**Riverside Inc. Canoe Production Analysis**Riverside Inc. manufactures a single model of a wooden canoe. The table below provides partial cost information related to different levels of production and sales: 540, 690, and 840 units.### Cost Breakdown Table| Number of Canoes Produced and Sold | 540 | 690 | 840 ||------------------------------------|-----------|-----------|-----------|| **Total Costs** | | | || Variable Costs | $78,300 | ? | ? || Fixed Costs | $148,300 | ? | ? || **Total Costs** | $226,600 | ? | ? || | | | || **Cost per Unit** | | | || Variable Cost per Unit | ? | ? | ? || Fixed Cost per Unit | ? | ? | ? || Total Cost per Unit | ? | ? | ? |### Tasks1. **Complete the Table:** - Calculate missing values for variable and fixed costs at different production levels. - Determine costs per unit.2. **Calculate Contribution Margin:** - Assuming canoes are sold at $515 each, compute the contribution margin per canoe. - Determine the contribution margin ratio.3. **Prepare Income Statement for Future Sales:** - Riverside expects to sell 890 canoes in the upcoming year. - Complete the contribution margin income statement using projected sales data.**Contribution Margin Income Statement****Riverside Inc.**- For the Next Year: - [Provide sections for sales, variable expenses, and fixed expenses] - Calculate the contribution margin - Determine net operating income**Note:**- Ensure calculations are rounded to 2 decimal places where applicable. **Riverside Inc. Canoe Production Analysis**Riverside Inc. produces one model of wooden canoe. The production and sales data for different quantities are provided below:### Production and Cost Information#### Number of Canoes Produced and Sold- **Quantities:** 540, 690, 840#### Total Costs Breakdown- **Variable Costs:** - 540 canoes: $78,300 - 690 and 840 canoes: To be calculated- **Fixed Costs:** - 148,300 for each production level - Total costs for 540 canoes: $226,600 - Total costs for 690 and 840 canoes: To be calculated#### Cost per Unit- **Variable Cost per Unit:** To be calculated- **Fixed Cost per Unit:** To be calculated- **Total Cost per Unit:** To be calculated for each production level### Tasks1. **Complete the Table:** - Calculate the missing variable and fixed costs, as well as total costs per unit based on the given information.2. **Sales Price and Contribution Margin:** - Riverside sells each canoe for $515. - Calculate the contribution margin per canoe. - Determine the contribution margin ratio.3. **Projection for Next Year:** - Riverside anticipates selling 890 canoes. - Prepare a contribution margin income statement for the projected sales.### Instructions- Use the tabs to enter the required information for each question.- Round your cost per unit answers to 2 decimal places.This analysis aims to provide a comprehensive understanding of the cost structure and profitability for Riverside Inc.'s canoe production, aiding in financial decision-making and forecasting.

The income statement is prepared to find net income or losses incurred during the period.

Answered: Riverside Inc. makes one model of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Wood Chuck Furniture currently manufactures rocking chairs as its main product. Each chair uses one seat cushion and one back CUSHIO and one back): Direct materials Direct labor Variable overhead Fixed overhead Total $ 1 10 Wood Chuck should 5 8 $24 Shepert Company has contacted Wood Chuck with an offer to sell it 5,000 sets of cushions for $18 each. If Wood Chuck buys the cushions, $2 of the fixed overhead per unit will be allocated to other products. Should Wood Chuck make or buy the cushions? buy to save $ per set. SUPPORT
Hermosa, Inc., produces one model of mountain bike. Partial information for the company follows: Number of bikes produced and sold Total costs 460 750 910 Variable costs $110,860 $ ? Fixed costs per year Total costs ? ? Cost per unit Variable cost per unit Fixed cost per unit Total cost per unit ? ? ? ? ? $ 522.75 Required: 1. Complete the table. 2. Calculate Hermosa's contribution margin ratio and its total contribution margin at each sales level indicated in the table assuming the company sells each bike for $690. 4. Calculate Hermosa's break-even point in units and sales revenue. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 4 Complete the table. (Round your "Cost per Unit" answers to 2 decimal places.) Number of bikes produced and sold 460 Units 750 Units 910 Units Total costs Variable costs $ 110,860 Fixed costs per year Total costs $ 110,860 $ O $ Cost per unit Variable cost per unit Fixed cost per unit Total cost per unit $…
Sandy Bank, Incorporated, makes one model of wooden canoe. And, the information for it follows: Number of canoes produced and sold Total costs Variable costs Fixed costs Total costs Cost per unit Variable cost per unit Fixed cost per unit Total cost per unit 450 650 800 $ 120,000 $374,400 $ 494,400 $ 67,500 $ 374,400 $ 441,900 $ 97,500 $374,400 $ 471,900 $ 150.00 832.00 $ 150.00 576.00 $ 982.00 $ 726.00 $ 618.00 $ 150.00 468.00 Sandy Bank sells its canoes for $475 each. Required: 1. Suppose that Sandy Bank raises its selling price to $600 per canoe. Calculate its new break-even point in units and in sales dollars. 2. If Sandy Bank sells 900 canoes, compute its margin of safety in dollars and as a percentage of sales. (Use the new sales price of $600) 3. Calculate the number of canoes that Sandy Bank must sell at $600 each to generate $110,000 profit.
Denali Industries makes specialized oil well equipment. Use total direct cost as the burden vehicle, and compute the total cost per unit for each model. Total manufacturing indirect costs are $2,500,000, and there are 1000 units manufactured per year for Model A, 600 for Model K, and 500 for Model T. Use total direct cost as the burden vehicle, and compute the total cost per unit for each model.
answer in text form please (without image)
Required information [The following information applies to the questions displayed below] Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units): $ 10,000 5,500 4,500 2,250 Sales Variable expenses Contribution margin Fixed expenses Net operating income 2,250 2. What is the contribution margin ratio? Contribution margin ratio
1. Using ABC, the total manufacturing costs for product Regular is:
Hermosa, Inc., produces one model of mountain bike. Partial information for the company follows: Number of bikes produced and sold 470 770 930 Total costs Variable costs $ 117,030 $ ? $ ? Fixed costs per year ? ? ? Total costs ? ? ? Cost per unit Variable cost per unit ? ? ? Fixed cost per unit ? ? ? Total cost per unit ? $ 529.75 ? Required:1. Complete the table. 2. Calculate Hermosa’s contribution margin ratio and its total contribution margin at each sales level indicated in the table assuming the company sells each bike for $810. 4. Calculate Hermosa’s break-even point in units and sales revenue.
Connect Please see attachment and complete all boxes with the correct information
Chip Company produces three products, Kin, Ike, and Bix. Each product uses the same direct material. Kin uses 4 pounds of the material, Ike uses 3 pounds of the material, and Bix uses 6 pounds of the material. Selling price per unit and variable costs per unit of each product follow. Selling price per unit Variable costs per unit Kin $ 160 96 Contribution margin per pound Ike $ 112 85 Bix $ 210 144 (a) Compute contribution margin per pound of material for each product. (b) If demand is limited, list the three products in the order in which management should produce and meet demand. Product Contribution Margin Order in which management should produce and meet demand: Kin Ike Bix

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

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,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

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

SEE MORE TEXTBOOKS

Riverside Inc. makes one model of wooden canoe. Partial information for it follows: Number of Canoes Produced and Sold 540 690 840 Total costs Variable costs Fixed costs Total costs $ 78,300 148, 300 $226,600 Cost per unit Variable cost per unit Fixed cost per unit Total cost per unit Reguired: