Johnston Company (JC) sells two types of bicycles with details as follows for 2019: Plan Expected total industry unit sales Budgeted JC unit sales Budgeted selling price per unit Budgeted variable costs per unit Actuals Actual total industry unit sales Actual JC unit sales Actual selling price per unit Actual variable cost per unit Required: Mountain Road 96,000 170,000 8,400 34,000 $ 1,200 $ 1,600 $ 968 $ 1,258 200,000 120,000 12,000 36,000 $ 1,240 $ 1,575 1,000 $ 1,275 $ 1. Calculate the budgeted contribution margin for each model. Budgeted Contribution Margin Mountain Road Selling price $ 1,200 $ 1,600 Variable costs 968 1,258 Budgeted contribution margin per unit $ 232 $ 342 2. Calculate the following variances: a. Sales Price Variance $ 420,000 U b. Market Volume Variance F C. Market Share Variance U d. Sales Mix Variance e. Sales Quantity Variance
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- The following information are available for X Corp: (The company uses actual costing). What is the Profit in 2019 under absorption costing? 2019 Beginning Inventory None Production 10,000 units Ending Inventory 3,500 units Sales at 2 per unit ?? Variable Mfg cost in total pesos 7,500 Fixed Mfg cost 5,000 OPEX (50% FC) 4,500 2020 Beginning Inventory ?? Production 9,000 units Ending Inventory 1,000 units Sales at 2 per unit ?? Variable Mfg cost in total pesos ?? Fixed Mfg cost 5,400 (increased by 400 for change of total FC of the company) OPEX (50% FC) 7,500Assume the following data for Eim Alex Company for the years 2019, 2020, and 2021. Year Lifting.(Production) Costs (excluding DD&A) DD&A Production bbl 2019 750,000 855,000 325,000 2020 685,000 787,000 297,000 2021 578,000 729,000 362,000 Compute the DD&A per BOE for 2019. O 2.6308 2.6380 2.368010. Prepare a statement showing the pricing of issues, on the basis of FIFO, LIFO, Weighted average method 2018 March 1 Purchased 300 units @ 9.5 each 2 Purchased 200 units @ OMR 9.25 each. Issued 250 units to Job X vide M.R.No.12 Purchased 100 units @ OMR 9.50 each Purchased 100 units @ OMR 9.80 each Issued 300 units to Job Y vide M.R.No.15 Issued 100 units to Job Z vide M.R.No.17 Purchased 200 units @ OMR9.90 each Issued 150 units to Job K vide M.R.No.25 10 13 18 20 25
- PROBLEM 14: MMM Company started operations in 2019. The following data are abstracted from the company's production and sales records: 2019 2020 2021 of units Number produced Number of units sold Unit production cost 116,250 108,750 P 4.50 P 5.20 P 5.80 900,000 120,000 75,000 101,250 97,500 Sales revenue 600,000 975,000 19. Using the FIFO cost flow assumption, the gross profit for the year ended December 31, 2021 is: PROBLEM 15: The following quarterly cost data have been accumulated for New DDD Manufacturing, Inc.: Raw materials, 1/1/2022 Purchases of raw materials 10,000 units at P6.00 8,500 units at P7.00 11,000 units at P7.50 Raw materials transferred to work in process Work in process, 1/1/2022 Direct labor Manufacturing overhead Work in process, 3/31/2022 21,500 units 5,600 units at P13.50 P 250,000 325,000 4,200 units at P13.75 20. If New Dehi uses the FIFO method for valuing raw materials inventories, compute for the cost of goods manufactured for the quarter ended March 31,…The following relates to a single sale of goods made by Spurs in 2023: Selling price P500,000Freight costs 5,000Terms 3/15, n/30Shipping Date December 28, 2023Date goods received by the customer January 3, 2024Date payment is received by Spurs January 5, 2024 Question:9. If the term is FOB destination, how much sales should be recorded by Spurs for the year ended December 31, 2023? a. P0b. P490,000c. P495,000d. P500,000A company has following details for this yearDetails Total sales($) Total cost($) Details Total sales($) Total cost($)Year ended 31/12/2018 35,78,998 25,89,709Year ended 31/12/2019 48,90,742 31,67,984 Calculate P/V ratio, Fixed cost, break even sales, Margin of safety 2018/2019, Variable cost 2018/2019and percent of fixed cost 2018/2019
- PROBLEM 14: MMM Company started operations in 2019. The following data are abstractedfrom the company’s production and sales records: 2019 2020 2021 Number of units produced 120,000 116,250 101,250 Number of units sold 75,000 108,750 97,500 Unit production cost P 4.50 P 5.20 P 5.80 Sales revenue 600,000 900,000 975,000 Using the FIFO cost flow assumption, the gross profit for the year ended December 31, 2021 is:Question 3: Sohar Company's financial information is given in the table below. Sales (OMR) Fixed Costs Year 2019 | 2020 Variable Costs 225000 240000 405000 90000 450000 120000 Calculate: a) P/V ratio, b) B.E.P. c) Sales required to earn a profit of OMR 40000. d) Margin of safety at a profit of OMR 50000 e) Profit when sales are OMR. 200000.Green Tea’s data show the following information for the financial year, beginning July 2020: July Aug. Sept. Oct. Nov. Estimated sales (units) 25,000 25,000 27,000 27,500 28,000 Sales price per unit $31 $31 $31 $31 $31 Direct labour per unit $1.75 $1.75 $1.50 $1.50 $1.50 Labour rate per hour $21 $21 $24 $24 $24 New machinery will be added in September. This machine will reduce the labour required per unit and increase the labour rate for those employees qualified to operate the machinery. Finished goods inventory is required to be 20% of the next month’s requirements. Direct material requires 2.5 kg per unit at a cost of $5 per kg. The ending inventory required for direct materials is 20% of the next month’s needs. In July, the beginning inventory is 3,750 units of finished goods and 13,125 kg of materials. Required: i) Prepare a production budget for the first quarter of the year (i.e. July – September).…
- A EXAMPLE 20.18 The following information relating to the third and last quarter of 2019-20 is furnished by a compan which manufactures and sells a single product: Third Quarter Last Quarter (Actual) 76,24,000 (Estimate) 76,60,000 Sales Inventory of raw material and finished goods: Орening Balance Closing Balance Closing Balance Raw material A (kg) Raw materialB (kg) Finished goods (units) 25,000 23,500 25,000 15,000 12,650 13,400 670 700 1,000 Unit cost data: Raw material A: 10 kg @ 33 = 730 5 kg @ 2 = 10 %3D Raw material B: %3D Direct labour (Machine time 5 hrs @ 4): Machine shop = 20 Assembly 2 hrs. @ 75 (labour time) = 710 Production overheads: %3D Machine shop @ 12 per machine hr. Assembly @10 per labour hr. Selling and Administration O.H. : 20% of production cost Profit margin : 10% on selling price Production and sales occur evenly during the budget period. You are required to prepare for the las quarter of the year. (a) Production budget (in units) (b) Purchase budget (quantity…ssignment/takeAssignmentMain.do?invoker%3D&takeAssignmentSessionLocator=&inprogress=false E Calculator Park and West, LLC, provides consulting services to retail merchandisers in the Midwest. In 2019, they generated $722,000 in service revenue. Their total cost (fixed and variable) per client was $2,400 and they served 105 clients during the year. If operating expenses for the year were $302,000 what was their net income? Park and West, LLC Income Statement For Year Ending 2019 Previous Next Submit Test for Grading Email Instructor All work saved. 5:19 PM 10/2/2020Prepare a gross profit variation analysis for two products. 2021. 2020 A. B. A. B Sales volume. 7,000 5,000. 9,000. 2,500Unit selling price. P 6.00. P. 4.00. P 7.00. P 5.00Unit cost. P. 4.00. 2.00 6.00 3.00Determine the following: a) Volume factor b) Price factor c) cost factor d) sales mix factor