Royal Lawncare Company produces and selts two packaged products-Weedban and Greengrow. Revenue and cost informationrelating to the products followProductWeedban$ 11.00$ 2.30$ 131,000GreengrowSelling price per unitVarlable expenses per unitTraceable fixed expenses per year$ 35.00$ 12.00$ 41,000Last year the company produced and sold 35,500 units of Weedban ond 23,000 units of Greengrow Its annual common fixedexpenses are $96,000Required:Prepare a contribution format income statement segmented by product lines.Product LineTotalCompanyWeedbanGreengrow

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Royal Lawncare Company produces and selts two packaged products-Weedban ond Greengrow. Revenue and cost information relating to the products follow Product Selling price per unit Varlable expenses per unit Traceable fixed expenses per year Weedban $ 11.00 $ 2.30 $ 131,000 Greengrow $ 35.00 $ 12.00 $ 41,000 Last year the company produced and sold 35,500 units of Weedban and 23,000 units of Greengrow Its annual common fixed expenses are $96,000 Required: Prepare a contribution format income statement segmented by product lines. Product Line Total Company Weedban Greengrow

Royal Lawncare Company produces and selts two packaged products-Weedban ond Greengrow. Revenue and cost information relating to the products follow Product Selling price per unit Varlable expenses per unit Traceable fixed expenses per year Weedban $ 11.00 $ 2.30 $ 131,000 Greengrow $ 35.00 $ 12.00 $ 41,000 Last year the company produced and sold 35,500 units of Weedban and 23,000 units of Greengrow Its annual common fixed expenses are $96,000 Required: Prepare a contribution format income statement segmented by product lines. Product Line Total Company Weedban Greengrow

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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Royal Lawncare Company produces and sells two packaged products—Weedban and Greengrow. Revenue and cost information relating to the products follow: Product Weedban Greengrow Selling price per unit $ 10.00 $ 31.00 Variable expenses per unit $ 2.40 $ 10.00 Traceable fixed expenses per year $ 130,000 $ 31,000 Last year the company produced and sold 38,000 units of Weedban and 20,500 units of Greengrow. Its annual common fixed expenses are $101,000. Required: Prepare a contribution format income statement segmented by product lines.
Pathways Careers, Inc. has two products-Resume Reader and Cover Letter Cure. Financial data for both the products follow: Resume Cover Letter Reader Cure 2,600 units 1,300 units Units sold Sales price per unit Variable manufacturing cost per unit Sales commission (% of sales) $600 320 6% $1,000 650 4% Pathways has two sales representatives-Curtis Muller and Willow Brown. Each sales representative sold a total of 1,950 units during the month of March. Curtis had a sales mix of 60% Resume Reader and 40% Cover Letter Cure. Willow had a sales mix of 80% Resume Reader and 20% Cover Letter Cure. Based on the above information, calculate Willow's total contribution to company profits. OA. $380,640 O B. $120,900 OC. $501,540 OD. $573,300
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Sandhill Cap Springs produces and sells water filtration systems for homeowners. Information regarding its three models is shown below. Units sold Basic 1,098 Unit selling price $245 Unit variable cost $197 Basic Plus 414 $395 $283 Premium Total 288 1.800 $800 $414 The company's total fixed costs to produce the filtration systems are $163,520.
MTI makes three types of lawn tractors: M3100, M4100, and M6100. In the past, it allocated overhead to products using machine-hours. Last year, the company produced 10,000 units of M3100, 17,500 units of M4100, and 10,000 units of M6100 and had the following revenues and costs: MTI Income Statement M3100 M4 100 M6100 Total Sales revenue. Direct costs Direct materials .. Direct labor $9,000,000 $15,000,000 $13,500,000 $37,500,000 3,000,000 600,000 4,500,000 900,000 3,300,000 10,800,000 1,800,000 3,300,000 Variable overhead Setting up machines. Processing sales orders... Warehousing ..... Operating machines Shipping .. Contribution margin. Plant administration 2,400,000 1,800,000 2,400,000 1,200,000 900,000 $14,700,000 Gross profit..... 6,000,000 $ 8,700,000 MTI's controller has heard about activity-based costing and puts together an employee team to recommend cost allocation bases. The employee team recommends the following: Activity Cost Driver M3100 M4100 M6100 Setting up machines....…
Sheridan Optics manufactures two products: microscopes and telescopes. Information for each product is as follows. Microscopes Telescopes Sales price $ 34 53 Sales volume 406,565 178,500 Variable cost per unit 15 20 Annual traceable fixed expenses $ 3,003,300 $ 3,505,100 Annual allocated common fixed expenses $ 2,009,500 $ 2,006,700 Prepare a segment margin income statement for Sheridan Optics that provides detail on both the product lines and the company as a whole. (If the amount is negative then enter with a negative sign preceding the number, e.g. -5,125 or parenthesis, e.g. (5,125).) Microscopes Telescopes Total LA $ LA $ LA LA
Royal Lawncare Company produces and sells two packaged products-Weedban and Greengrow. Revenue and cost information relating to the products follow: Product Weedban Selling price per unit Variable expenses per unit Traceable fixed expenses per year $ $ $ 133,000 Greengrow $ $ $ 44,000 8.00 34.00 2.40 13.00 Common fixed expenses in the company total $95,000 annually. Last year the company produced and sold 37,000 units of Weedban and 16,000 units of Greengrow. Required: Prepare a contribution format income statement segmented by product lines. Product Line Total Company Weedban Greengrow
Quality Air Conditioning manufactures three home air conditioners: an economy model, a standard model, and a deluxe model. The profits per unit are $63, $95, and $135, respectively. The production requirements per unit are as follows: Number of Number of Fans Manufacturing Time (hours) Cooling Colls Economy A 1 8 Standard 1 2 12 Deluxe 1 4 14 For the coming production period, the company has 260 fan motors, 340 cooling colls, and 2,600 hours of manufacturing time available. How many economy models (6), standard models (S), and deluxe models (D) should the company produce in order to maximize profit? The linear programming model for the problem is as follows: Max 63E+ 955 + 1350 s.t. Fan motors 18+ 15 + LE+ 25 + 85+ 125+ 10 260 40 s 340 140 s 2,600 Cooling coils Manufacturing time The sensitivity report is shown below. Variable Cells Final Value Reduced Cost Objective Coefficient Allowable Increase Allowable Decrease 0.000 63.000 12.000 15.500 180.000 80.000 0.000 95.000 31.000 8.000…
The Walton Toy Company manufactures four dolls and a sewing kit. It provided the following data for next year: Product Demand Next year (units) Selling Price per Unit Direct Materials Direct Labor Debbie 59,000 $ 30.00 $ 5.20 $ 2.10 Trish 51,000 $ 7.00 $ 2.00 $ 0.70 Sarah 44,000 $ 42.00 $ 7.79 $ 4.20 Mike 54,500 $ 12.00 $ 2.90 $ 2.80 Sewing kit 334,000 $ 8.90 $ 4.10 $ 0.35 The following additional information is available: The company’s plant has a capacity of 76,800 direct labor-hours per year on a single-shift basis. Each employee and piece of equipment are capable of making all five products. Next year’s direct labor pay rate will be $7 per hour. Fixed manufacturing costs total $610,000 per year. Variable overhead costs are $4 per direct labor-hour. All of the company’s nonmanufacturing costs are fixed. The company’s finished goods inventory is negligible and can be ignored. Required: How many direct labor-hours are used to manufacture one unit of each of the…