The cost of goods sold and shipping expense are both variable. All other costs are fixed. Required:3. Prepare a new contribution format segmented income statement for May. (Round percentage answers to 1 decimal place.) Problem 6-26 (Algo) Restructuring a Segmented Income Statement (LO6-4)Millard Corporation is a wholesale distributor of office products. It purchases office products from manufacturers anddistributes them in the West, Central, and East regions. Each of these regions is about the same size and each has its ownmanager and sales staff.The company has been experiencing losses for many months. In an effort to improve performance, management hasrequested that the monthly income statement be segmented by sales region. The company's first effort at preparing asegmented income statement for May is given below.segmented income statement for May is given below.Sales RegionWestCentralEastSales$ 310,000$ 798,000$ 698,000Regional expenses (traceable):Cost of goods soldAdvertisingSalaries99,000103,00057,0008,80021,00013,000301,8008,200242,000238,00053,00016,10033,00031,000613, 100184,900314,000239,000113,00013,90025,00038,000742,900(44,900)UtilitiesDepreciationShipping expenseTotal regional expensesRegional income (loss) before corporate expensesCorporate expenses:Advertising (general)General administrative expenseTotal corporate expenses16,00020,00036,000$ (27,800)43,00020,00063,000$ 121,90033,00020,00053,000$ (97,900)Net operating income (loss) The cost of goods sold and shipping expense are both variable. All other costs are fixed.Required:3. Prepare a new contribution format segmented income ment for May. (Round percentage answers to 1 decimalplace.)Total CompanyWestCentralEastAmountAmountAmountAmountVariable expenses:Total variable expenses0.00.00.00.00.00.00.00.0Traceable fixed expenses:Total traceable fixxed expenses0.00.00.00.00.0 $0.0 S0.0 S0.0Common fixed expenses:Total common fixed expense0.0Net operating income (loss)0.0

Selling price per unit: It is the price at which a unit of product is sold in the market. Variable…

The cost of goods sold and shipping expense are both variable. All other costs are fixed. Required: 3. Prepare a new contribution format segmented income statement for May. (Round percentage answers to 1 decimal place.)

The cost of goods sold and shipping expense are both variable. All other costs are fixed. Required: 3. Prepare a new contribution format segmented income statement for May. (Round percentage answers to 1 decimal place.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Help fill out all the required parts of the questions. Pls
The following CVP income statements are available for Blanc Company and Noir Company. Sales Variable costs Contribution margin Fixed costs Net income (a1) Blanc Company Noir Company $505,000 $505,000 303,000 252,500 252,500 242,400 $10,100 * Your answer is incorrect. Blanc Company 202,000 191,900 $10,100 Calculate Contribution margin ratio. (Round answers to 2 decimal places, e.g. 0.32.) Noir Company Contribution Margin Ratio 40% 50%
Income Statements under Absorption Costing and Variable Costing Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during the first month. The following data summarize the results for July: Sales (17,000 units) Production costs (22,000 units): Direct materials Direct labor Variable factory overhead Fixed factory overhead Selling and administrative expenses: Variable selling and administrative expenses Fixed selling and administrative expenses $1,302,400 624,800 312,400 209,000 2,448,600 $379,500 146,900 $2,720,000 If required, round interim per-unit calculations to the nearest cent. 526,400
Stuart Company operates three segments. Income statements for the segments imply that profitability could be improved if Segment A were eliminated. Segment Sales Cost of goods sold Sales commissions Contribution margin. General fixed operating expenses (allocation of president's salary) Advertising expense (specific to individual divisions) Net income (loss) Complete this question by entering your answers in the tabs below. Required A Required B STUART COMPANY Income Statements for Year 2 Prepare a schedule of relevant sales and costs for Segment A. Relevant Rev. and Cost items for Segment A Sales Cost of goods sold Sales commissions Advertising expense Effect on income Required a. Prepare a schedule of relevant sales and costs for Segment A. b. Prepare comparative income statements for the company as a whole under two alternatives: (1) the retention of Segment A and (2) the elimination of Segment A. $ $ 163,000 (128,000) (17,000) 0 B $242,000 $256,000 (78,000) (28,000) (86,000)…
Required information Exercise 15-34 Determining Markup Percentage; Target ROI (LO 15-3) [The following information applies to the questions displayed below.] The following is cost and production data for the Wave Darter: Variable manufacturing cost Applied fixed manufacturing cost Absorption manufacturing cost Variable selling and administrative cost Allocated fixed selling and administrative cost Total cost Variable manufacturing cost Variable selling and administrative cost Total variable cost Exercise 15-34 Part 1 Based on planned monthly production of 41 units (or 492 units per year). t Rounded The target profit is $49,000, with planned sales equal to production. Per unit $ 370 220 590 55 100+ Markup percentage $745 $370 55 $425 Required: 1. Use the general formula for determining a markup percentage to compute the required markup percentage using variable manufacturing cost. (Round your percentage answer to 2 decimal places (i.e., .1234 should be entered as 12.34).) %
Please help me with all answers thanku
Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Revenues Variable expenses Contribution margin Traceable fixed expenses: Prepare a properly formatted segmented income statement. Depreciation Liability insurance Program administrators' salaries Total traceable fixed expenses Req 2A Program segment margins General administrative overhead Net operating income (loss) Req 2B Total 0 0 0 0 0 0 0 House- keeping 0 0 0
The contribution margin income statementa. reports expenses based on cost behavior pattern rather than cost function.b. unitizes fixed costs.c. shows contribution margin rather than operating income as the bottom line.d. is sometimes used for financial reporting purposes.e. none of the above.Use the following information for Questions 9 and 10.O’Brien, Inc.’s, 2013 contribution margin income statement shows thefollowing:Sales @ $10 per unit . . . . . . . . . . . . . $ 160,000Less: Variable expense . . . . . . . . . . . (128,000)Contribution margin. . . . . . . . . . . . . . $ 32,000Less: Fixed expenses . . . . . . . . . . . . (44,000)Operating income (loss) . . . . . . . . . . . $ (12,000)
Fill in the missing amounts in each of the eight cases below. Each case is independent of the others. (Hint: One way to find the missing amounts would be to prepare a contribution format income statement for each case, enter the known data, and then compute the missing items.) Required: a. Assume that only one product is being sold in each of the four following case situations: b. Assume that more than one product is being sold in each of the four following case situations: Complete this question by entering your answers in the tabs below. Required A Required B Assume that more than one product is being sold in each of the four following case situations: Sales Variable expenses Fixed expenses Net operating income (loss) Contribution margin ratio (percent) $ $ Case 1 442,000 75,060 43 % $ Case 2 198,000 132,660 68,000 % $ Case 3 470,000 82,210 79 % $ Case 4 304,000 94,240 $ (19,240) %
2.Question 5 pts Sees Corp., a merchandising company, reported the following results for July. Cost of Goods Sold 276,213 Fixed selling and administrative expense 55,665 Sales Revenue 541,967 ar sign or the calculat Variable selling and administrative expense 56,728 This question is independent of all other questions. Please use only the information in this question to calculate the answer. Based on the information provided above, calculate the Contribution Margin for July. Cost of Goods Sold is a variable cost in this company. Enter only the amount of the Contribution Margin in the box provided below. Enter the amount only. Do not enter letters, words, or the calculation. ministrativ THHE ning A or gaitas vd s on il grinismoy sal 10 nudi zaol at zinvonis visas worla of 313 Loy 15 of gollesio 30 enoilointantis wel
(2) Allocate the common cost between the previous five products during November 2018 using the physical measurement method. 1-1 (degree) (3) Prepare an income statement for the five products, calculating the percentage of gross profit for each product during the month of November 2018 1-1 (degree) (4) Allocating the common cost among the previous five products during the month of November 2018 using the weights method It is likely that a detailed table will be prepared, indicating how to allocate the joint cost of (55,000 dinars). - (1 degree - 1) You have the following information: Gulf Wooden Industries Company uses oak tree wood to produce its various products, which are five products and are as follows: tables - chairs - libraries - wooden window frames - reception rooms). Note that the cost of the raw material, which is the oak wood that was used, and the costs necessary to manufacture it, amounted to (55,000 dinars) per month. November 2018. The following table shows a summary of…
I need help figuring out the operating expenses Using the format y = mx + b, develop a cost formula for total expenses. (Round unit cost to 2 decimal places, e.g. 52.75 and all other answers to 0 decimal places, e.g. 5,275.) Operating expenses = $_________ X + $____________