laxy Sports Inc. manufactures and sells two styles of All Terrain Vehicles (ATVS), the Conquistador and Hurricane, from a single anufacturing facility. The manufacturing facility operates at 100% of capacity. The following per-unit information is available for e two products: Conquistador Hurricane les price $4,200 $2,600 riable cost of goods sold (2,650) (1,740) anufacturing margin $1,550 $860 riable selling expenses (794) (444) ntribution margin $756 $416 ced expenses (360) (170) erating income $396 $246 addition, the following sales unit volume information for the period is as follows: Conquistador Hurricane les unit volume 2,800 2,100 Prepare a contribution margin by product report. Compute the contribution margin ratio for each product as a whole percent. Galaxy Sports Inc. Contribution Margin by Product

laxy Sports Inc. manufactures and sells two styles of All Terrain Vehicles (ATVS), the Conquistador and Hurricane, from a single anufacturing facility. The manufacturing facility operates at 100% of capacity. The following per-unit information is available for e two products: Conquistador Hurricane les price $4,200 $2,600 riable cost of goods sold (2,650) (1,740) anufacturing margin $1,550 $860 riable selling expenses (794) (444) ntribution margin $756 $416 ced expenses (360) (170) erating income $396 $246 addition, the following sales unit volume information for the period is as follows: Conquistador Hurricane les unit volume 2,800 2,100 Prepare a contribution margin by product report. Compute the contribution margin ratio for each product as a whole percent. Galaxy Sports Inc. Contribution Margin by Product

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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For each separate case, record an adjusting entry (if necessary). Lonzo Company receives $3,000 cash in advance for six months of recycling services on September 1 and records it by debiting Cash and crediting Unearned Revenue for $3,000. Lonzo provides recycling services monthly as promised. Prepare the December 31 year-end adjusting entry that Lonzo records for the work performed from September 1 through December 31. On October 20, Milwaukee Bucks sold a 10 game ticket package for $200 and recorded Unearned Revenue. By December 31, 4 of the 10 games had been played. Record the December 31 year-end adjusting entry that the Bucks record for the 40% of revenue earned on the $200 ticket package. Prepare the December 31 year-end entry that companies record to adjust the Revenue and the Unearned Revenue accounts.