The Alpine House, Incorporated, is a large retailer of snow skis. The company assemb 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: Amount $ 1,176,000 $ 420 $47 $17 $ 150,000 $ 105,000 $70,000 $ 100,000 $ 295,000
Q: Haaker Inc. is a merchandising company. last month the company's cost of goods sold was $87,000. The…
A: Cost of goods sold = Beginning merchandise inventory + Merchandise purchased - Ending merchandise…
Q: contribution margin per unit ?
A: Contribution margin per unit = (Sale price per unit - Variable cost per unit)
Q: Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $6.…
A: Perpetual inventory system is the one that maintains the inventory records on regular basis. These…
Q: Ferris Company began January with 8,000 units of its principal product. The cost of each unit is $7.…
A: This question deals with the calculation of inventory and COGS using LIFO basis. In last in first…
Q: The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the…
A: The objective of the question is to prepare a traditional income statement and a contribution format…
Q: Required information Skip to question [The following information applies to the questions…
A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…
Q: Sales $ 435,000 Beginning merchandise inventory $ 29,000 Purchases $ 290,000 Ending merchandise…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Ferris Company began January with 9,000 units of its principal product. The cost of each unit is $5.…
A: Ending inventory is the inventory in hand at the end of the period. It is a current asset and it is…
Q: The Alpine House, Inc., Is a large retaller of snow skis. The company assembled the Information…
A: Income statement is usually prepared for the purpose of depicting the profitability of an entity.
Q: The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the…
A: Income statement is a financial statement that records all the income and expenses of the business…
Q: Estimate the ending inventory using the conventional retail inventory method.
A: Retail inventory method is used by retailers to find the estimated ending inventory balance.This…
Q: Eleanor Barker Company ended the month of March with inventory of $24,000. Eleanor Barker Company…
A: Purchase budget:- This budget is prepared to estimate the value of purchases made for desired sales…
Q: Can you please help me find the answers to the question marks below:Todrick Company is a…
A: The first step is to find out the cost of goods sold which is the variable cost of the product.The…
Q: Troy Engines, Limited, manufactures a variety of engines for use in heavy equipment. The company has…
A: The differential analysis is performed to compare the different alternatives available with the…
Q: Number of units sold 20,000 Selling price per unit Variable selling expense per unit Variable…
A: calculation of contribution of margin are as follows:
Q: Cherokee Incorporated is a merchandiser that provided the following information: Amount…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: The records of Pina Colada Menswear report the following data for the month of September: Sales…
A: The inventory is generally valued at cost. When the net realizable value falls below the cost of…
Q: Cherokee Incorporated is a merchandiser that provided the following information: Number of units…
A: Income statement is a financial statement that shows profitability, total revenue and total expenses…
Q: DeForest Company had the following transactions for the month. Sales for the month are $85 per unit.…
A: Cost of goods sold is the amount of cost incurred on the making of the goods that are to be sold in…
Q: In its first month of operations, Bramble Company made three purchases of merchandise in the…
A: There are various methods by which the cost of ending inventory and cost of goods sold can be…
Q: The following information applies to the questions displayed below.] Ferris Company began January…
A: Inventory represents the current assets that is presented in the balance sheet of the company.
Q: Beginning merchandise inventory $ 16,000 Purchases $ 160,000 Ending merchandise inventory $ 8,000…
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: erris Company began January with 8,000 units of its principal product. The cost of each unit is $7.…
A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…
Q: llows for Xpert's purchases and sales of the ultra-lightweight snowboard in October: Transaction…
A: Under FIFO method using perpetual inventory system, Value of ending inventory and Cost of goods sold…
Q: The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the…
A: The income statement can be prepared using various methods as traditional approach (absorption…
Q: Purchases (at sales price) Purchase returns (at cost) Purchase returns (at sales price) Beginning…
A: Record field's Boutique report the following data for the month of April . Ending inventory…
Q: income statement
A: Income statement represents the operational results of a business organization for a definite…
Q: Winter Leisure is a retailer of snowboards. The information below is for the quarter ended December…
A: The income statement is an essential part of the company's financial statements. It is prepared at…
Q: The Alpine House, Incorporated, is a large retaller of snow skis. The company assembled the…
A: A financial statement that details an entity's receipts, outlays, and net profit or loss is called…
Q: Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $8.…
A: Number of units available for sale = 7000+4000+7000 = 18,000 units Number of units sold = 8,000…
Q: The following is the year ended data for Tiger Company: Sales Revenue $57,000 Cost of Goods…
A: The cost of goods available for sale seems to be the expense of total products manufactured…
Q: The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the…
A: The contribution margin is calculated as the difference between the sales and variable costs. The…
Q: kee Incorporated is a merchandiser that provided the following information: Amount Number of…
A: The income statement explains the financial performance of the company for a particular period of…
Q: Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8.…
A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.
Q: Ace Hardware Store sells two product categories, tools and paint products. Information pertaining to…
A: Net realizable value means the amount that could be received after deducted all incidental expenses…
Q: The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the…
A: A traditional income statement is a statement where the cost of goods sold is computed using direct…
Q: Todrick Company is a merchandiser that reported the following information based on 1,000 units sold:…
A: Lets understand the basicsIncome statement can be prepared using contribution margin or traditional…
Q: Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8.…
A: The question is based on the concept of Cost Accounting.
Q: Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a…
A: Income statement refers to a statement which shows the revenue and expense of the company of a…
Q: The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the…
A: The income statement is prepared to record the revenue and expenses for the current period. The…
Q: The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the…
A: In the Traditional Income statement, we find out the operating income as usual. In the contribution…
Q: Cherokee Inc. is a merchandiser that provided the following information: Number of units…
A: Traditional Income Statement is a part of financial statements used to record expenses incurred and…
Q: Cherokee Incorporated is a merchandiser that provided the following information: Amount 10,000 $ 17…
A: Income Statement is a financial statement that includes revenue earned and expenses incurred during…
Q: Todrick Company is a merchandiser that reported the following information based on 1,000 units sold:…
A: The contribution margin is the result of subtracting variable production costs from revenue. Net…
Q: The Alpine House, Inc. is a large retailer of snow skis. The company assembled the information shown…
A: The income statement is an essential part of the financial statements of the company. It is prepared…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
- The Alpine House, Inc. is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Amount Total sales revenue $ 968,000 Selling price per pair of skis $ 440 Variable selling expense per pair of skis $ 47 Variable administrative expense per pair of skis $ 20 Total fixed selling expense $ 130,000 Total fixed administrative expense $ 115,000 Beginning merchandise inventory $ 70,000 Ending merchandise inventory $ 115,000 Merchandise purchases $ 300,000 1. prepare the traditional income statement for the quarter ended march 31 come statement for the quarter ended March 31. The Alpine House, Incorporated Traditional Income Statement Sales $968,000 Cost of goods sold 255,000 Gross margin 713,000 Selling and administrative expenses: Selling expenses $233,400 Administrative expenses 159,000 392,400 784,800 Net operating incomeTodrick Company is a merchandiser that reported the following information based on 1,000 units sold:Sales$ 420,000Beginning merchandise inventory$ 28,000Purchases$ 280,000Ending merchandise inventory$ 14,000Fixed selling expense?question markFixed administrative expense$ 16,800Variable selling expense$ 21,000Variable administrative expense?question markContribution margin$ 84,000Net operating income$ 25,200Required:Prepare a contribution format income statement.Prepare a traditional format income statement.Calculate the selling price per unit.Calculate the variable cost per unit.Calculate the contribution margin per unit.Which income statement format (traditional format or contribution format) would be more useful to managers in estimating how net operating income will change in response to changes in unit sales?Archer Industries prepares quarterly financial statements. During the fourth quarter the following occurred: Purchases: Quantity 9,000 units* 21,000 units 24,000 units 10,000 units 64,000 units Unit Value Total Value $ 54,000 168,000 240,000 160,000 $622,000 $6/u $8/u Oct. 1. Oct. 10 Nov. 20 $10/u Dec. 30 $16/u Available *Beginning Inventory Sales: Unit Value Quantity 11,000 units 10,000 units 31,000 units 52,000 units Total Value Oct. 18 Nov. 12 Dec. 21 Units Sold 18/u $198,000 200,000| 775,000 $1,173,000 20/u 25/u The tax Selling and administrative expenses for the period were $359, 000. rate is 30 percent. A. Calculate the value of ending inventory, the cost of goods sold, and determine reported income (after taxes) under the LIFO periodic method: Optional Work Space For Calculations Ending Inventory Cost of Goods Sold Net Income After Taxes B. If the company had been on the FIFO method, how much more or less would it have paid in income taxes? C. Determine the maximum amount Archer…
- 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 0The 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 >Sales $ 1,066,000 Selling price per pair of skis $ 410 Variable selling expense per pair of skis $ 47 Variable administrative expense per pair of skis $ 18 Total fixed selling expense $ 135,000 Total fixed administrative expense $ 115,000 Beginning merchandise inventory $ 65,000 Ending merchandise inventory $ 120,000 Merchandise purchases $ 310,000 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?
- Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales $ 300,000 Beginning merchandise inventory $ 20,000 Purchases $ 200,000 Ending merchandise inventory $ 7,000 Fixed selling expense ?question mark Fixed administrative expense $ 12,000 Variable selling expense $ 15,000 Variable administrative expense ?question mark Contribution margin $ 60,000 Net operating income $ 18,000 3. Calculate the selling price per unit. 4. Calculate the variable cost per unit. 5. Calculate the contribution margin per unit.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.)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 Required 2 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? Amount $ 1,540,000 $ 440 $ 48 Complete this question by entering your answers in the tabs below. Required 3 What was the contribution margin per unit? Note: Round your final answer to nearest whole dollar. Contribution margin per unit $ 17 $ 130,000 $ 115,000 $ 65,000 $ 120,000 $ 305,000
- 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.