Prepare a pro forma income statement

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Answer 1

Question

Chapter 15, Problem 20P

a)

To determine

Prepare a pro forma income statement

b)

To determine

Prepare flexible budget income statements with production volume of 29,000 and 31,000.

c)

To determine

Determine the variable and sales cost volume variance with volume of 31,000 units.

d)

To determine

Identify whether the variances are unfavourable or favourable

e)

To determine

Mention how Company N can use the variance to assess the performance

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I need guidance with this general accounting problem using the right accounting principles.

If there were 72,000 pounds of raw materials on hand on February 1, 195,000 pounds are desired for inventory at February 28, and 390,000 pounds are required for February production, how many pounds of raw materials should be purchased in February? a. 270,000 pounds. b. 479,000 pounds. c. 513,000 pounds d. 310,000 pounds.

Please provide the answer to this general accounting question using the right approach.

Answer 2

Question

Chapter 15, Problem 20P

a)

To determine

Prepare a pro forma income statement

b)

To determine

Prepare flexible budget income statements with production volume of 29,000 and 31,000.

c)

To determine

Determine the variable and sales cost volume variance with volume of 31,000 units.

d)

To determine

Identify whether the variances are unfavourable or favourable

e)

To determine

Mention how Company N can use the variance to assess the performance

Expert Solution & Answer

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Answer 3

Question

Chapter 15, Problem 20P

a)

To determine

Prepare a pro forma income statement

b)

To determine

Prepare flexible budget income statements with production volume of 29,000 and 31,000.

c)

To determine

Determine the variable and sales cost volume variance with volume of 31,000 units.

d)

To determine

Identify whether the variances are unfavourable or favourable

e)

To determine

Mention how Company N can use the variance to assess the performance

Expert Solution & Answer

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Answer 4

Question

Chapter 15, Problem 20P

a)

To determine

Prepare a pro forma income statement

b)

To determine

Prepare flexible budget income statements with production volume of 29,000 and 31,000.

c)

To determine

Determine the variable and sales cost volume variance with volume of 31,000 units.

d)

To determine

Identify whether the variances are unfavourable or favourable

e)

To determine

Mention how Company N can use the variance to assess the performance

Expert Solution & Answer

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Answer 5

Chapter 15, Problem 20P

a)

To determine

Prepare a pro forma income statement

b)

To determine

Prepare flexible budget income statements with production volume of 29,000 and 31,000.

c)

To determine

Determine the variable and sales cost volume variance with volume of 31,000 units.

d)

To determine

Identify whether the variances are unfavourable or favourable

e)

To determine

Mention how Company N can use the variance to assess the performance

Answer 6

Chapter 15, Problem 20P

a)

To determine

Prepare a pro forma income statement

Answer 7

Chapter 15, Problem 20P

a)

To determine

Prepare a pro forma income statement

Answer 8

b)

To determine

Prepare flexible budget income statements with production volume of 29,000 and 31,000.

Answer 9

b)

To determine

Prepare flexible budget income statements with production volume of 29,000 and 31,000.

Answer 10

c)

To determine

Determine the variable and sales cost volume variance with volume of 31,000 units.

Answer 11

c)

To determine

Determine the variable and sales cost volume variance with volume of 31,000 units.

Answer 12

d)

To determine

Identify whether the variances are unfavourable or favourable

Answer 13

d)

To determine

Identify whether the variances are unfavourable or favourable

Answer 14

e)

To determine

Mention how Company N can use the variance to assess the performance

Answer 15

e)

To determine

Mention how Company N can use the variance to assess the performance

Answer 16

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Answer 17

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Answer 18

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Answer 19

Ch. 15 - 1. Pam Kelly says she has no faith in budgets. Her...Ch. 15 - 7. What is a responsibility center?Ch. 15 - Prob. 3Q Ch. 15 - Prob. 4Q Ch. 15 - Prob. 5Q Ch. 15 - 3. When are sales and cost variances favorable and...Ch. 15 - 4. Joan Mason, the marketing manager for a large...Ch. 15 - Prob. 8Q Ch. 15 - Prob. 9Q Ch. 15 - Prob. 10Q

Prepare a pro forma income statement

Solution Summary: The author explains how to prepare a pro forma income statement and calculate the variable and sales cost volume variance with 31,000 units.

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Prepare a pro forma income statement

Prepare flexible budget income statements with production volume of 29,000 and 31,000.

Determine the variable and sales cost volume variance with volume of 31,000 units.

Identify whether the variances are unfavourable or favourable

Mention how Company N can use the variance to assess the performance

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Chapter 15 Solutions