Ivanhoe Inc. had sales of $2,410,000 for the first quarter of 2020. In making the sales, the company incurred the following costs and expenses. Variable Fixed Cost of goods sold $940,000 $466,000 Selling expenses 109,000 72,000 106,000 Administrative expenses 97,000 Prepare a CVP income statement for the quarter that ended on March 31, 2020.
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- The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.
- Blossom Inc. had sales of $2,300,000 for the first quarter of 2020. In making the sales, the company incurred the following costs and expenses. Variable Fixed Cost of goods sold $936,000 $473,000 Selling expenses 119,000 71,000 Administrative expenses 116,000 120,000 Prepare a CVP income statement for the quarter ended March 31, 2020. BLOSSOM INC. CVP Income Statement For the Quarter Ended March 31, 2020Cullumber Inc. had sales of $2,816,000 for the first quarter of 2022. In making the sales, the company incurred the following costs and expenses. Variable Fixed Cost of goods sold $1,177,600 $563,200 Selling expenses 89,600 57,600 Administrative expenses 110,080 125,440 Prepare a CVP income statement for the quarter ended March 31, 2022. Sales CULLUMBER INC. CVP Income Statement For the Quarter Ended March 31, 2022 Variable Costs Contribution Margin Fixed Costs ΕWilliam Inc. had sales of $2,382,900 for the first quarter of 2023. In making the sales, the company incurred the costs and expenses shown below. Cost of goods sold Selling expenses Variable Fixed $929,450 $467,450 71,607 48,020 118,490 Administrative expenses 133,210 Prepare a CVP income statement for the quarter ended March 31, 2023.
- Ivanhoe Inc. had sales of $2,300,000 for the first quarter of 2020. In making the sales, the company incurred the following costs and expenses. Variable Fixed Cost of goods sold $940,000 $464,000 Selling expenses 74,000 54,000 Administrative expenses 96,000 145,000 Prepare a CVP income statement for the quarter ended March 31, 2020. IVANHOE INC.CVP Income StatementFor the Quarter Ended March 31, 2020 Administrative ExpensesContribution MarginCost of Goods SoldFixed CostsGross ProfitNet Income/(Loss)SalesSelling ExpensesVariable Costs $ Administrative ExpensesContribution MarginCost of Goods SoldFixed CostsGross ProfitNet Income/(Loss)SalesSelling ExpensesVariable Costs Administrative ExpensesContribution MarginCost of Goods SoldFixed CostsGross…Wildhorse Inc. had sales of $2,300,000 for the first quarter of 2020. In making the sales, the company incurred the following costs and expenses. Variable Fixed Cost of goods sold $966,000 $471,000 Selling expenses 109,000 57,000 Administrative expenses 93,000 107,000 Prepare a CVP income statement for the quarter ended March 31, 2020. WILDHORSE INC. CVP Income Statement For the Quarter Ended March 31, 2020 > $ $Ivanhoe Inc. has sales of $1,720,000 for the first quarter of 2025. In making the sales, the company incurred the following costs and expenses. Cost of goods sold Selling expenses Administrative expenses Variable $653,600 81,700 67,940 Fixed $516,000 51,600 56,760 Prepare a CVP income statement for the quarter ended March 31, 2025.
- SahPresented below are excerpts from the income statements of Ralos Company for the years ended December 31, 2021 and 2020. 2021 2020 Inc (Dec) Net sales P2,750,000 P2,500,000 P250,000 Cost of goods sold 1,584,000 1,600,000 ( 16,000) Gross margin P1,166,000 P 900,000 P234,000 The unit cost decreased by 10% on January 1, 2021. What is the effect on sales due to change in selling price? cite if increase or decreaseCrane Manufacturing Ltd's sales for the year ended December 31, 2022 are $1.24 million. The expenses for 2022 are as follows: Cost of goods sold Selling expenses Variable Fixed $416,000 $234.000 34,320 46,800 72,800 Administrative expenses 36,320 Prepare a detailed CVP income statement for the year ended December 31, 2022. Crane Manufacturing Ltd. CVP Income Statement