please avoid handwritten typed solution The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarterended March 31:SalesSelling price per pair of skisVariable selling expense per pair of skisVariable administrative expense per pair of skisTotal fixed selling expenseTotal fixed administrative expenseBeginning merchandise inventoryEnding merchandise inventoryMerchandise purchasesRequired 1 Required 2Required:1. Prepare a traditional income statement for the quarter ended March 312. Prepare a contribution format income statement for the quarter ended March 31.3. What was the contribution margin per unit?Complete this question by entering your answers in the tabs below.Required 3Amount$1,247,000Prepare a traditional income statement for the quarter ended March 31.The Alpine House, IncorporatedTraditional Income StatementSelling and administrative expenses$430$ 47$15$ 145,000$ 110,000500,000$115,000$315,000

Name: please avoid handwritten typed solution The Alpine House, Incorporated
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Description: please avoid handwritten typed solution The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarterended March 31:SalesSelling price per pair of skisVariable selling expense per

Cost of goods sold = Opening inventory + purchases - ending inventory

Business

Accounting

ales elling price per pair of skis ariable selling expense per pair of skis ariable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense eginning merchandise inventory nding merchandise inventory Merchandise purchases Amount $1,247,000 Required 1 Required 2 quired: Prepare a traditional income statement for the quarter ended March 31 Prepare a contribution format income statement for the quarter ended March 31 What was the contribution margin per unit? Complete this question by entering your answers in the tabs below. Required 3 Prepare a traditional income statement for the quarter ended March 31, The Alpina House, Incorporated Traditional Income Statement 1.430 $ 47 $15 $ 145,000 $ 110,000 $60,000 $115,000 $315,000

ales elling price per pair of skis ariable selling expense per pair of skis ariable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense eginning merchandise inventory nding merchandise inventory Merchandise purchases Amount $1,247,000 Required 1 Required 2 quired: Prepare a traditional income statement for the quarter ended March 31 Prepare a contribution format income statement for the quarter ended March 31 What was the contribution margin per unit? Complete this question by entering your answers in the tabs below. Required 3 Prepare a traditional income statement for the quarter ended March 31, The Alpina House, Incorporated Traditional Income Statement 1.430 $ 47 $15 $ 145,000 $ 110,000 $60,000 $115,000 $315,000

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section16.1: Preparing An Income Statement

Problem 1WT

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2 The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: ook int ences Sales. Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required 1 Required 2 Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit? Complete this question by entering your answers in the tabs below. Required 3 Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Incorporated Traditional Income Statement Sales Cost of goods sold
The cost accountant for Sunset Fashions has compiled the following information for last quarter's operations: Administrative costs Merchandise inventory, April 1 Merchandise inventory, June 30 Merchandise purchases Miscellaneous store costs Sales commissions Sales revenue Store lease Utilities Transportation-in costs Wages and benefits Required: 1. Prepare a cost of goods sold statement. 2. Prepare an income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement. SUNSET FASHIONS Income Statement For the Quarter Ended June 30 Sales revenue Cost of goods sold Gross margin Store rent Operating loss $ $ $ 232,000 55,000 45,500 1,790,000 23,400 134,400 3,126,000 53,000 57,900 124,400 770,000 $ 3,126,000 1,923,900 1,202,100 53,000 68,400
The following is selected information from Mars Corp. Compute net purchases, and cost of goods sold for the month of March.
Akira Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $25 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and sales for the year are as follows: Purchases: Sales: The president of the company, Connie Kilmer, has asked for your advice on which inventory cost flow method should be used for the 32,000-unit physical inventory that was taken on December 31. The company plans to expand its product line in the future and uses the periodic inventory system. Write a brief memo to Ms. Kilmer comparing and contrasting the LIFO and FIFO inventory cost flow methods and their potential impacts on the companys financial statements.
Bay Book and Software has two sales departments: Book and Software. After recording and posting all adjustments, including the adjustments for merchandise inventory, the accountant prepared the adjusted trial balance (shown on the next page) at the end of the fiscal year. Merchandise inventories at the beginning of the year were as follows: Book Department, 53,410; Software Department, 23,839. The bases (and sources of figures) for apportioning expenses to the two departments are as follows (rounded to the nearest dollar): Sales Salary Expense (payroll register): Book Department, 45,559; Software Department, 35,629 Advertising Expense (newspaper column inches): Book Department, 550 inches; Software Department, 450 inches Depreciation Expense, Store Equipment (property and equipment ledger): Book Department, 7,851; Software Department, 2,682 Store Supplies Expense (requisitions): Book Department, 205; Software Department, 199 Miscellaneous Selling Expense (volume of gross sales): Book Department, 240; Software Department, 110 Rent Expense and Utilities Expense (floor space): Book Department, 9,000 square feet; Software Department, 7,000 square feet Bad Debts Expense (volume of gross sales): Book Department, 1,029; Software Department, 441 Miscellaneous General Expense (volume of gross sales): Book Department, 364; Software Department, 156 Required Prepare an income statement by department to show income from operations, as well as a nondepartmentalized income statement (using the Total columns) to show net income for the entire company.
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased Required A During the year, The Shirt Shop sold 810 T-shirts for $20 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. 400 units 200 units 280 units 90 units Complete this question by entering your answers in the tabs below. Required B Ending inventory @ @ FIFO $8 = $3,200 $10 = 2,000 $13 = 3,640 $15 = 1,350 Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar…
Axel Company and Rod Company completed the following merchandising transactions in the month of April. Axel Company follows periodic inventory system and Rod Company follows perpetual inventory system. Journalize for the month of April, Axel Company's transactions and Rod Company's transactions. April 9 April 12 April 18 Axel Company sold $52,000 of merchandise on account to Rod Company, terms FOB shipping point, 1/10, n/30. The cost of the merchandise sold was $28,500. The appropriate party also paid $100 for the freight charge. Axel Company granted Rod Company $4,600 credit for merchandise returned costing $2,700. Axel Company received the balance due from Rod Company. Instructions: a. Journalize the above transactions on the books of Axel Company. b. Journalize the above transactions on the books of Rod Company.
Assume Shopping.com began July with 10 units of inventory that cost a total of $180. During July, Shopping.com purchased and sold goods as follows: View the purchases and sales. Suppose Shopping.com used the LIFO inventory costing method and the periodic inventory system. Using the information above, determine Shopping.com's cost of goods sold at the end of the month. A. $1,065 B. $1,080 C. $105 ○ D. $90 Purchases and sales Jul. 8 Purchase 30 units @ $19 Jul. 14 Sale 25 units @ $38 Jul. 22 Purchase Jul. 27 Sale 20 units @ $21 30 units @ $38 - ☑
Novak Company’s record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 440 @ $7.50 April 5 640 4 740 @ 7.70 12 540 11 640 @ 8.00 27 1,480 18 540 @ 8.00 28 150 26 940 @ 8.40 30 540 @ 8.70 (a1) Your Answer Correct Answer Correct answer iconYour answer is correct. Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 4 decimal places, e.g. 2.7682.) Average-cost per unit $ eTextbook and Media Solution Attempts: 3 of 3 used (a2) Your Answer Correct Answer (Used) Partially correct answer iconYour answer is partially correct. Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1)…
Tamarisk Company sells one product. Presented below is information for January for Tamarisk Company. Jan. 1 Inventory 116 units at $4 each 4 Sale 94 units at $8 each 11 Purchase 154 units at $6 each 13 Sale 124 units at $9 each 20 Purchase 169 units at $6 each 27 Sale 105 units at $11 each Tamarisk uses the FIFO cost flow assumption. All purchases and sales are on account. (a) Assume Tamarisk uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 116 units. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit choose a transaction date…
The related data: The following transactions of Marian Company for the month of June are as follows: 1. Purchase merchandise on account of 200,000 with freight of 20,000 of goods to supplier. 150,000 to various customers with a markup of 30,000 5,000 2. Upon detailed inspection, Marian returned 3. Sold merchandise on account amounting to 4. A customer return goods with sales price of Requirement (1) Prepare the journal entries under Periodic & Perpetual; (2) Determine the ending balance of merchandise inventory under Periodic & Perpetual 50% Note: The freight is excluded from the P200,000 merchandise. The mark-up of 50% is based on cost. You may follow the format below. Periodic System Perpetual System Credit Debit 1. Purchase of merchandise on account Debit Credit 2. Return of goods 3. Sale of merchandise on account and cost of sale 4. Return of merchandise sold 5. Adjustment of ending inventory