A-7 vIncome StatementPietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 51,300 units will be produced, with the following total costs:Direct materialsDirect laborVariable overheadFixed overheadNext year, Pietro expects to purchase $120,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows:Direct materialsBeginningEndingInventory$4,000$3,900Required:?61,00017,000230,000Next year, Pietro expects to produce 51,300 units and sell 50,600 units at a price of $18.00 each. Beginning inventory of finished goods is $38,500, and ending inventory of finished goods is expected to be $30,000. Totaselling expense is projected at $21,000, and total administrative expense is projected at $118,500.Less operating expenses:Work-in-ProcessInventory$10,900$12,9001. Prepare an income statement in good form. Round the percent to four decimal places before converting to a percentage. For example, .88349 would be rounded to .8835 and entered as 88.35.Note: due to rounding, percentages may not add down.Pietro Frozen Foods, Inc.Income StatementFor the Coming YearPercentCheck My Work 3 more Check My Work uses remaining.%%%%%2. What if the cost of goods sold percentage for the past few years was 45.72 percent? Management's reaction might be:All work saved.Save and ExitPreviousMSubmit Assignment f

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Description: A-7 vIncome StatementPietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 51,300 units will be produced, with the following total costs:Direct materialsDirect laborVariable overheadFixed overheadNext year, Pietro exp

Income statement is a financial statement that records all the income and expenses of the business…

Business

Accounting

Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 51,300 units will be produced, with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead Next year, Pietro expects to purchase $120,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Beginning Ending ? Work-in-Process Inventory $10,900 $12,900 Next year, Pietro expects to produce 51,300 units and sell 50,600 units at a price of $18.00 each. Beginning inventory of finished goods is $38,500, and ending inventory of finished goods is expected to be $30,000. selling expense is projected at $21,000, and total administrative expense is projected at $118,500. Required: 61,000 17,000 230,000 Inventory $4,000 $3,900 form Round the percent to four decimal places before converting to a percentage. For example, .88349 would be rounded to .8835 and entered as 88.35.

Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 51,300 units will be produced, with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead Next year, Pietro expects to purchase $120,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Beginning Ending ? Work-in-Process Inventory $10,900 $12,900 Next year, Pietro expects to produce 51,300 units and sell 50,600 units at a price of $18.00 each. Beginning inventory of finished goods is $38,500, and ending inventory of finished goods is expected to be $30,000. selling expense is projected at $21,000, and total administrative expense is projected at $118,500. Required: 61,000 17,000 230,000 Inventory $4,000 $3,900 form Round the percent to four decimal places before converting to a percentage. For example, .88349 would be rounded to .8835 and entered as 88.35.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Question

A-7

v
Income Statement
Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 51,300 units will be produced, with the following total costs:
Direct materials
Direct labor
Variable overhead
Fixed overhead
Next year, Pietro expects to purchase $120,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows:
Direct materials
Beginning
Ending
Inventory
$4,000
$3,900
Required:
?
61,000
17,000
230,000
Next year, Pietro expects to produce 51,300 units and sell 50,600 units at a price of $18.00 each. Beginning inventory of finished goods is $38,500, and ending inventory of finished goods is expected to be $30,000. Tota
selling expense is projected at $21,000, and total administrative expense is projected at $118,500.
Less operating expenses:
Work-in-Process
Inventory
$10,900
$12,900
1. Prepare an income statement in good form. Round the percent to four decimal places before converting to a percentage. For example, .88349 would be rounded to .8835 and entered as 88.35.
Note: due to rounding, percentages may not add down.
Pietro Frozen Foods, Inc.
Income Statement
For the Coming Year
Percent
Check My Work 3 more Check My Work uses remaining.
%
%
%
%
%
2. What if the cost of goods sold percentage for the past few years was 45.72 percent? Management's reaction might be:
All work saved.
Save and Exit
Previous
M
Submit Assignment f

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