1R x 8C3456=7-8=9101112137142File16Dv2312Jay Corporation has decided to prepare contribution income statements for internal planning.7717 20221819202122HomevAQuarter 1Quarter 2Quarter 3Quarter 4Review View Help✓11 v BEA ... Ev abX✓ fx Accessibility tab summary: Information about Jay Corporation is presented in row 2. Financial information of the comFKNBudgeted information for Quarter 1 of 2024:Sales in unitsSales price per unit2023InsertQuarter 1Quarter 2Quarter 3Quarter 4CalibriRent Expense (per quarter)Depreciation Expense (per quarter)Draw-15 Shipping has been determined to be a mixed cost with the following total costs and units:→BAfter analyzing expenses, the company has determined the following cost patterns.Cost of Goods Sold (per unit)$29.00Sales Commissions (per dollar of sales)9.50%Administrative Salaries (per quarter)$45,000$27,000$36,000Formulas242525262728 use the data to answer the following17,000$48.00CTotal Cost$67,000$94,000$89,800$92,600MData$72,500$80,000$84,000$100,000Units12,50021,00013,80020,000D13,70014,00014,30022,500EGHEditing ✓GeneralLM-0.000 3435361R x 8C373839404142434445Dv6044High level of activityLow level of activityChange in activityvariable cost per unitFixed cost portion:Total cost at high level of activityLess: Variable cost elementTotal fixed costCost of goods soldSales commissionsShipping expense555657 Contribution margin5859✓ ✓ Av.. Ev abX✓ fx Accessibility tab summary: Information about Jay Corporation is presented in rowCJUnitsTotal variable expensesCalibri46 2. Prepare a contribution margin income statement for Quarter 1 of 2024.4748495051Sales52 Variable expenses:5354Fixed expenses:Adminstrative salariesRent expenseB11 v BTotal CostJay CorporationBudgeted Income StatementFor 2024, Quarter 1DEGH+I

Contribution margin income statement is prepared for internal purpose only. The main objective of…

Jay Corporation has decided to prepare contribution income statements for internal planning. Budgeted information for Quarter 1 of 2024: Sales in units Sales price per unit after analyzing expenses, the company has determined the following cost patterns. Cost of Goods Sold (per unit) $29.00 Sales Commissions (per dollar of sales) 9.50% Administrative Salaries (per quarter) Rent Expense (per quarter) Depreciation Expense (per quarter) Shipping has been determined to be a mixed cost with the following total costs and units: 2022 17,000 $48.00 Quarter 1 Quarter 2 Quarter 3 Quarter 4 $45,000 $27,000 $36,000 Total Cost $67,000 $94,000 $89,800 $92,600 Units 12,500 21,000 13,800 20,000

Jay Corporation has decided to prepare contribution income statements for internal planning. Budgeted information for Quarter 1 of 2024: Sales in units Sales price per unit after analyzing expenses, the company has determined the following cost patterns. Cost of Goods Sold (per unit) $29.00 Sales Commissions (per dollar of sales) 9.50% Administrative Salaries (per quarter) Rent Expense (per quarter) Depreciation Expense (per quarter) Shipping has been determined to be a mixed cost with the following total costs and units: 2022 17,000 $48.00 Quarter 1 Quarter 2 Quarter 3 Quarter 4 $45,000 $27,000 $36,000 Total Cost $67,000 $94,000 $89,800 $92,600 Units 12,500 21,000 13,800 20,000

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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Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $157,830 budgeted expenses include $109,350 in variable expenses for desks and $18,480 in variable expenses for chairs, as well as $30,000 of fixed expenses. Actual fixed expenses total $31,800. Desk sales (in units) Chair sales (in units); Desk sales Chair sales Total expenses Income For Quarter Ended June 30 Desk sales Chair sales Variable expenses Contribution margin Fixed Budget Fixed expenses Income Actual Results Variances 135 141 56 64 Dok 28,560 33,600 157,830 167,530 $ 176,850 $ 183,300 $ 6,450 P 5,040 P 9,700 U Required: Prepare a flexible budget performance report that shows variances between budgeted results and actual results. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. $ 47,580 $ 49,370 $ 1,790 F BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance Favorable…
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