Not use ai please don't Nikkel Corporation, a merchandising company, reported the followingresults for July:Sales$407,000Cost of goods sold (all variable)$173,400Total variable selling expense$20,400Total fixed selling expense$22,200Total variable administrative expense $14,800Total fixed administrative expense$39,700The gross margin for July is:a. $233,600b. $345,100c. $198,400d. $136,500

Step 1: Define Income StatementThe income statement for a firm may be prepared by using the…

Answered: Nikkel Corporation, a merchandising…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EB: Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a...

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Wright & Boyle Inc. had the following income statement for the month of May: Sales revenue $470,800.00 Cost of goods sold 217,766.40 Gross margin $253,033.60 Less: Selling expenses 86,199.20 Administrative expenses 74,942.80 Operating income $91,891.60 What was the selling expense percent?
Calip Corporation, a merchandising company, reported the following results for October: Sales Cost of goods gold (all variable) Total variable selling expense Total fixed selling expense $490,000 $169,700 $24,200 $21,700 Total variable administrative expense $13,200 Total fixed administrative expense $33,600 The gross margin for October is: a) $320,300 b) $434,700 c) $282,900 d) $227,600
The following information is available for a company's cost of sales over the last five months. MonthUnits soldCost of salesJanuary560$28,600February740$34,000March1,300$46,000April2,560$58,000 Using the high-low method, the estimated total fixed cost is:
Apitong Company made two different schedules of gross income for the quarter ended September 30: Problem 11-10 (IAA) in SPome for the quarter ended September 30: al Schedule 1 Schedule 2 Sales (P100 per unit) Cost of goods sold 2,800,000 1,169,000 2,800,000 1,157,500 Gross income 1,631,000 1,642,500 The computation of cost of goods sold in each schedule is based on the following data: Units Unit cost Total cost Beginning inventory - July 1 Purchase - July 25 Purchase - August 25 Purchase - September 5 Purchase - September 25 10,000 8,000 5,000 7,000 12,000 40.00 42.00 41.30 43.00 42.50 400,000 336,000 206,500 301,000 510,000 Available for sale 42,000 1,753,500 Required: Identify the inventory cost method used in preparing the two schedules of gross income.
Muscat company, reported the following results for January: Number of units 10,000 Selling price $10 Total Variable selling expense $7,000 Total Variable administrative expense $10,000 Total fixed selling expense $20,000 Total fixed administrative expense $8,000 Merchandise Beginning $5,000 Merchandise Purchase $50,000 Merchandise Ending $10,000 Based on traditional income statement Muscat company’s net profit will be?
FInd the Weighted average cost per unit
Using the data below, compute lan's return on sales ratio for the month of January. Net Sales $12,000 Cost of goods sold 3,000 Operating expenses 7,000 Other income 500 Income tax expense 1,000 Round answer to the nearest whole percentage.
Geneva Company reports the following information for July: Sales $ 792,000 Variable cost of goods sold 239,000 Fixed cost of goods sold 114,000 Calculate the contribution margin for July.
Calip Corporation, a merchandising company, reported the following results for October: Sales Cost of goods sold (all variable) Total variable selling expense Total fixed selling expense Total variable administrative expense Total fixed administrative expense The contribution margin for October is: $453,000 $183,000 $12,000 $9,900 $8,000 $25,600
Bolka Corporation, a merchandising company, reported the following results for October: Sales Cost of goods sold (all variable) Total variable selling expense Total fixed selling expense Total variable administrative expense Total fixed administrative expense The contribution margin for October is: $ 411,000 $ 174,300 $ 26,200 $ 23,800 $ 15,700 $ 38,700
Provide Correct Answer
Shown below are information provided by the bookkeeper of Luna Corporation: A. Sales for the month of December totaled 286,000 units. B. The following purchases were made in December: Date Quantity Unit Cost 12/4 50,000 P13.00 12/8 62,500 12.50 12/11 75,000 12.00 12/24 70,000 12.40 C. There were 108,500 units on hand on December 1 with a total cost of P1,450,000. D. The company uses a periodic FIFO costing system. Its gross…

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