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 Freight-in $8,070 $10,310 $8,200 $9,460 $12,220 Cost of goods sold $233,460 $295,210 Gross profit on sales QUESTION: 35 $46,330 $92,270 $97,080 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 Freight-in $8,070 $10,310 $8,200 $9,460 $12,220 Cost of goods sold $233,460 $295,210 Gross profit on sales QUESTION: 35 $46,330 $92,270 $97,080 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
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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
Freight-in
$8,070 $10,310
$8,200 $9,460 $12,220
Cost of goods sold
$233,460
$295,210
Gross profit on sales
QUESTION: 35
$46,330 $92,270 $97,080
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?
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