Olongapo Sports Corporation distributes two premium golf balls-Flight Dynamic and Sure Shot. Monthly sales and the contribution margin ratios for the two products follow: Sales CM ratio Product Flight Dynamic $ 700,000 Sure Shot $ 300,000 Total $ 1,000,000 65% 77% ? Fixed expenses total $565,000 per month. Required: 1. Prepare a contribution format income statement for the company as a whole. 2. What is the company's break-even point in dollar sales based on the current sales mix? 3. If sales increase by $49,000 a month, by how much would monthly net operating income increase? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a contribution format income statement for the company as a whole. Note: Round your percentage answers to 2 decimal places (i.e. 0.1234 should be entered as 12.34). Sales Variable expenses Contribution margin Flight Dynamic Sure Shot Total Company Amount % Amount % Amount %

Olongapo Sports Corporation distributes two premium golf balls-Flight Dynamic and Sure Shot. Monthly sales and the contribution margin ratios for the two products follow: Sales CM ratio Product Flight Dynamic $ 700,000 Sure Shot $ 300,000 Total $ 1,000,000 65% 77% ? Fixed expenses total $565,000 per month. Required: 1. Prepare a contribution format income statement for the company as a whole. 2. What is the company's break-even point in dollar sales based on the current sales mix? 3. If sales increase by $49,000 a month, by how much would monthly net operating income increase? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a contribution format income statement for the company as a whole. Note: Round your percentage answers to 2 decimal places (i.e. 0.1234 should be entered as 12.34). Sales Variable expenses Contribution margin Flight Dynamic Sure Shot Total Company Amount % Amount % Amount %

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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