rozen mea company computes a new monthly fixed mat fixed planned. The following data are from Viviana's Foods's first month in business: (Click the icon to view the data.) Read the requirements. Absorption costing Requirement 1. Compute the product cost per meal produced under absorption costing and under variable costing. (Round your answers to the nearest cent.) Variable costing Total product cost per meal Requirement 2a. Prepare Viviana's Foods's January income statement using absorption costing. Viviana's Foods Income Statement (Absorption Costing) Month Ended January 31 Operating Income Requirement 2b. Prepare Viviana's Foods's January income statement using variable costing. manufacturing overnead allocation rate based on the planned number of meals to be Viviana's Foods Income Statement (Variable Costing) Month Ended January 31 COTES Data table Units produced and sold: Sales Production Variable manufacturing cost per meal Sales commission cost per meal Total fixed manufacturing overhead Total fixed selling and administrative costs $ duced that month. Assume all costs and production levels are January FX 800 meals 1,100 meals 6 3 385 800

rozen mea company computes a new monthly fixed mat fixed planned. The following data are from Viviana's Foods's first month in business: (Click the icon to view the data.) Read the requirements. Absorption costing Requirement 1. Compute the product cost per meal produced under absorption costing and under variable costing. (Round your answers to the nearest cent.) Variable costing Total product cost per meal Requirement 2a. Prepare Viviana's Foods's January income statement using absorption costing. Viviana's Foods Income Statement (Absorption Costing) Month Ended January 31 Operating Income Requirement 2b. Prepare Viviana's Foods's January income statement using variable costing. manufacturing overnead allocation rate based on the planned number of meals to be Viviana's Foods Income Statement (Variable Costing) Month Ended January 31 COTES Data table Units produced and sold: Sales Production Variable manufacturing cost per meal Sales commission cost per meal Total fixed manufacturing overhead Total fixed selling and administrative costs $ duced that month. Assume all costs and production levels are January FX 800 meals 1,100 meals 6 3 385 800

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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Income statements under absorption costing and variable costing Fresno Industries Inc. manufactures and sells high-quality camping tents. The company began operations on January 1 and operated at 100% of capacity (204,000 units) during the first month, creating an ending inventory of 25,000 units. During February, the company produced 179,000 units during the month but sold 204,000 units at $530 per unit. The February manufacturing costs and selling and administrative expenses were as follows: Manufacturing costs in February 1 beginning inventory: Variable Fixed Total Manufacturing costs in February: Variable Fixed Total Selling and administrative expenses in February: Variable Fixed Total Number of Units Unit Cost 25,000 $265.00 $6,625,000 25,000 850,000 $299.00 $7,475,000 204,000 204,000 34.00 179,000 $265.00 $47,435,000 179,000 7,016,800 $304.20 $54,451,800 39.20 26.10 Total Cost 1.00 27.10 $5,324,400 204,000 $5,528,400 This information has been collected in the Microsoft Excel…
2.Question 5 pts Sees Corp., a merchandising company, reported the following results for July. Cost of Goods Sold 276,213 Fixed selling and administrative expense 55,665 Sales Revenue 541,967 ar sign or the calculat Variable selling and administrative expense 56,728 This question is independent of all other questions. Please use only the information in this question to calculate the answer. Based on the information provided above, calculate the Contribution Margin for July. Cost of Goods Sold is a variable cost in this company. Enter only the amount of the Contribution Margin in the box provided below. Enter the amount only. Do not enter letters, words, or the calculation. ministrativ THHE ning A or gaitas vd s on il grinismoy sal 10 nudi zaol at zinvonis visas worla of 313 Loy 15 of gollesio 30 enoilointantis wel
Required: 1. Prepare a contribution format income statement for the month based on the actual sales data. 2. Compute the break-even point in dollar sales for the month based on your actual data. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution format income statement for the month based on the actual sales data. Gold Star Rice, Limited Contribution Income Statement Product White Percentage of total sales % Fragrant % Loonzain % % % % % % $ 0 0% $ 0 0 % $ 0 0% Total % % % 0 0% $ 0
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Caldwell Supply, a wholesaler, has determined that its operations have three primary activities: purchasing, warehousing, and distributing. The firm reports the following operating data for the year just completed: Activity Purchasing Warehousing Distributing Cost Driver Number of purchase orders Number of moves Number of shipments. Quantity of Cost Driver 1,040 8,400 540 Maximum cost Cost per Unit of Cost Driver $154 per order 34 per move 84 per shipment Caldwell buys 100,400 units at an average unit cost of $14 and sells them at an average unit price of $24. The firm also has fixed operating costs of $250,400 for the year. Caldwell's customers are demanding a 14% discount for the coming year. The company expects to sell the same amount if the demand for price reduction can be met. Caldwell's suppliers, however, are willing to give only a 8% discount. Required: Caldwell has estimated that it can reduce the number of purchase orders to 720 and can decrease the cost of each shipment by…
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Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Incorporated Traditional Income Statement 138 25 Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses 1 Required 3 Net operating income $ 1,470,000 $ 420 49 $16 $ 135,000 $ 110,000 HON 1.470 000 $ 65,000 $ 115,000 $ 320,000 0
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Variable Costing Income Statement On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept: Joplin CompanyAbsorption Costing Income StatementFor the Month Ended April 30 Sales (6,600 units) $178,200 Cost of goods sold: Cost of goods manufactured (7,700 units) $146,300 Inventory, April 30 (1,100 units) (20,900) Total cost of goods sold (125,400) Gross profit $52,800 Selling and administrative expenses (32,280) Operating income $20,520 If the fixed manufacturing costs were $39,501 and the fixed selling and administrative expenses were $15,810, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Joplin CompanyVariable Costing Income StatementFor the Month Ended April 30 $Sales Variable cost of goods sold: $Variable cost of goods manufactured…
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