In July, Meers Corporation sold 3,200 units of its only product. Its total sales were $108,800, its total variable expenses were $51,200, and its total fixed expenses were $35,300. Required: a. Construct the company's contribution format income statement for July. b. Redo the company's contribution format income statement assuming that the company sells 3,650 units. Complete this question by entering your answers in the tabs below. Required a Required b Construct the company's contribution format income statement for July. Note: Do not round intermediate calculations. 0 $ 0

In July, Meers Corporation sold 3,200 units of its only product. Its total sales were $108,800, its total variable expenses were $51,200, and its total fixed expenses were $35,300. Required: a. Construct the company's contribution format income statement for July. b. Redo the company's contribution format income statement assuming that the company sells 3,650 units. Complete this question by entering your answers in the tabs below. Required a Required b Construct the company's contribution format income statement for July. Note: Do not round intermediate calculations. 0 $ 0

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter9: Responsibility Accounting And Decentralization

Section: Chapter Questions

Problem 8EA: Using the information in the previous exercises about Marleys Manufacturing, determine the operating...

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Mechem Corporation produces and sells a single product. In April, the company sold 2,000 units. Its total sales were $160,000, its total variable expenses were $78,600, and its total fixed expenses were $55,500. Required: a. Construct the company's contribution format income statement for April. b. Redo the company's contribution format income statement assuming that the company sells 1,900 units. Complete this question by entering your answers in the tabs below. Required a Required b Construct the company's contribution format income statement for April. (Do not round intermediate calculations.) 0 0
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Harris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs per unit over the relevant range of 65,000 to 105,000 units is given below: Required: 1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. 2. Assume that the company produces and sells 95,000 units during the year at a selling price of $9.36 per unit. Prepare a contribution format income statement for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. (Round the per unit variable cost and fixed cost to 2 decimal places.) Total cost Variable cost Fixed cost Total cost Cost per unit: Variable cost Fixed cost Total cost per unit $ $ $ 65,000 Units Produced and Sold 85,000 214,500 430,000 644,500 $ 0.00 $ 43,000 43,000 $ 0.00 $ 105,000 43,000 43,000 0.00
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Presented here is the income statement for Big Sky Incorporated for the month of February: Sales $ 60,000 Cost of goods sold 51,900 Gross profit $ 8, 100 Operating expenses 15,200 Operating loss $ (7,100) Based on an analysis of cost behavior patterns, it has been determined that the company's contribution margin ratio is 19%. Required: Rearrange the preceding income statement to the contribution margin format. If sales increase by 10%, what will be the firm's operating income (or loss)? Calculate the amount of revenue required for Big Sky to break even.
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Assume that a company provided the following cost formulas for three of its expenses (where q refers to the number of hours worked): Rent (fixed) $ 3,000 Supplies (variable) $ 4.00q Utilities (mixed) $150 + $0.75q The company’s planned level of activity was 2,000 hours and its actual level of activity was 1,900 hours. If these are the company’s only three expenses and the company uses revenue formula of $8.40q for budgeting purposes, what net operating income would appear in the company’s flexible budget?
The CVP income statement for Jen Company for 2022 appears below: Jen COMPANY CVP Income Statement For the Year Ended December 31, 2022 Sales (25,000 units) $650,000 Variable expenses 227,500 Contribution margin 422,500 Fixed expenses 456,300 Net income (loss) $(33,800) Instructions: Answer the following independent questions and show computations to support your answers: A) How much additional sales revenue does the company need to break even in 2022? B) If the company is able to reduce variable costs by $1.20 per unit in 2023 and other costs and unit revenues remain unchanged, how many units will the company have to sell in order to earn a net income of $68,000?