**Sophia's Restaurant Financial Analysis for Last Quarter**Sophia's Restaurant served 5,400 meals last quarter. The costs recorded for these meals are detailed as follows:**Variable Costs:**- Ingredients used: $14,600- Direct labor: $11,300- Indirect materials and supplies: $6,100- Utilities: $2,500**Fixed Costs:**- Managers' salaries: $24,000- Rent: $20,000- Depreciation on equipment (straight-line, time basis): $4,000- Other fixed costs: $4,848**Required Task:**The unit variable costs and total fixed costs are expected to remain unchanged for the next quarter. Calculate the unit cost and the total cost if 4,860 meals are served next quarter. (Round "Unit costs" to 2 decimal places.)**Summary Table:** An empty table is provided to fill in the calculations for:- Total variable costs- Total fixed costs- Total costs- Unit costs

Unit costs refer to the average cost incurred to produce a single unit of a product or provide a…

Answered: Sophia's Restaurant served 5,400 meals…

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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Menk Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 6.80 Direct labor $ 3.80 Variable manufacturing overhead $ 2.00 Fixed manufacturing overhead $ 20,200 Sales commissions $ 0.50 Variable administrative expense $ 0.40 Fixed selling and administrative expense $ 10,100 Required: a. If 5,220 units are sold, what is the variable cost per unit sold? Note: Round "Per unit" answer to 2 decimal places. b. If 5,220 units are sold, what is the total amount of variable costs related to the units sold? c. If 5,220 units are produced, what is the total amount of manufacturing overhead cost incurred? a. Variable cost per unit sold b. Total variable costs c. Total manufacturing overhead cost
Given the following cost and activity observations for Bounty Company's utilities, use the high-low method to determine Bounty's variable utilities cost per machine hour. Round your answer to the nearest cent. Cost Machine Hours March $3,091 14,781 April 2,676 9,929 May 2,812 11,845 June 3,520 17,889 a.$0.49 b.$0.53 c.$0.11 d.$1.17
Variable and Absorption Costing-Service CompanyReally BC, Inc. prepares a variable costing income statement for internal management and an absorption costing income statement for its bank. Really BC provides a quarterly lawn care service that is sold for $190. The variable and fixed cost data are as follows: Direct labor $100.00 Overhead Variable cost per unit $33.00 Fixed cost (annual) $100,000 Marketing, general and administrative Variable cost (per service contract completed) $34.00 Administrative expenses (fixed- annual cost) $42,000 During 2016, 10,000 service contracts were signed and 9,500 service contracts were completed. Lawn RX had no service contracts at the beginning of the year. a. Calculate reported income for management.Do not use negative signs with any answers. Absorption Costing Income Statement Sales Answer Cost of Goods Sold: Beginning Inventory Answer Variable…
Consider the following information for Presidio Incorporated's most recent year of operations. Number of units produced Number of units sold Sales price per unit Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($282,960 2,400 units) Total variable selling expenses ($14 per unit sold) Total fixed general and administrative expenses Complete this question by entering your answers in the tabs below. Required: 2-a. Complete a full absorption costing income statement for Presidio. Assume there was no beginning inventory. 2-b. Complete a contribution margin income statement for Presidio. Assume there was no beginning inventory. 3. Compute the difference in profit between full absorption costing and variable costing. Req 2A Reg 2B 2,400 1,500 $ 630.00 65.00 95.00 45.00 117.90 Req 3 Gross Margin Less: Non-Manufacturing Expenses 21,000.00 74,000.00 Complete a full absorption costing income statement for Presidio.…
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Define the following terms with example. RELEVANT COSTSUNK COSTOPPORTUNITY COSTAVOIDABLE AND UNAVOIDABLE COSTINCREMENTAL COSTBREAK-EVEN POINT(B)KPR manufactures installs lawn sod in home yards. The company’s most recent monthly contribution format income statement follows: In RsAmount Sales 80,000 Variable expenses 32,000 Contribution margin 48,000 Fixed expenses -38,000 Net operating income 10,000 Required:Compute the company’s degree of operating leverage.Using the degree of operating leverage, estimate the impact on net operating income of a 5% increase in sales.Verify your estimate from part (2) above by constructing a new contribution format income statement for the company assuming a 5% increase in sales.
Flint Corporation makes a commercial-grade cooking griddle. The following information is available for Flint Corporation's anticipated annual volume of 26,500 units. Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative expenses $8 Fixed selling and administrative expenses The company uses a 40% markup percentage on total cost. (a) Your answer is correct. Compute the total unit cost. Total cost per unit $ (b) eTextbook and Media Per Unit $14 $6 $10 Compute the target selling price. Target selling price $ 55 Total $291,500 $159,000 Attempts: 1 of 5 used
The following information pertains to the first year of operation for Crystal Cold Coolers Inc.: Number of units produced Number of units sold Unit sales price Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($224,000/2,800 units) Total variable selling expenses ($11 per unit sold) Total fixed general and administrative expenses Complete this question by entering your answers in the tabs below. Full Absorption Costing LA LA LA LA LA Variable Costing $ $ $ Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year. 2,800 2,400 340 60 45 13 80 $ 26,400 $ 60,000
Given the following cost and activity observations for Bounty Company's utilities, use the high-low method to determine Bounty's variable utilities cost per machine hour. Round your answer to the nearest cent. Cost Machine Hours March $3,031 14,997 April 2,698 10,326 May 2,858 12,140 June 3,893 18,050 a.$0.15 b.$0.77 c.$1.55 d.$0.73
Subject: Acounting
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