The change in gross profit due to change in quantity sold must be: a. P42,710 U
Q: Use this problem to answer the following requirements: Mabuhay Corporation generated these gross…
A: Current year sales at 2019 prices = Current year sales / (1- decrease in sales price %) = P1,944,000…
Q: Profit and loss data for Lota & Romy, Inc. for 2019 and 2019 2020 Sales P2,688,000 Р3,45 Cost of…
A: Solution: A) Sold in 2020 = 2,688,000 + 2,688,000 x 25% = 2,688,000 + 672,000…
Q: 3. Presented below are excerpts from the income statements of Ralos Company for the years ended…
A: given information The unit cost decreased by 10% on January 1, 2021
Q: On January 1, 2021, ABC Co. purchased 50,000 units at P100 per unit. During 2021, the entity sold…
A: In this question, we have been asked to calculate net income for which we have been given the cost…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: Change in gross profits = Gross profits in 2019 - Gross profits in 2018=P 330,000 -P328,000=P…
Q: Bulalugaw's cost of sales in 2020 is 95,000. Their inventory in 2019 and 2020 are 50,000 and 40,000…
A: Cost of sales:-The cost of sales is defined as the accumulated total of all those costs that are…
Q: Tim Mattke Company began operations in 2018 and for simplicity reasons, adopted weighted-average…
A: a.
Q: For MASA Company, the following information is available for 2020 Sales revenue 100,000 Sales…
A: Since there are multiple questions, we will answer the only first question. Operating income is…
Q: nko Inc. reported the following balances at the end of each year:…
A: >Accounts Payable are the balances of suppliers that have not yet been paid in cash for the…
Q: The change in gross profit due to change in cost price must be:
A:
Q: Bienvenu Enterprises reported cost of goods sold for 2020 of $1,400,000 and retained earnings of…
A:
Q: The net sales of JEY Company in 2019 is ₱580,000. The cost of goods manufactured is ₱480,000. The…
A: The cost of goods sold is determined by adding beginning inventory to cost of goods manufactured and…
Q: Power Company's income statement for 2021 is given below. If inventory balances are 5000 in 2021 and…
A: Cost of goods sold = 55,000 Inventory balance in 2020 = 9,000 Inventory balance in 2021 = 5,000…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: Gross Profit = Sales - Cost of Sales
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: Gross profit can be defined the profit that a company makes after deducting the direct costs in…
Q: Bilboa, Inc. bought $82,000 of inventory during 2020. During the year the company sold inventory for…
A: Gross Profit Gross profit is the sum of total sales revenue minus cost of goods sold. The…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: The gross profit is the excess of revenue over the cost of goods sold for a period. Cost of goods…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: Sales: Sales include a number of goods and services sold by the organization during their accounting…
Q: Assume the following are for Bubba Co. for 2019: Sales $980,000; Merchandise inventory January 1,…
A: Sales less Cost of goods sold is gross profit: Gross profit = Sales - Cost of goods sold. First,…
Q: Zebra Company reports the following figures for the years ending December 31, 2019 and 2018:…
A: Given the following information: Net sales:2019: $65,0002018: $40,000 Cost of goods sold2019:…
Q: The change in gross profit due to change in cost price must be
A:
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: Gross profit refers to the profit earned after subtracting the cost of goods sold from the sales…
Q: Presented below are excerpts from the income statements of Ralos Company for the years ended…
A: Cost of goods sold if unit cost not decreased = Cost of goods sold / (1 - decrease %) = 1,584,000…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: Sales in 2019 = P810,000 Sales in 2018 = P792,000 Let us assume that 1,000 units were sold in 2019.…
Q: The change in gross profit due to change in quantity sold must be:
A: Budgeted gross profit ratio Sales 792,000 Less: cost of sale 464,000 Gross…
Q: The management of Bataan corporation asked you to submit an analysis of the increase in their gross…
A: Variance:- When there is a difference in the budgeted amount and what actually produces or occur is…
Q: Notts Ltd's cost of sales on its statement of profit or loss for the ended 31 December 2020 is…
A: Purchases can be calculated with the help of the cost of sales formula which is as follows Cost of…
Q: The management of Bataan corporation asked you to submit an analysis of the increase in their gross…
A: When there is an increase in sales of an organisation it maybe because of two reasons. First, there…
Q: Rowland company reported the following balances at December 31,2020 sales return abd allowance 5000…
A: Gross profit = Net sales - Cost of goods sold where, Net sales = Gross sales - sales return and…
Q: The increase (decrease) in gross profit because of the change in units sold is:
A:
Q: Yve Company, which sells a single product, provided the following data from its income statements…
A: The company's aim will be to increase the profitability of the company. The profits can be arrived…
Q: The portion of the functional income statements of Brief Company for 2021 and 2020 are presented…
A: Cost of goods sold if unit cost not increased for 2021 = Cost of goods sold / (1 + increased%) =…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: There are two methods to calculate profit variances (1) absorption cost method and (2) marginal cost…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: Calculation of Sales Value if There would be no reduction in sales price. Sales (2018) = P792000…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: 2018 2019 sales 792,000 sales 810,000 COS 464,000 COS 480,000 gross profit 328,000 gross…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: Gross profit is the trading profit earned by the organization. It is calculated = Closing Inventory…
Q: The portion of the functional income statements of Brief Company for 2021 and 2020 are presented…
A: Net sales for 2021 if price does not change= Sales of 2021 / (1 - decrease in sales %) =…
Q: Smith Corporation had Sales of $2,350,000 in 2021 and $2,125,000 in 2020. Cost of Good Sold were…
A: In order to find the changes in the sales are the cost of good sold ,the period of two are…
Q: The Cecil Booker Vending Company changed is method of valuing inventory from the average cost method…
A:
Q: The percent of increase (decrease) in cost price must be:
A: Calculation of Percentage Change in Sales Given , 2019 2018 Sales 810000 792000 The Sales…
Q: The increase (decrease) in gross profit because of the change in sales price is
A:
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sa. = 2019 - P810,000; 2018 -…
A: Gross Profit Ratio= Gross Profit / Net Sales Gross Profit Margin=Gross Profit/Net sales*100…
Q: On January 1, 2020, the merchandise inventory of Minaj, Inc. was $1,760,000. During 2020 Minaj…
A: Ending Inventory=Beginning Inventory+Purchases-Cost of Goods Sold
Q: Baryans Corporation provided the following partial income statements and detailed information for…
A: Sales Price Variance: It is the difference between what the business expected price for the product…
Q: Mabuhay Corporation generated these gross profits during the past recent ears when the sales price…
A: The profit a corporation makes after subtracting the expenses of producing and selling its goods, or…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…
Q: The income statements of Cullumber Corporation show the following amounts: 2020 2019 2018…
A: In common size analysis each item in a financial statement is expressed as a percentage of a base…
Q: he decrease in gross profit due to decrease in selling price must be:
A: Concept of Gross profit Gross profit is the residual income available after deduction of costs that…
Q: Baryans Corporation provided the following partial income statements and detailed information for…
A: The Variance is the difference between the what we plan and what actually occurs. Variance is…
Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The change in gross profit due to change in quantity sold must be:
Step by step
Solved in 3 steps
- The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The change in gross profit due to change in cost price must be: a P39,680 F b. P47,290 F c. P47,290 U d. P63,290 F e. P63,290 U
- Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The decrease in gross profit due to decrease in selling price must be: A. 72,000 B. 79,200 C. 81,000 D. 90,000Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The change in gross profit due to change in cost price must be: P39,680 F P47,290 F P47,290 U P63,290 F P63,290 UPierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The change in gross profit due to change in cost price must be A. 39,680 (Favorable) B. 47,290 (Favorable) C. 47,290 (Unfavorable) D. 63,290 (Favorable) E. 63,290 (Unfavorable)
- Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019-480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The change in gross profit due tó change in %3D quantity sold must be:Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The change in gross profit due to change in quantity sold must be:Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The increase (decrease) in quantity sold A. (7.95%) B. 12.00% C. 13.33% D. 13.64%
- Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792.000. Cost of sales = 2019 - 480,000; 2018 %3D - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The change in gross profit due to change in cost price must be:Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The percent of increase (decrease) in cost price must be: a. 8.97% b. (8.97%) c. 9.85% d. (9.85%)Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The increase (decrease) in quantity sold must be: (7.95%) 12.00% 13.33% 13.64% Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The change in gross profit due to change in cost price must be: P39,680 F P47,290 F P47,290 U P63,290 F P63,290 U Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The change in gross profit due to change in quantity…