Lite Packs Company (LPC) makes and sells ultra-light backpacks. During Year 1, LPC sold 1,540 backpacks for $58 each. Each backpack has a variable cost of $24 and the company had total fixed cost $5,000 Required: Prepare a contribution format income statement for Lite Packs Company.
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- Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 240 units at $43 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 295-unit purchase at $48 per unit; the second was a 350-unit purchase at $50 per unit. During the period, it sold 575 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses a. FIFO b. LIFO. c. Weighted average (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) Cost of goods sold Ending inventory FIFO LIFO Weighted AverageRoyal Lawncare Company produces and sells two packaged products - Weedban and Greengrow. Revenue and cost information relating to the products follow: \ table[[, Product], [, Weedban,Greengrow], [Selling price per unit,$8.00, $39.00Crane Marine Products began the year with 10 units of marine floats at a cost of $13.60 each. During the year, it made the following purchases: May 5, 30 units at $19.80; July 16, 15 units at $24.20; and December 7, 20 units at $29.50. Assuming there are 25 units on hand at the end of the period, determine the cost of goods sold under (a) FIFO, (b) LIFO, and (c) average-cost. Crane uses the periodic approach. FIFO LIFO Average-cost $ LA LA tA $ Cost of Goods Sold
- LoDo Designs sells smart phone cases that are custom designed by local artists. Its beginning Inventory of cases was 162 units at $35 per unit. During the year, Cortez made two batch purchases of these cases. The first was a 206-unit purchase at $38 per unit, the second was a 280-unit purchase at $41 per unit. During the period, it sold 522 cases. Required: Determine the amount of product costs that would be allocated to cost of goods sold and ending Inventory, assuming that LoDo Designs uses a. FIFO, b. LIFO. Cost of goods sold Ending inventory S S FIFO 24,978 19.812 LIFO! Required information [The following information applies to the questions displayed below.] Shadee Corporation expects to sell 640 sun shades in May and 360 in June. Each shade sells for $161. Shadee's beginning and ending finished goods inventories for May are 60 and 40 shades, respectively. Ending finished goods inventory for June will be 65 shades. Each shade requires a total of $55.00 in direct materials that includes 4 adjustable poles that cost $10.00 each. Shadee expects to I have 120 in direct materials inventory on May 1, 100 poles in inventory on May 31, and 110 poles in inventory on June 30. Required: Prepare Shadee's May and June purchases budget for the adjustable poles. Budgeted Cost of Poles Purchased May JuneJoyce Murphy runs a courier service in downtown Seattle. She charges clients $0.60 per mile driven. Joyce has determined that if she drives 2,400 miles in a month, her total operating cost is $700. If she drives 3,500 miles in a month, her total operating cost is $810. Required: 1. Using the high-low method, determine Joyce's variable and fixed operating cost components. 2. Complete the contribution margin income statement for Joyce's service assuming she drove 1,550 miles last month. (Assume this falls within the relevant range of operations). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Using the high-low method, determine Joyce's variable and fixed operating cost components. (Round your cost per unit answer to 2 decimal places.) Variable Cost per Mile Driven Fixed Cost
- Please do not give solution in image format thankutps://ezto.mheducation.com/ext/map/index.h Saved Required information [The following information applies to the questions displayed below.] Scavenger Company, a manufacturer of recycling bins, began operations on January 1 of the current year. During this time the company produced 60,000 units and sold 55,000 units at a sales price of $15 per unit. Cost information for this year is shown in the following table: Production costs $ 2.50 per unit Direct materials Direct labor $ 3.00 per unit $ Variable overhead Fixed overhead 0.75 per unit $240,000 in total Non-production costs Variable selling and administrative Fixed selling and administrative $ 10,000 in total $50,000 in total Given the Scavenger Company data, what is net income using absorption costing? Multiple Choice < Prev 5 of 7 #PowerTrain Sports Inc. manufactures and sells two styles of All Terrain Vehicles (ATVs), the Mountain Monster and Desert Dragon, from a single manufacturing facility. The manufacturing facility operates at 100% of capacity. The following per-unit information is available for the two products: 1 Mountain Monster Desert Dragon 2 Sales price $5,200.00 $5,300.00 3 Variable cost of goods sold 3,240.00 3,450.00 4 Manufacturing margin $1,960.00 $1,850.00 5 Variable selling expenses 712.00 1,108.00 6 Contribution margin $1,248.00 $742.00 7 Fixed expenses 470.00 320.00 8 Income from operations $778.00 $422.00 In addition, the following sales unit volume information for the period is as follows: Mountain Monster Desert Dragon Sales unit volume 4,800 4,650 Required: a. Prepare a contribution margin by product report. Calculate the contribution margin ratio for each.…
