QUESTION THREE ERS Itd is a company engaged in the manufacture of sports shoes. The last financial year to 31 January has seen the company produce its lowest profit for five years. The summary profit and loss account for the year to 31* January is set out below к K Sales revenue (50,000 shoes @ K70) 3,500,000 Cost of sales Direct materials 1,400,000 Direct labour 1,150,000 Variable manufacturing overheads 200,000 Fixed manufacturing overheads 410.000 Total manufacturing costs 3.160.000 Gross profit 340,000 Selling and distribution overheads (Fixed) 134,000
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- ABC Manufacturing produces metal lampposts. The company's income statements for the last two years are given below. The company has no beginning or ending inventories. Last Year This YearUnits sold. 60,000 85,000Sales. 1,440,000. 2,040,000Less cost of goods sold. 785,000 1,060,000 Gross margin 655,000 980,000Less operating expenses. 237,000 312,000Net income 418,000. 668,000 Compute the company's contribution margin for this year. a) 900,000b) 790,000c) 715,000d) 850,000ABC Manufacturing produces metal lampposts. The company's income statements for the last two years are given below. The company has no beginning or ending inventories. Last Year This YearUnits sold. 60,000 85,000Sales. 1,440,000. 2,040,000Less cost of goods sold. 785,000 1,060,000 Gross margin 655,000 980,000Less operating expenses. 237,000 312,000Net income 418,000. 668,000Using the high/low method, determine the company's total variable cost per unit.2 ABC supplier incurred the following actual costs during the year just ended: Direct material used $210,500 Direct labour 185 000 Manufacturing overhead 380,000. The inventory balances, on 1 January, were as follows: Raw material $47 000 Work in process $61 500 Finished goods $60 000. Each of these inventory balances was 10 percent higher at the end of the year. The cost of goods sold is: Select one: a. $765,250 b. $762,850 c. $760,000 d. None of the answers given 3 David Furniture Ltd incurred the following actual costs during the year just ended: Direct material used $200,020 Direct labour $190,000 Manufacturing overhead $278, 000. The inventory balances, on 1 January, were as follows: Raw material $47 000; Work in process $61 500 Finished goods $65 000. Each of these inventory balances was 10 percent lower at the end of the year. The cost of goods manufactured is: Select one: a. None of the answers given b. $674,000 c. $670,000 d. 650,000 4 ABC Ltd prepares…
- 1 HASF Corporation began operations at the beginning of the current year. one of the year company product a compressor sells for 370 per unit’s information related to the current year activities follows Variable cost per unit Direct material 40 Direct labor 74 Manufacturing overhead 96 Annual fixed cost Manufacturing cost 1,200,000 Selling and administrative 1,720,000 Sales and production Sales in units 20,000 Production 24,000 Required - Cost of the December 31 finished goods inventory Net income for the current year Dec 31 If next year production decrease to 22,500 units and general cost behavior patterns do not change what is the likely effect on The direct labor cost of 74 per…Question No. 1FJW Manufacturing Co. produces only one product. You have obtained the following information from the corporation’s books and records for the year ended December 31, 2021:a. Total manufacturing cost during the year was $1,000,000, including direct materials, directlabor, and factory overhead.b. Cost of goods manufactured during the year was $970,000.c. Factory overhead charged to work in process was 75% of direct labor cost and 27% of thetotal manufacturing cost.d. The beginning work in process inventory, January 1, was 40% of the ending work inprocess inventory, December 31.Required:Prepare a statement of cost of goods manufactured for the year ended December 31 for FJW Manufacturing company.ABC Company was organized on March 1 of the current year. After five months of start-up losses,management had expected to earn a profit during August. Management was disappointed, however, whenthe income statement for August also showed a loss. August’s income statement follows:ABC CompanyIncome StatementFor the Month Ended August 31Sales 450,000Less operating expenses:Indirect labor cost 12,000Utilities 15,000Direct labor cost 60,000Depreciation, factory equipment 21,000Raw materials purchased 165,000Depreciation, sales equipment 18,000Insurance 4,000Rent on facilities 70,000Selling and administrative expenses 32,000Advertising 75,000 472,000Net operating loss (22,000)After seeing the Tk. 22,000 loss for August, ABC’s president stated, “I was sure we’d be profitable withinsix months, but our six months are up and this loss for August is even worse than July’s. I think it’s time tostart looking for someone to buy out the company’s assets—if we don’t, within a few months there won’tbe…
- 1. Rierson Inc. produces and sells two products. Data concerning those products for the most recent month appear below. The fixed expenses of the entire company were $17,730. The break-even point for the entire company is closest to: Product T77G Product 129C $14,000 Sales S19.000 $9.340 Variable expenses.. $5.180 a. $15,270 b. $31,661 C. $17,730 d. $32,250 2. The excess or deficiency of cash available over disbursements on the cash budget is calculated as follows: a. The beginning balance less the expected cash receipts less the expected cash disbursements. b. None of these, C. The cash available less the expected cash receipts plus the expected cash disbursements. d. The beginning balance plus the expected cash receipts less the expected cash disbursements. 3. Below are the importance of a budget, except: a. basis for performance evaluation. b. resource allocation. C. manipulation of financial results. d. motivation for employees to achieve more than the budgeted target. 4. What are…Accounting for By-products Happy Tree Lumber produces one main product (lumber) and one by-product (wood chips). The following are taken from its books at the end of the month. Selling price per pound of wood chips $ 1 Pounds of wood chips produced 4,000 Pounds of wood chips still on hand at the end of December 2,800 Pounds of wood chips sold in January 2,800 Lumber produced at the end of the year $246,000 Listed below are the transactions during the month of December: Purchased $150,000 of raw material for cash. Requisitioned $150,000 of direct materials for production. The company paid direct labor costs of $20,000 for work done on the raw materials. The company applied $80,000 manufacturing overhead. Recorded the cost of goods finished during December. The lumber and the wood chips are both finished and ready to be sold. The company sold all of the lumber for $300,000. Recorded the wood chips sold during December. Listed below is the…Question 1 Serve Better Company had a bad year in 2023. For the first time in its history, it operated at a loss. The company's income statement showed the following results from selling 6,000 units of product: sales $360,000; total costs and expenses $402,000; and net loss $42,000. Costs and expenses consisted of the amounts shown below: Cost of goods sold Selling expenses Administrative expenses Total $270,000 Variable Fixed $186,000 $84,000 $96,000 $25,000 $71,000 $36,000 $23,000 $13,000 $402,000 $234,000 $168,000 Management is considering the following independent alternatives for 2024. 1. Increase unit selling price 25% with no change in costs, expenses, and sales volume. 2. Change the compensation of salespersons from fixed annual salaries totaling $60,000 to total salaries of $6,000 plus a 5% commission on net sales. 3. Purchase new high-tech factory machinery that will change the proportion between variable and fixed cost of goods sold to 50:50. a. Compute the break-even point…
- Cost of Goods Manufactured Cost of Goods Sold Zoolander Inc. manufacturers high end fashion accessories and has provided the following data for the latest quarter ended March 31st: $204,300 $172,750 $4,800 $9,500 $3,800 Property insurance paid on factory Utilities for the factory Indirect materials used in production Sales Revenue Operating Expenses Calculate gross profit for Zoolander Inc.'s first quarter. OA. $271,250 B. $444,000 OC. $449,700 OD. $481,250 question: 1 point(s) $654,000 $210,000 possible Submit quiz NextQuestion Content Area Product J is one of the many products manufactured and sold by Oceanside Company. An income statement by product line for the past year indicated a net profit for Product J of $2,750. This net profit resulted from sales of $275,000, cost of goods sold of $186,500, and operating expenses of $85,750. It is estimated that 30% of the cost of goods sold represents fixed factory overhead costs and that 40% of the operating expense is fixed. If Product J is retained, the revenue, costs, and expenses are not expected to change significantly from those of the current year. Because of the large number of products manufactured, the total fixed costs and expenses are not expected to decline significantly if Product J is discontinued. Question Content Area Prepare a differential analysis report dated February 8 of the current year. If an amount is zero, enter "0". If required, use a minus sign to indicate a loss. Differential AnalysisContinue (Alternative 1) or…de bne In previous year, Seventy Up, Inc. operated at 250,000 units. The following income ement was provided for you to plan your next year's operation: Sales Cost of goods sold Gross profit Operating expenses, variable costs is P125,000 Net income before income tax eleo P2,000,000d 1,500,000 it P 500,000 ns mh 225,000 P 275,000 29 adeo baud The fixed manufacturing cost in the cost of goods sold is P3.00 Instructions: Revise the income statement to reflect a variable costing method. lad