XYZ, Inc. reports the following information for November: Sales Revenue $800,000 Variable Cost of Goods Sold 110,000Fixed Cost of Goods Sold 45,000 Variable Selling and Administrative Costs 100,000 Fixed Selling and AdministrativeCosts 70,000 Calculate the gross profit for November using absorption (traditional) costing. Question 18Select one: A. $730,000 B. $690,000 C. $700,000 D. $645,000

The difference between the sales and the cost of goods sold is called gross profit. Gross profit…

Answered: XYZ, Inc. reports the following…

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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1. What is the net income under variable costing method? 2. What is the net income under absorption costing method?
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USING THE WEIGHTED AVERAGE METHOD, HOW MUCH IS THE COST OF GOOD SOLD AT THE END OF NOVEMBER?
Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold 6,400 Selling price per unit $| 600 Unit cost of goods sold $ 416 Variable selling expense per unit $ | 56 Total fixed selling expense $ 125,900 Variable administrative expense per unit | $| 24 Total fixed administrative expense $| 207,800 Cost of goods sold is a variable cost in this company. Required: a. Prepare a traditional format income statement for July. b. Prepare a contribution format income statement for July.
A company reports the following information: Month Units Sold Total Cost $ 5,500 $ 7,000 $ 8,100 $ 3,420 January February 950 1,850 March 2,500 April 650 Using the high-low method, the estimated variable cost per unit is: Multiple Cholce $3.24. O $5.26. $2.53, $4.04.
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7. Which one of these is not an objective of cost accounting? a.Assisting shareholders in decision making b.Cost control and reduction c.Ascertainment of cost d.Determination of selling price 8. Calculate EOQ from the following details: Consumption per month is 2,000 units, ordering cost is RO 10 per order, purchase price is RO 100 per unit and annual carrying cost is 6%. a.283 units b.245 units c.219 units d.310 units
ed Dowell Company produces a single product. Its income statements under absorption costing for its first two years of operation follow. Income Statements (Absorption Costing) Sales ($60 per unit) Year 1 $ Year 2 $ 1,920,000 3,960,000 Cost of goods sold ($45 per unit) 1,440,000 2,970,000 Gross profit 480,000 990,000 Selling and administrative expenses ok Income t 338,000 474,000 $ 142,000 $ 516,000 Additional Information a. Sales and production data for these first two years follow. Year 1 Year 2 nces Units Units produced 49,000 49,000 Units sold 32,000 66,000 b. Variable costs per unit and fixed costs per year are unchanged during these years. The company's $45 per unit product cost using absorption costing consists of the following. Direct materials Direct labor $ 12 19 Variable overhead Fixed overhead ($539,000/49,000 units) 3 11 Total product cost per unit $ 45 c. Selling and administrative expenses consist of the following. Selling and Administrative Expenses Variable selling and…
Philadelphia Company has the following information for March: Sales $471,872 Variable cost of goods sold 223,448 Fixed manufacturing costs 76,779 Variable selling and administrative expenses 52,438 Fixed selling and administrating expenses 32,449 Determine the March: a. Manufacturing margin $fill in the blank 1 b. Contribution margin $fill in the blank 2 c. Operating income for Philadelphia Company $fill in the blank 3
Geneva Company reports the following information for July: Sales $ 762,000 Variable cost of goods sold 229,000 Fixed cost of goods sold 104,000 Calculate the contribution margin for July. Multiple Choice
Units in beginning inventory -0-Units produced 8,000Units sold 6,000 Variable costs per unit: Manufacturing $15 Selling and administrative $5 Fixed costs, in total: Manufacturing $24,000 Selling and administrative $16,000 What is the unit product cost under absorption costing?
Restate the following income statement for a retailer in contribution format. Sales revenue ($100 per unit) $ 70,000 Less cost of goods sold ($58 per unit) 40,600 Gross margin 29,400 Less operating costs: Commissions expense ($6 per unit) $ 4,200 Salaries expense 7,900 Advertising expense 5,900 Shipping expense ($1 per unit) 700 18,700 Operating income $ 10,700 Per Unit select an income statement item $enter a dollar amount $enter a dollar amount select an opening name for section one : select an income statement item $enter a dollar amount enter a dollar amount select an income statement item…

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