Via Gelato is a popular neighborhood gelato shop. The company has provided the following cost formulas and actual results for themonth of June:Fixed VariableElement Element perLiterper MonthRevenue$ 25.00Raw materialsWages$ 6,900$5.95$ 2.70UtilitiesRent$ 2,930$ 3,900$ 1.50Insurance$,2,650Miscellaneous$ 780ActualTotal forJune$ 151,540$ 39,030$ 23,500$13,000$ 3,900$ 2,6501.65 $ 10,890While gelato is sold by the cone or cup, the shop measures its activity in terms of the total number of liters of gelato sold. For example,wages should be $6,900 plus $2.70 per liter of gelato sold and the actual wages for June were $23,500. Via Gelato expected to sell6,200 liters in June, but actually sold 6,400 liters.Required:Calculate Via Gelato revenue and spending variances for June. (Indicate the effect of each variance by selecting "F" for favorable,"U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)RevenueVia GelatoRevenue and Spending VariancesExpenses:For the Month Ended June 30Raw materialsWagesUtilitiesRentInsuranceMiscellaneousTotal expenseNet operating income

Step 1: Given the information:Indicate the effect of each variance by selecting "F" for favorable,…

Answered: Via Gelato is a popular neighborhood…

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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Jake's Roof Repair has provided the following data concerning its costs: Fixed Cost Cost per per Month $ 21,200 Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses Repair-Hour $15.00 $ 7.50 $ 0.50 $ 1.60 $ 2,770 $ 5,710 $ 4,680 $ 3,870 Rent Administrative expenses $ 0.40 For example, wages and salaries should be $21,200 plus $15.00 per repair-hour. The company expected to work 2,800 repair-hours in May, but actually worked 2,700 repair-hours. The company expects its sales to be $44.00 per repair-hour. Required: Compute the company's activity variances for May. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)
Via Gelato is a popular neighborhood gelato shop. The company has provided the following cost formulas and actual results for the month of June: Fixed Variable Element per Actual Total Liter Element per Month for June $ 31.00 $ 6.55 $ 3.30 $ 2.10 $ 191,540 $ 42,830 $ 28,000 $ 17,400 $ 4,500 $ 3,250 $ 14,690 Revenue Raw materials $ 7,500 $ 3,530 $ 4,500 $ 3,250 $ 840 Wages Utilities Rent Insurance Miscellaneous $ 2.25 While gelato is sold by the cone or cup, the shop measures its activity in terms of the total number of liters of gelato sold. For example, wages should be $7,500 plus $3.30 per liter of gelato sold and the actual wages for June were $28,000. Via Gelato expected to sell 6,200 liters in June, but actually sold 6,400 liters. Required: Calculate Via Gelato revenue and spending variances for June. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)
Cove’s Cakes is a local bakery. Price and cost information follows: Price per cake $ 13.61 Variable cost per cake Ingredients 2.22 Direct labor 1.16 Overhead (box, etc.) 0.23 Fixed cost per month $ 3,500.00 Required: 1. Determine Cove’s break-even point in units and sales dollars. 2. Determine the bakery’s margin of safety if it currently sells 430 cakes per month. 3. Determine the number of cakes that Cove must sell to generate $1,300 in profit.
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Cullumber Industries produces and sells a cell phone-operated home security control systems. Information regarding the costs and sales during May 2022 is as follows. Unit selling price Unit variable costs Total monthly fixed costs Units sold Prepare a CVP income statement for Cullumber Industries for the month of May. (Round per unit answers to 2 decimal places, e.g. 15.25.) Cullumber Industries CVP Income Statement For the Month Ended May 31, 2022 Sales Variable Costs Contribution Margin Fixed Costs $55.00 $31.35 $128,000 7,800 Net Income/(Loss) S Total SA Per Unit 8400 Percent of Sales se
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Cove’s Cakes is a local bakery. Price and cost information follows: Price per cake $13.51 Variable cost per cake Ingredients 2.24 Direct labor 1.05 Overhead (box, etc.) 0.21 Fixed cost per month $3,203.20 Required: 1. Determine Cove’s break-even point in units and sales dollars. 2. Determine the bakery’s margin of safety if it currently sells 410 cakes per month. 3. Determine the number of cakes that Cove must sell to generate $2,500 in profit.
For a table manufacturing company, selling price for a table is $22.00 per Unit, Variable cost is $6.00 per Unit, labor charge is $1.00 per Unit, rent is $515.00 per month and transportation is $1 per tables. If 337.00 tables are sold in a month how much revenue company earns for that month? 2:You run a hospital with 100 rooms. Fixed daily cost is $818.00 which includes staff salary, property charges, maintenance etc. Variable cost per room is $12.00 which includes cleaning, equipment rentals, utility cost etc. which is incurred only when the room is full. You charge $58.00 per room per day. You sold 31.00 rooms today, how much profit/loss did you earn for today.
You are Capable of Amazing Things (YCAT) is in the process of determining how their costs behave. Cost information for the previous four months is provided below. Month Total Costs Total Units June $92,000 3,300 units July $124,000 4,200 units August $103,000 2,900 units September $118,000 4,500 units YCAT sells each unit for an average unit selling price of $46. Their normal operations are between 2,500 and 5,000 produced units each month. Using the provided information, answer the following questions. What is the October profit if 4,800 units are produced?
Jake's Roof Repair has provided the following data concerning its costs: Fixed Cost Cost per per Month Repair-Hour Wages and salaries Parts and supplies $ 21,400 $ 15.00 $ 7.20 Equipment depreciation $ 2,740 $ 0.55 Truck operating expenses Rent $ 5,720 $ 1.70 $ 4,660 $ 3,880 $ 0.70 Administrative expenses For example, wages and salaries should be $21,400 plus $15.00 per repair-hour. The company expected to work 2,700 repair-hours in May, but actually worked 2,600 repair-hours. The company expects its sales to be $47.00 per repair-hour. Required: Compute the company's activity variances for May. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Revenue Expenses: Jake's Roof Repair Activity Variances For the Month Ended May 31 Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses Rent Administrative expenses Total expense Net…

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