Smithen Company, a wholesale distributor, has been operating for only a few months. The company sells three products-sinks,mirrors, and vanities. Budgeted sales by product and in total for the coming month are shown below based on planned unit sales asfollows:SinksMirrorsVanitiesTotalUnits1,0005005002,000Percentage of total salesSalesVariable expensesContribution marginContribution margin per unitFixed expensesOperating incomeBreak-even point in unit sales:Percentagesex25%25%100%Break-even point in sales dollars:Total Fixed expenses.Weighted-average CM per unitSinks48%ProductMirrors20%$264,000 100.00% $110,000 100.00% $176,000 100.00% $550,000 100.00%80,000 30.30% 72,000 65.45% 82,000 46.59% 219,300 39.87%53.41%60.13%$184,000$ 94,000330,70069.70% 38,000 34.55%S 76.00$ 184.00$ 188.00Fixed expensesOverall CM ratio$293,300$158.00Vanities32%$293,3000.601,856.33 unitsTotal100%293,300$ 37,400= $487,798.61*($184.00 0.50) + ($76.00 x 0.25)+ ($188.00 × 0.25)As shown by these data, operating income is budgeted at $37,400 for the month, break-even sales dollars at $487,798 61, and break-even unit sales at 1,856.33.Assume that actual sales for the month total $554,400 (2,100 units), with the CM ratio and per unit amounts the same as budgeted.Actual fixed expenses are the same as budgeted, $293,300. Actual sales by product are as follows: sinks, $138,600 (525 units);mirrors, $231,000 (1,050 units); and vanities, $184,800 (525 units). Required:1. Prepare a contribution format income statement for the month based on actual sales data. (Round your answers to 2 decimalplaces.)Percentage of total salesOperating income (loss)Break-even point in sales dollars$SinksBreak-even point in unit sales0.00+%%SMITHEN COMPANYContribution Margin Income StatementProduct0.00% $Mirrors0.00Assessment Tool iFrame%%%0.00 % $Vanities0.002. Compute the break-even point in sales dollars for the month, based on the actual data. (Round your percentage answers tonearest whole percent. Round other intermediate values and final answer to the nearest whole dollar)%%%0.00%3. Calculate the break-even point in unit sales for the month, based on the actual data. (Do not round your intermediate calculations.Round your final answer to the nearest whole number.)Total

Cost-volume-profit (CVP) analysis shows the impact on operating income and net income due to changes…

Answered: Required: 1. Prepare a contribution…

Required: 1. Prepare a contribution format income statement for the month based on actual sales data. (Round your answers to 2 decimal places.)

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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