Use the high -low method to estimate the order -processing costs if Will & Partners receives 3,500 sales orders in December (assume none of the above values are outliers)
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Assume Will & Partners LLP has the following information on the number of sales orders received and order -
Use the high -low method to estimate the order -processing costs if Will & Partners receives 3,500 sales orders in December (assume none of the above values are outliers)
$36,000
$ 44,600
$38,400
$ 37,333
$42,000
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- Dinner (per person) . . . . . . . . . . . . . . . . . . . . . $7Favors and program (per person) . . . . . . . . . . . $3Band . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,500Tickets and advertising . . . . . . . . . . . . . . . . . . . $700Riverboat rental . . . . . . . . . . . . . . . . . . . . . . . . $4,800Floorshow and strolling entertainers . . . . . . . . . . $1,000The committee members would like to charge $30 per person for the evening’s activities.Required:1. Compute the break-even point for the Extravaganza (in terms of the number of persons that must attend).2. Assume that only 250 persons attended the Extravaganza last year. If the same number attend this year, what price per ticket must be charged to break even?3. Refer to the original data ($30 ticket price per person). Prepare a CVP graph for the Extravaganza from zero tickets up to 600 tickets sold.HARDING COMPANY Income Statement For the Year Ended December 31, 2013 Sales (10,500 skates @ $60 each) ........................................................................... $630,000 Less: Variable costs (10,500 skates at $25) ............................................................ 262,500 Fixed costs .......................................................................................................... 200,000 Earnings before interest and taxes (EBIT) ............................................................... $167,500 Interest expense ...................................................................................................... 62,500 Earnings before taxes (EBT) .................................................................................... $ 105,000 Income tax expense (30%) ...................................................................................... 31,500 Earnings after taxes (EAT)…The following information is from Tejas WindowTint’s financial records. Month Sales PurchasesApril ........................... $72,000 ............................................................ $42,000May ............................. 66,000 ............................................................ 48,000June ............................ 60,000 ............................................................ 36,000July .............................. 78,000 ............................................................ 54,000 Collections from customers are normally 70 percent in the month of sale, 20 percent in the month following the sale, and 9 percent in the second month following the sale. The balance is expected to be uncollectible. All purchases are on account. Management takes full advantage of the 2 percent discount allowed on purchases paid for by the tenth of the following month. Purchases for August are…
- Diaz Fresh discloses the following annual data. For Year Ended December 31 2020 2021 Sales revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $160,000 $240,000 Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000 120,000 Its cost of goods sold is based on inventories valued at cost. Assume for each year that all of the beginning inven- tory is sold by year end. Additional information regarding its inventories follows. Inventory LIFO Cost Market January 1, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12,000 $16,000 December 31, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000 18,000 December 31, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,000 20,000 Required a. Prepare the entries to apply the lower-of-cost-or-market rule at December 31, 2020, and 2021. Use an allow- ance account to reduce…MEERA LTD. Comparative Statements of Financial Position December 31 .................................................................................2017 .............................................................2016 Land Buildings Accumulated depreciation—buildings Accounts receivable £ 20,000 70,000 (15,000) 20,800 £ 26,000 70,000 (10,000) 23,400 Cash Total Share capital—ordinary Retained earnings 17,660 £113,460 £ 75,000 26,090 10,700 £120,100 £ 72,000 20,000 Accounts payable Total 12,370 £113,460 28,100 £120,100 Additional information: 1. Net income was £22,590. Dividends declared and paid were £16,500. 2. All other changes in non-current account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for £5,000. Instructions (a) Prepare a statement of cash flows for 2017 using the indirect methodBelow are recorded transactions of Yellow Jacket Corporation for August. Debit Credit1. Equipment........................................................ 8,800 Cash.............................................................. 8,8002. Accounts Receivable..................................... 3,200 Service Revenue....................................... 3,2003. Salaries Expense............................................ 1,900 Cash.............................................................. 1,9004. Cash................................................................... 1,500 Deferred Revenue.................................... 1,5005. Dividends.......................................................... 900…
- Use the following information for Jones Inc. FY 2018 Revenue ...............................................$1,000,000 Cost of Goods Sold ................................. 500,000 Total Operating Expenses .......................300,000 Tax ...............................................................70,000 Net Income ..............................................130,000 The net profit margin ratio for Jones Corporation for 2018 is: (A) 10% (B) 13% (C) 7% (D) 50% The operating profit margin ratio for Jones Corporation for 2018 is: (A) 50% (B) 14% (C) 20% (D) 7%Wiley Company’s income statement for Year 2 follows:Sales ........................................................... $150,000Cost of goods sold ...................................... 90,000Gross margin .............................................. 60,000Selling and administrative expenses ........... 40,000Income before taxes ................................... 20,000Income taxes ............................................... 8,000Net income .................................................. $ 12,000The company’s selling and administrative expense for Year 2 includes $7,500 of depreciation expense.Selected balance sheet accounts for Wiley at the end of Years 1 and 2 are as follows:Year 2 Year 1Debit Balance Accounts:Accounts receivable ..................................... $40,000 $30,000Inventory ...................................................... $54,000 $45,000Prepaid expenses ........................................ $8,000 $6,000Credit Balance Accounts:Accounts payable…Precious Products Ltd.Income StatementFor the year ended xxxxSales.................................................................... $______Cost of goods sold:Finished goods inventory, beginning.................... $ ______Add: Cost of goods manufactured ....................... ______Goods available for sale...................................... ______Deduct: Finished goods inventory, ending............ ______ ______Gross margin........................................................ ______Selling and administrative expenses:Selling expenses................................................. ______Administrative expenses ..................................... ______ ______Operating income ................................................. $ , .3. Direct labour: $______÷ 10,000 units = $______per unit.Insurance: $______÷ 10,000 units = $______per unit.4. Direct materials:Unit cost: $: $______÷ 10,000 units = $______per unit.Total cost: ______units × $______ per unit =…
- Precious Products Ltd.Income StatementFor the year ended xxxxSales.................................................................... $______Cost of goods sold:Finished goods inventory, beginning.................... $ ______Add: Cost of goods manufactured ....................... ______Goods available for sale...................................... ______Deduct: Finished goods inventory, ending............ ______ ______Gross margin........................................................ ______Selling and administrative expenses:Selling expenses................................................. ______Administrative expenses ..................................... ______ ______Operating income ................................................. $ , .3. Direct labour: $______÷ 10,000 units = $______per unit.Insurance: $______÷ 10,000 units = $______per unit.4. Direct materials:Unit cost: $: $______÷ 10,000 units = $______per unit.Total cost: ______units × $______ per unit =…1. Prepare a November 30 balance sheet in proper form for Green Bay Delivery Service from the following alphabetical list of the accounts at November 30: Accounts receivable.......................$10,000Accounts payable................................18,000Building..............................................28,000Cash..................................................8,000Notes payable.....................................45,000Office equipment...................................12,000R. Perkins, Capital................................?Trucks...............................................55,000Ozone Products provided the following information for 2004:Materials:Materials inventory, January 1........................ $ 75,000Purchases......................................................... 526,000Direct materials issued .................................... 525,000Indirect materials issued.................................. 27,000Labor:Direct labor cost (22,000 hours)..................... $150,000Indirect labor................................................... 35,000Other factory costs:Depreciation.................................................... $175,000Maintenance .................................................... 85,000Supervision...................................................... 46,000Planning and control ....................................... 44,000Miscellaneous.................................................. 12,000Work in process:Beginning inventory........................................ $ 25,000Ending inventory.............................................…
