Please help with what you understand thank you so much. Vulcan Company's contribution format income statement for June is as follows:Vulcan CompanyIncome StatementFor the Month Ended June 30Sales$ 900,000400,000500, 000450,000Variable expensesContribution marginFixed expensesNet operating income$ 50,000Management is disappointed with the company's performance and is wondering what can be donė to improve profits. By examiningsales and cost records, you have determined the following:esa. The company is divided into two sales territories–Northern and Southern. The Northern Territory recorded $500,000 in sales and$200,000 in variable expenses during June; the remaining sales and variable expenses were recorded in the Southern Territory.Fixed expenses of $245,000 and $88,000 are traceable to the Northern and Southern Territories, respectively. The rest of the fixedexpenses are common to the two territories.b. The company is the exclusive distributor for two products-Paks and Tibs. Sales of Paks and Tibs totaled $250,000 and $250,000,respectively, in the Northern territory during June. Variable expenses are 21% of the selling price for Paks and 59% for Tibs. Costrecords show that $102,500 of the Northern Territory's fixed expenses are traceable to Paks and $52,500 to Tibs, with theremainder common to the two products. Required:1-a. Prepare contribution format segmented income statements for the total company broken down between sales territories.1-b. Prepare contribution format segmented income statements for the Northern Territory broken down by product line.Complete this question by entering your answers in the tabs below.pokantReq 1AReg 1BencesPrepare contribution format segmented income statements for the total company broken down between sales territories. (Round thepercentage answers to one decimal place (i.e .1234 should be entered as 12.3).)Sales TerritoryTotal CompanyNorthernSouthernAmount%Amount%Amount

Income Statement: It is a statement which is prepared periodical and shows the profitability of the…

pany's contribution format income statement for June is as follows: Vulcan Company Income Statement For the Month Ended June 30 900,000 400,000 500,000 450,000 $ 50,000 xpenses on margin nses ing income is disappointed with the company's performance and is wondering what can be done to improv st records, you have determined the following:

pany's contribution format income statement for June is as follows: Vulcan Company Income Statement For the Month Ended June 30 900,000 400,000 500,000 450,000 $ 50,000 xpenses on margin nses ing income is disappointed with the company's performance and is wondering what can be done to improv st records, you have determined the following:

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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