Total Sales: $550,000Less: Variable Expenses Variable CGS Starting Materials 10,000 Materials Purchased 165,000 Ending Materials 31,000 Materials Used 144,000 Production Labor 202,000 Electricity--production 35,000 Variable admin expenses Electricity--office 10,000Contribution Margin 159,000Less: Fixed Expenses Factory Supervision 40,000 Fixed admin expenses Rent 25,000 Office Labor 25,000 Total 50,000Operating Income 69,000 Break Even Sales $311,320.75 Selling price/unit $25Break-even unit sales 12,453Use the assumptions above to determine what unit sales are needed to generate an operating income of $75,000. Please include your Excel format or show work. Thank you so much!

Step 1: Identify the Contribution Margin per Unit:Contribution Margin is $159,000 and the Break-even…

Answered: Total Sales: $550,000 Less:…

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

Belle Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. 80,000 units 48,000 units $ 24 per unit $ 26 per unit $3 per unit $ 600,000 in total Units produced this year Units sold this year Direct materials Direct labor Variable overhead Fixed overhead Belle Company's product is sold for $80 per unit. Variable selling and administrative expense is $2 per unit and fixed selling and administrative is $320,000 per year. Compute the net income under absorption costing. Multiple Choice O $80,000 $98,000 $296,800 tran^^^
Revenue (8,100 units) $16,200 Variable costs 4,050 Contribution margin $12,150 Fixed costs 4,050 Net income $ 8,100 If actual production totals 8,500 units, the flexible budget would show total costs of: Multiple Choice $8,300. None of these answers are correct. $8,400. $16,600.
Vegas Company has the following unit costs: Variable manufacturing overhead $ 30 Direct materials 25 Direct labor 24 Fixed manufacturing overhead 17 Variable marketing and administrative 8 Vegas produced and sold 13,500 units. If the product sells for $115, what is the contribution margin? Multiple Choice $148,500 $486,000 $256,500 $378,000
Total Manufacturing Costs ₱325,000 Applied Overhead Costs, 75% of direct labor cost ₱075,000 Selling expenses ₱316,000 Administrative expenses ₱314,000 What is the cost of direct materials? Show solution Group of answer choices ₱175,000 ₱193,750 ₱220,000 ₱150,000
Harris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs per unit over the relevant range of 52,000 to 92,000 units is given below: Required: 1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. 2. Assume that the company produces and sells 82,000 units during the year at a selling price of $9.56 per unit. Prepåre a contribution format income statement for the year.
None
q3
CVP single product; comprehensiveBeantown Baseball Company makes baseballs that sell for $13 per two-pack. Current annual production and sales are 960,000 baseballs. Costs for each baseball are as follows:Direct material$2.00Direct labor1.25Variable overhead0.50Variable selling expenses0.25Total variable cost$4.00Total fixed overhead$1,250,000a. Calculate the unit contribution margin in dollars and the contribution margin ratio for the company.Note: Round percentage to two decimal places (for example, round 32.5555% to 32.56%).Unit contribution margin in dollars $AnswerContribution margin ratio Answer%\\n
None
Need answer the question
Please answer missing parts. Sales salaries and commissions, Miscellaneous selling expense, Total selling expense, Supplies, Miscellaneous administrative expense, Total administrative expenses, Total expenses, and Income from operations. Thx
Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costs per unit: Manufacturing: Direct materials $ 10 Direct labor $7 $3 Variable manufacturing overhead Variable selling and administrative Fixed costs per year: $3 Fixed manufacturing overhead $ 380,000 Pixed selling and administrative $ 290,000 During the year, the company produced 38,000 units and sold 18,000 units. The selling price of the company's product is $61 per unit. Required: 1. Assume that the company uses absorption costing: a. Compute the unit product cost. b. Prepare an income statement for the year. 2. Assume that the company uses variable costing: a. Compute the unit product cost. A b. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Req 1A Reg 28 Reg 2A Req 18 Compute the unit product cost. Assume that the company uses absorption costing. During the year, the…

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

Total Sales:			$550,000
Less: Variable Expenses
	Variable CGS
	Starting Materials	10,000
	Materials Purchased	165,000
	Ending Materials	31,000
	Materials Used		144,000
	Production Labor		202,000
	Electricity--production		35,000
	Variable admin expenses
	Electricity--office		10,000
Contribution Margin		159,000
Less: Fixed Expenses
	Factory Supervision		40,000
	Fixed admin expenses
	Rent	25,000
	Office Labor	25,000
	Total		50,000
Operating Income			69,000

Break Even Sales		$311,320.75


Selling price/unit		$25
Break-even unit sales		12,453