SGBFQA467 Corp. sells the softest gloves available on the market. The information below is compiled by the firm for the last month: Total sales revenue $300,000 Selling price per pair of gloves $1,000 (ID#20403) Variable selling expense per pair of gloves $124 Variable administrative expense per pair of gloves $37 Total fixed selling expense $79,000 Total fixed administrative expense $92,000 Beginning merchandise inventory $40,000 Ending merchandise inventory $20,000 Merchandise purchases $130,000 Q: What was SGBFQA467's contribution margin for each pair of gloves sold during the month? A: $1

SGBFQA467 Corp. sells the softest gloves available on the market. The information below is compiled by the firm for the last month: Total sales revenue $300,000 Selling price per pair of gloves $1,000 (ID#20403) Variable selling expense per pair of gloves $124 Variable administrative expense per pair of gloves $37 Total fixed selling expense $79,000 Total fixed administrative expense $92,000 Beginning merchandise inventory $40,000 Ending merchandise inventory $20,000 Merchandise purchases $130,000 Q: What was SGBFQA467's contribution margin for each pair of gloves sold during the month? A: $1

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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Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost March 1 Beginning inventory 20 $ 175 $ 3,500 March 5 Sale ($250 each) 15 March 9 Purchase 10 195 1,950 March 17 Sale ($300 each) 8 March 22 Purchase 10 205 2,050 March 27 Sale ($325 each) 12 March 30 Purchase 8 225 1,800 $ 9,300 For the specific identification method, the March 5 sale consists of bikes from the beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from the beginning inventory and eight bikes from the March 22 purchase. Required: ***Only Ending…
Ellie Inc. sold 6 similar items in February for $15 each. The company started with 3 items in inventory that cost $5. The following purchases were made during February: 2 items were purchased on February 3 with a unit cost of $8 1 item on February 15 with a unit cost of $8.50 4 items on February 22 with a unit cost of $7.50 What is the cost of goods sold using the FIFO method?
1 The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of ski Variable selling expense per pair of skin Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning nerchandise inventory Ending merchandise inventory Harchandise purchases Amount $1,125,000 $450 $48 $19 160,000 $125,000 $70,000 $ 110,000 $285,000 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? Answer is not complete. Complete this question by entering your answers in the tabs below.
The Alpine House, Incorporated, is a large retailer of snow skis. The compa ended March 31: 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 Amount $ 1,530,000 $ 450 $ 49 $ 19 $ 140,000 $ 125,000 $ 70,000 $ 110,000 $ 315,000 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 Required 3 Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Incorporated Traditional Income Statement Selling and administrative expenses: Required t Required 2 >
Sheffield Corp. sells one product and uses a perpetual inventory system. The beginning inventory consisted of 79 units that cost $22 per unit. During the current month, the company purchased 480 units at $22 each. Sales during the month totaled 360 units for $45 each. What is the cost of goods sold using the LIFO method? $7920. $1738. $10560. $16200.
Answer i
Yale Company manufactures hair brushes that sell at wholesale for $3 per unit. The company had no beginning inventory in the prior year. These data summarize the current and prior year operations: Prior Year Current Year Sales (000s) 2,300 units 3, 700 units Production (000s) 3,000 units 3,000 units Production cost Factory-variable (per unit) $ 0.60 $ 0.60 —fixed (000s ) $ 1,500 $1,500 Marketing-variable (per unit) $ 0.40 $ 0.40 Administrative-fixed (000s) $ 500 $ 500 Required: 1. Prepare an income statement for each year based on full costing. 2. Prepare an income statement for each year based on variable costing. 3. Prepare a reconciliation of the difference each year in the operating income resulting from using the full costing method and variable costing method.Complete this question by entering your answers in the tabs below. Required 1 Prepare an income statement for each year based on full costing. (Enter your answers in thousands of dollars.)
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Metlock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Metlock's purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Metlock uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 15 $86 $1,290 12 Purchase 45 88 3,960 19 Purchase 50 90 4,500 26 Purchase 20 91 1,820 Total 130 $11,570 Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. Ending inventory at September 30 $ FIFO $ LIFO Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. Cost of goods sold $ FIFO $ AVERAGE-COST LIFO AVERAGE-COST $ $
Subject: acounting