QUESTION: 34 Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2013 2014 2015 Sales revenue $291,090 $412,520 Sales returns and allowances $11,300 $13,050 Net sales $349,000 Beginning inventory $20,080 $33,080 Ending inventory Purchases $260,350 $299,120 Purchase returns and allowances $5,440 $8,070 $10,310 Freight-in $8,200 $9,460 $12,220 Cost of goods sold Gross profit on sales $233,460 $46,330 $295,210 $92,270 $97,080 QUESTION: 35 A company has sales of $150 million, cost of goods sold of $100 million, and a before- tax profit of 8%. If purchasing was able to reduce the cost of goods sold by $5 million, how much additional sales would be required to achieve the same impact on profit? a) $5 million b) $10 million c) $55 million d) $62.5 million QUESTION: 36 Elisabeth Company's unadjusted COGS for 20X1 was $84,000. They had a $4,000 unfavorable direct labor efficiency variance, a $1,000 favorable direct labor rate variance, a $3,000 unfavorable direct materials purchase price variance, and a $4,000 unfavorable direct materials usage variance. They did not have any overhead variances. What was Elisabeth Company's adjusted COGS amount for 20X1?
QUESTION: 34 Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2013 2014 2015 Sales revenue $291,090 $412,520 Sales returns and allowances $11,300 $13,050 Net sales $349,000 Beginning inventory $20,080 $33,080 Ending inventory Purchases $260,350 $299,120 Purchase returns and allowances $5,440 $8,070 $10,310 Freight-in $8,200 $9,460 $12,220 Cost of goods sold Gross profit on sales $233,460 $46,330 $295,210 $92,270 $97,080 QUESTION: 35 A company has sales of $150 million, cost of goods sold of $100 million, and a before- tax profit of 8%. If purchasing was able to reduce the cost of goods sold by $5 million, how much additional sales would be required to achieve the same impact on profit? a) $5 million b) $10 million c) $55 million d) $62.5 million QUESTION: 36 Elisabeth Company's unadjusted COGS for 20X1 was $84,000. They had a $4,000 unfavorable direct labor efficiency variance, a $1,000 favorable direct labor rate variance, a $3,000 unfavorable direct materials purchase price variance, and a $4,000 unfavorable direct materials usage variance. They did not have any overhead variances. What was Elisabeth Company's adjusted COGS amount for 20X1?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
help in all questions
Transcribed Image Text:QUESTION: 34
Two or more items are omitted in each of the following tabulations of income
statement data. Fill in the amounts that are missing.
2013
2014
2015
Sales revenue
$291,090
$412,520
Sales returns and allowances
$11,300
$13,050
Net sales
$349,000
Beginning inventory
$20,080
$33,080
Ending inventory
Purchases
$260,350 $299,120
Purchase returns and allowances $5,440
$8,070 $10,310
Freight-in
$8,200
$9,460 $12,220
Cost of goods sold
Gross profit on sales
$233,460
$46,330
$295,210
$92,270
$97,080
QUESTION: 35
A company has sales of $150 million, cost of goods sold of $100 million, and a before-
tax profit of 8%. If purchasing was able to reduce the cost of goods sold by $5 million,
how much additional sales would be required to achieve the same impact on profit?
a) $5 million
b) $10 million
c) $55 million
d) $62.5 million
QUESTION: 36
Elisabeth Company's unadjusted COGS for 20X1 was $84,000. They had a
$4,000 unfavorable direct labor efficiency variance, a $1,000 favorable
direct labor rate variance, a $3,000 unfavorable direct materials purchase
price variance, and a $4,000 unfavorable direct materials usage variance.
They did not have any overhead variances. What was Elisabeth Company's
adjusted COGS amount for 20X1?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education