The Alpine House, Inc., Is a large retaller of snow skis. The company assembled the Information shown below for the quarter endedMarch 31:Amountsales946,000Selling price per pair of skisVariable selling expense per pair of skisVariable administrative expense per pair of skisTotal fixed selling expenseTotal fixed administrative expenseBeginning merchandise inventoryEnding merchandise inventoryMerchandise purchases4304919150,000105,00070,000110,000305,000Requlred: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 1Required 2Required 3Prepare a contribution format income statement for the quarter ended March 31.The Alpine House, Inc.Contribution Format Income StatementVariable expenses:Fixed expenses:< Required 1Required 3 > The Alpine House, Inc., Is a large retaller of snow skis. The company assembled the Information shown below for the quarter endedMarch 31:AmountSales946,000Selling price per pair of skisVariable selling expense per pair of skisvariable administrative expense per pair of skisTotal fixed selling expenseTotal fixed administrative expenseBeginning merchandise inventoryEnding merchandise inventoryMerchandise purchases4304919150,000105,00070,000110,000305,000Requlred: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 contributlon margin per unit?Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3What was the contribution margin per unit? (Round your final answer to nearest whole dollar.)Contribution margin per unit< Required 2Required 31A 14 v1A 1A 1A 1A 1A 14

Income statement is usually prepared for the purpose of depicting the profitability of an entity.

The Alpine House, Inc., Is a large retaller of snow skis. The company assembled the Information shown below for the quarter ended March 31: Amount Sales 946,000 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 430 49 19 15e,000 105,000 70,000 11e,000 305,e00 Requlred: 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?

The Alpine House, Inc., Is a large retaller of snow skis. The company assembled the Information shown below for the quarter ended March 31: Amount Sales 946,000 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 430 49 19 15e,000 105,000 70,000 11e,000 305,e00 Requlred: 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?

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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[The following Information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for Its only product. Date Activities Units Acquired at Cost 225 units @ $15.e0 = $ 3,375 Units sold at Retail Jan. 1 Beginning inventory Jan. 10 sales 175 units @ $24.00 Jan. 20 Purchase 180 units @ $14.ee - 2,520 Jan. 25 Sales 210 units e $24.00 Jan. 30 Purchase 350 units @ $13.50 = 4,725 Totals 755 units $18,620 385 units The Company uses a perpetual Inventory system. For specific lidentification, ending Inventory consists of 370 units, where 350 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning Inventory. Requlred: 1. Complete the table to determine the cost assigned to ending Inventory and cost of goods sold using specific Identification. 2. Determine the cost assigned to ending Inventory and to cost of goods sold using welghted average. 3. Determine the cost assigned to ending Inventory and to…
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 >
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: $
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 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? Required 1 Required 2 Complete this question by entering your answers in the tabs below. Required 3 Amount $984,000 $ 410 $ 48 $ 17 $ 155,000 $ 110,000 What was the contribution margin per unit? Note: Round your final answer to nearest whole dollar. Contribution margin per unit $ 75,000 $ 120,000 $285,000
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 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 Required 3 Prepare a contribution format income statement for the quarter ended March 31. The Alpine House, Incorporated Contribution Format Income Statement Variable expenses: Amount $ 1,302,000 $ 420 $45 $ 20 $ 130,000 $ 100,000 $75,000 $ 115,000 $ 285,000 Fixed expenses: 0…
6. Required information Skip to question [The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month. 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.)
3. Required information Skip to question [The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month.
5. Required information Skip to question [The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month.
Frigid Supplies reported beginning inventory of 200 units, for a total cost of $2,000. The companyhad the following transactions during the month:Jan. 3 Sold 20 units on account at a selling price of $15 per unit.6 Bought 30 units on account at a cost of $10 per unit.16 Sold 30 units on account at a selling price of $15 per unit.19 Sold 20 units on account at a selling price of $20 per unit.26 Bought 10 units on account at a cost of $10 per unit.31 Counted inventory and determined that 160 units were on hand.Required:1. Prepare the journal entries that would be recorded using a periodic inventory system.2. Prepare the journal entries that would be recorded using a perpetual inventory system,including any “book-to-physical” adjustment that might be needed.TIP: Adjust for shrinkage by decreasing Inventory and increasing Cost of Goods Sold.3. What is the dollar amount of shrinkage that you were able to determine in (a) requirement 1,and (b) requirement 2? Enter CD (cannot determine) if…
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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 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? Required 1 Required 2 Complete this question by entering your answers in the tabs below. Required 3 Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Incorporated Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Net operating…