Variable expenses Contribution margin H Fixed expenses Net operating income $54,600 $59,800 $69,400 $ O $13,362 $ 155,400 100,800 If the company sells 4,600 units, its total contribution margin should be closest to: 54,600 42,400 12,200
Bolka Corporation, a merchandising company, reported the following results for October: Sales $ 418,000 Cost of goods sold (all variable) $ 175,500 Total variable selling expense $ 23,700 Total fixed selling expense $ 21,800 Total variable administrative expense $ 16,200 Total fixed administrative expense $ 34,300 The contribution margin for October is: Multiple Choice $146,500 $361,900 $202,600 $242,500
A total of 30 000 units were sold in March. The contribution margin per unit was R2, and fixed expenses totaled R20 000 for March. During April, fixed expenses are expected to increase to R26 000, but the contribution margin per unit will remain unchanged at R2. How many units must be sold during April to earn the same net income as was earned during March? A. 33 000 B. 30 000 C. 23 000 D. 13 000 2 points
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The GAAP income statement for Carla Vista Company for the year ended December 31, 2022,s shows sale $930,000, cost of good sold $555,000, and operating expenses $235,000. Assuming all costs and expenses are 70% variable and 30% fixed, prepare a CVP income statement through contribution margin.
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Geneva Company reports the following information for July: Sales $ 792,000 Variable cost of goods sold 239,000 Fixed cost of goods sold 114,000 Calculate the contribution margin for July.