Variable Costing Mariey Company has the following information for March: Sales $912,000 Variable cost of goods sold 474,000 Fixed manufacturing costs 82,000 Variable selling and administrative expenses 238,100 Fixed selling and administrative expenses 54,700 Determine the following for Marley Company for the month of March: a. Manufacturing margin b. Contribution margin c. Income from operations Variable Costing Norwood Company has the following information for September: Sales $500,000 Variable cost of goods sold 235,000 Fixed manufacturing costs 75,000 Variable selling and administrative expenses 50,000 Fixed selling and administrative expenses 30,000 Determine the following for Norwood Company for the month of September: a. Manufacturing margin b. Contribution margin c. Income from operations %24

Variable Costing Mariey Company has the following information for March: Sales $912,000 Variable cost of goods sold 474,000 Fixed manufacturing costs 82,000 Variable selling and administrative expenses 238,100 Fixed selling and administrative expenses 54,700 Determine the following for Marley Company for the month of March: a. Manufacturing margin b. Contribution margin c. Income from operations Variable Costing Norwood Company has the following information for September: Sales $500,000 Variable cost of goods sold 235,000 Fixed manufacturing costs 75,000 Variable selling and administrative expenses 50,000 Fixed selling and administrative expenses 30,000 Determine the following for Norwood Company for the month of September: a. Manufacturing margin b. Contribution margin c. Income from operations %24

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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Denton Company manufactures and sells a single product. Cost data for the product are given: Variable costs per unit: Direct materials. Direct labor Variable manufacturing overhead Variable selling and administrative July August Total variable cost per unit. Fixed costs per month: Fixed manufacturing overhead Fixed selling and administrative Total fixed cost per month The product sells for $47 per unit. Production and sales data for July and August, the first two months of operations, follow: Units Produced 21,000 21,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income. $ 3 11 Units Sold 17,000 25,000 Required: 1. Determine the unit product cost under: a. Absorption costing. b. Variable costing. 4 1 $ 19 The company's Accounting Department has prepared the following absorption costing income statements for July and August: July $ 799,000 408,000 391,000 183,000 $ 208,000 $ 126,000 166,000 $ 292,000 2. Prepare variable costing income…
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A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense The total gross margin for the month under absorption costing is: Multiple Choice $81,900 $21,840 $128,430 $139,230 $ 144 0 3,020 2,730 290 $ 47 $21 $ 16 $9 $90,600 $35,490
On October 31, the end of the first month of operations, Maryville Equipment Company prepared the following income statement, based on the variable costing concept: Line Item Description Amount Amount Sales (13,400 units) $750,400 Variable cost of goods sold: Variable cost of goods manufactured $343,200 Inventory, October 31 (2,200 units) (48,400) Total variable cost of goods sold (294,800) Manufacturing margin $455,600 Variable selling and administrative expenses (201,000) Contribution margin $254,600 Fixed costs: Fixed manufacturing costs $62,400 Fixed selling and administrative expenses 53,600 Total fixed costs (116,000) Operating income $138,600 Prepare an income statement under absorption costing. Round all final answers to whole dollars. Maryville Equipment CompanyAbsorption Costing Income StatementFor the Month Ended October 31 Line Item Description Amount Amount $Sales Cost of goods sold:…
Variable Costing Income Statement On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept: Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Sales (6, 100 units) $201, 300 Cost of goods sold: Cost of goods manufactured (7, 100 units) $163,300 Inventory, April 30 (1,000 units) (23,000) Total cost of goods sold (140, 300) Gross profit $61,000 Selling and administrative expenses (36,830) Operating income $24, 170 If the fixed manufacturing costs were $ 44,091 and the fixed selling and administrative expenses were $18, 040, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Joplin Company Variable Costing Income Statement For the Month Ended April 30 $Sales Variable cost of goods sold: $- Select - - Select - - Select - $- Select - - Select - $ - Select - Fixed costs: $Variable cost of goods sold Fixed…
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Presented here is the income statement for Big Sky Incorporated for the month of February: Sales $ 60,000 Cost of goods sold 51,900 Gross profit $ 8, 100 Operating expenses 15,200 Operating loss $ (7,100) Based on an analysis of cost behavior patterns, it has been determined that the company's contribution margin ratio is 19%. Required: Rearrange the preceding income statement to the contribution margin format. If sales increase by 10%, what will be the firm's operating income (or loss)? Calculate the amount of revenue required for Big Sky to break even.
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