Vulcan Company’s contribution format income statement for June is as follows:Vulcan Company Income Statement For the Month Ended June 30 Sales $ 900,000Variable expenses 400,000Contribution margin 500,000Fixed expenses 485,000Net operating income $ 15,000Management wants to improve profits and gathered the following data:* The company is divided into two sales territories—Northern and Southern. The Northern Territory recorded $400,000 in sales and $160,000 in variable expenses during June; the remaining sales and variable expenses were recorded in the Southern Territory. Fixed expenses of $184,000 and $150,000 are traceable to the Northern and Southern Territories, respectively. The rest of the fixed expenses are common to the two territories. * The company is the exclusive distributor for two products—Paks and Tibs. Sales of Paks and Tibs totaled $290,000 and $110,000, respectively, in the Northern territory during June. Variable expenses are 29% of the selling price for Paks and 69% for Tibs. Cost records show $145,000 of the Northern Territory’s fixed expenses are traceable to Paks and $26,400 to Tibs, with the remainder common to the two products. Required:1-a. Prepare contribution format income statements for the total company segmented by sales territories.1-b. Prepare contribution format income statements for the Northern Territory segmented by product line. FYI: Please fill out the missing blank from the picture!. 6(1) i-ntributio XI b Answered: Vulcan Company's X M Question 2 - Chapter 6(1) - C Xo.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launch Url=https%253A%252F%252Fnewconnect.mheducation.com%252F#/a2Req 1AComplete this question by entering your answers in the tabs below.Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate compReq 1BSalesVariable expensesContribution marginTraceable fixed expensesProduct line segment marginCommon fixed expensesSales territory segment margin3Prepare contribution format income statements for the Northern Territory segmented by product line.Note: Round the percentage answers to one decimal place (i.e .1234 should be entered as 12.3).E$4Amount$ 400,000 ✓✓ 160,000✔240,00030000RNorthern Territory%240,000$ 240,000er de%Answer is not complete.T100.040.060.0Saved60.0< Req 1A60.0 $ 60,900< Prev6Amount$ 290,000✔84,100205,900145,000✔PaksChatGPTY2 of 3&7Product Line%Amount100.0 $ 110,000Reg 18 >www100.0100.0U75.900✔34,10026,400✔$ 7,700Next >MINATibs8x +1%100.0100.0100.09HelpOP contributio X b Answered: Vulcan Company's X M Question 2 - Chapter 6(1) - Co Xto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launch Url=https%253A%252F%252Fnewconnect.mheducation.com%252F#/a6(1) i2ReqComplete this question by entering your answers in the tabs below.Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate compReq 1BSalesVariable expensesContribution marginTraceable fixed expensesTerritorial segment marginCommon fixed expensesNet operating income3Prepare contribution format income statements for the total company segmented by sales territories.Note: Round the percentage answers to one decimal place (i.e .1234 should be entered as 12.3).Sales TerritoryECTotal CompanyAmount$ 900,000✓400,000✔✓ 500,000✓ 334,000✔✓ 166,000✓$4$ 166,000R%100.044.455.6%555.655.6SavedAnswer is not complete.Req 1AT< PrevAmount$ 400,000160,000240,000184,000✔$ 56,000NorthernG Search or type URL6ChatGPTY60.02 of 3%Amount100.0 $500,000✔40.0 240,000✔60.0260,000Req 1B >&7Southern150,000✔$ 110,000Next >8%100.048.052.052.0x ++9HelpO

One of the three main financial statements that show a company's financial performance during a…

Vulcan Company’s contribution format income statement for June is as follows: Vulcan Company Income Statement For the Month Ended June 30 Sales $ 900,000 Variable expenses 400,000 Contribution margin 500,000 Fixed expenses 485,000 Net operating income $ 15,000 Management wants to improve profits and gathered the following data: * The company is divided into two sales territories—Northern and Southern. The Northern Territory recorded $400,000 in sales and $160,000 in variable expenses during June; the remaining sales and variable expenses were recorded in the Southern Territory. Fixed expenses of $184,000 and $150,000 are traceable to the Northern and Southern Territories, respectively. The rest of the fixed expenses are common to the two territories.  * The company is the exclusive distributor for two products—Paks and Tibs. Sales of Paks and Tibs totaled $290,000 and $110,000, respectively, in the Northern territory during June. Variable expenses are 29% of the selling price for Paks and 69% for Tibs. Cost records show $145,000 of the Northern Territory’s fixed expenses are traceable to Paks and $26,400 to Tibs, with the remainder common to the two products.  Required: 1-a. Prepare contribution format income statements for the total company segmented by sales territories. 1-b. Prepare contribution format income statements for the Northern Territory segmented by product line. FYI: Please fill out the missing blank from the picture!.

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q