[The following information applies to the questions displaye Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. Sales price per unit $ Units produced this year Units sold this year 300 per unit 115,000 units 118,250 units 3,250 units Units in beginning-year inventory Beginning inventory costs $ 438,750 Variable (3,250 units x $135) Fixed (3,250 units x $80) Total 260,000 $698,750 Manufacturing costs this year Direct materials $ $ Direct labor Overhead costs this year Variable overhead $3,000,000 Fixed overhead $7,400,000 Selling and administrative costs this year Variable Fixed $1,300,000 4,400,000 - Prepare the current-year income statement for the company using absorption costing. OAK MART COMPANY Absorption Costing Income Statement < Prev of 5 ▪▪▪ - 4 48 per unit 64 per unit Next >

[The following information applies to the questions displaye Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. Sales price per unit $ Units produced this year Units sold this year 300 per unit 115,000 units 118,250 units 3,250 units Units in beginning-year inventory Beginning inventory costs $ 438,750 Variable (3,250 units x $135) Fixed (3,250 units x $80) Total 260,000 $698,750 Manufacturing costs this year Direct materials $ $ Direct labor Overhead costs this year Variable overhead $3,000,000 Fixed overhead $7,400,000 Selling and administrative costs this year Variable Fixed $1,300,000 4,400,000 - Prepare the current-year income statement for the company using absorption costing. OAK MART COMPANY Absorption Costing Income Statement < Prev of 5 ▪▪▪ - 4 48 per unit 64 per unit Next >

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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Please answer questions #2-7, Thank you!! :) Determine the amount of sales (units) that would be necessary under Break-Even Sales Under Present and Proposed Conditions Darby Company, operating at full capacity, sold 90,450 units at a price of $48 per unit during the current year. Its income statement for the current year is as follows: Sales $4,341,600 Cost of goods sold 2,144,000 Gross profit $2,197,600 Expenses: Selling expenses $1,072,000 Administrative expenses 1,072,000 Total expenses 2,144,000 Income from operations $53,600 The division of costs between fixed and variable is as follows: Variable Fixed Cost of goods sold 70% 30% Selling expenses 75% 25% Administrative expenses 50% 50% Management is considering a plant expansion program that will permit an increase of $384,000 in yearly sales. The expansion will increase fixed costs by $38,400, but will not affect the relationship between sales and…
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Required information [The following information applies to the questions displayed below.] Oak Mart, a producer of solid oak tables, reports the following data from its first year of business. $ 340 per unit 120,000 units 120,000 units $ 16 per unit $ 4,120,000 per year $ 44 per unit $ 66 per unit $ 32 per unit $ 7,560,000 per year Sales price per unit Units produced this year Units sold this year Variable selling and administrative expenses Fixed selling and administrative expenses Direct materials Direct labor Variable overhead Fixed overhead 1. Prepare the current-year income statement using variable costing. OAK MART Income Statement (Variable Costing) 0
Show Me How Question Content Area Break-Even Sales Under Present and Proposed Conditions Portmann Company, operating at full capacity, sold 1,000,000 units at a price of $188 per unit during the current year. Its income statement is as follows: Sales $188,000,000 Cost of goods sold (99,000,000) Gross profit $89,000,000 Expenses: Selling expenses $15,000,000 Administrative expenses 14,900,000 Total expenses (29,900,000) Operating income $59,100,000 The division of costs between variable and fixed is as follows: Variable Fixed Cost of goods sold 70% 30% Selling expenses 75% 25% Administrative expenses 50% 50% Management is considering a plant expansion program for the following year that will permit an increase of $11,280,000 in yearly sales. The expansion will increase fixed costs by $3,500,000 but will not affect the relationship between sales and variable costs.Determine the maximum operating income…
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…
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INFORMATION: Brait Limited produces a single product and forecasted the following for the first three months of the year: January March February 2 400 Sales (units) 2 200 2 600 The company's policy is to maintain closing inventory at a level of 50% of the following months forecasted sales. Material and labour requirements are as follows: Material 2 kg per unit @ R60 per kg Labour 3 hours per unit Material inventory levels were as follows: December 1 100 Closing inventory (kg) January 1 250 REQUIRED: The total material purchase cost for January is: A. R276 000 B. R408 000 C... 8285 000 February 1 400 March 1 300
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The following information for Quadrado Corporation relates to the three-month period ending September 30, 2015. Units Priceper Unit Sales 185,000 $ 35 Beginning inventory 35,000 27 Purchases 175,000 29 Ending inventory 25,000 ? Quadrado expects to purchase 225,000 units of inventory in the fourth quarter of 2015 at a cost of $30 per unit, and to have on hand 60,000 units of inventory at year-end. Quadrado uses the last-in, first-out (LIFO) method to account for inventory costs. a. Determine the cost of goods sold and gross profit amounts to record for the three months ending September 30, 2015.
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