Given: The annual accounting data for 2018, presented below.: 1500K$: 1000K$Fixed factory overhead : 300K$Variable factory overhead: 200KSFixed admin costs : 500K$Variable admin costs : 250KS: 400K$50KS:6000K$Direct materialDirect labourSales salariesSales commissionsSales RevenuesRequired: Write an income statement for the data given above, usinga) the gross margin technique, andb) the contribution margin technique

Net income refers to the income earned after deducting the company’s expenditures from the company’s…

Given: The annual accounting data for 2018, presented below. Fixed admin costs : 500K$ Variable admin costs: 250KS Direct material Direct labour Fixed factory overhead 300K$ Variable factory overhead: 200KS : 1500K$ : 1000K$ Sales salaries 400K$ 50K$ : 6000KS Sales commissions Sales Revenues Required: Write an income statement for the data given above, using a) the gross margin technique, and b) the contribution margin technique

Given: The annual accounting data for 2018, presented below. Fixed admin costs : 500K$ Variable admin costs: 250KS Direct material Direct labour Fixed factory overhead 300K$ Variable factory overhead: 200KS : 1500K$ : 1000K$ Sales salaries 400K$ 50K$ : 6000KS Sales commissions Sales Revenues Required: Write an income statement for the data given above, using a) the gross margin technique, and b) the contribution margin technique

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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3) Prepare CVP income statements. Olsen Company has the following information available for September 2019. Unit selling price of video game consoles $ 400 Unit variable costs 2$ 275 Total fixed costs $52,000 Units sold 600 Instructions (a) Compute the contribution margin per unit. (b) Prepare a CVP income statement that shows both total and per unit amounts.
The following information is available for Bramble Corp.: Sales Cost of goods sold $520000 0 0 0 0 300000 Total fixed expenses A CVP income statement would report contribution gross profit of $220000. contribution gross profit of $260000. Total variable expenses margin of $260000. margin of $370000. $150000 260000
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Cullumber Company makes three models of tasers. Information on the three products is given below. Sales Variable expenses Contribution margin Fixed expenses Net income (a) Net income $ (b) Shocker Net Income Tingler $300,000 $500,000 Tingler Net Income $ Total Net Income (c) Why or why not? Compute current net income for Cullumber Company. ta Net income would 151,400 148,600 $ 119,400 S $29,200 Fixed expenses consist of $298,000 of common costs allocated to the three products based on relative sales, as well as direct fixed expenses unique to each model of $30,000 (Tingler), $80,800 (Shocker), and $34,300 (Stunner). The common costs will be incurred regardless of how many models are produced. The direct fixed expenses would be eliminated if that model is phased out. James Watt, an executive with the company, feels the Stunner line should be discontinued to increase the company's net income. Shocker 197,000 303,000 229,800 $73,200 Compute net income by product line and in total for…