Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold Selling price per unit Unit cost of goods sold Variable selling expense per unit Total fixed selling expense Variable administrative expense per unit Total fixed administrative expense Cost of goods sold is a variable cost in this company. 5,900 600 411 68 $125,400 $ 24 $207,300 $ $ $

Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold Selling price per unit Unit cost of goods sold Variable selling expense per unit Total fixed selling expense Variable administrative expense per unit Total fixed administrative expense Cost of goods sold is a variable cost in this company. 5,900 600 411 68 $125,400 $ 24 $207,300 $ $ $

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter3: Cost Behavior And Cost Forecasting

Section: Chapter Questions

Problem 22BEA: Inventory Valuation under Variable Costing Refer to the data for Judson Company above. Required: 1....

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Inventory Valuation under Variable Costing Refer to the data for Pelham Company on the previous page. Required: 1. How many units are in ending inventory? 2. Using variable costing, calculate the per-unit product cost. 3. What is the value of ending inventory under variable costing? Use the following information for Brief Exercises 3-30 and 3-31: During the most recent year, Pelham Company had the following data associated with the product it makes:
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Inventory Valuation under Variable Costing Refer to the data for Judson Company above. Required: 1. How many units are in ending inventory? 2. Using variable costing, calculate the per-unit product cost. 3. What is the value of ending inventory under variable costing? Use the following information for Brief Exercises 3-21 and 3-22: During the most recent year, Judson Company had the following data associated with the product it makes:
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2)Fanelli Corporation, a merchandising company, reported the following resultsfor July:Number of units sold 5400Selling price per unit $ 590Unit cost of goods sold $ 406Variable selling expense per unit $ 58Total fixed selling expense $ 124,900Variable administrative expense per unit $ 28Total fixed administrative expense $ 206,800Cost of goods sold is a variable cost in this company.Required:a. Prepare a traditional format income statement for July.Fanelli CorporationFor the month of JulyTraditional Income Statement993,600Selling and administrative expenses:671,200$322,400b. Prepare a contribution format income statement for July.Fanelli CorporationFor the month of JulyContribution Format Income Statement2) 2Variable expenses:2,656,800529,200Fixed expenses:331,700$197,500 Please Provide Full Question Answer
Number of units sold. Selling price per unit Unit cost of goods sold Variable selling expense per unit Total fixed selling expense Variable administrative expense per unit Total fixed administrative expense 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. Complete this question by entering your answers in the tabs below. 6,400 $ 600 $416 $ 56 $ 125,900 $ 24 $ 207,800
Absorption and Variable Costing Income Statements for Two Months and Analysis During the first month of operations ended July 31, Head Gear Inc. manufactured 25,400 hats, of which 23,600 were sold. Operating data for the month are summarized as follows: Sales $179,360 Manufacturing costs: Direct materials $109,220 Direct labor 27,940 Variable manufacturing cost 12,700 Fixed manufacturing cost 12,700 162,560 Selling and administrative expenses: Variable $9,440 Fixed 6,890 16,330 During August, Head Gear Inc. manufactured 21,800 hats and sold 23,600 hats. Operating data for August are summarized as follows: Sales $179,360 Manufacturing costs: Direct materials $93,740 Direct labor 23,980 Variable manufacturing cost 10,900 Fixed manufacturing cost 12,700 141,320 Selling and administrative expenses: Variable $9,440 Fixed 6,890 16,330 Required: 1a. Prepare income statement for July using the absorption costing concept. Head Gear Inc. Absorption Costing Income Statement For the Month Ended…
Cost of Goods Sold As an accountant for Lee Company, your supervisor gave you the following calculations of the gross profit for the first quarter: Alternative Sales ($50 per unit) Cost of Goods Sold Gross Profit A $500,000 $200,000 $300,000 B 500,000 228,000 272,000 C 500,000 213,333 286,667 The three alternative cost flow assumptions are FIFO, average, and LIFO (the alternatives are not necessarily presented in this sequence). Lee uses the periodic inventory system. The computation of the cost of goods sold under each alternative is based on the following data: Units Cost/Unit Inventory, January 1 12,000 $20 Purchase, January 10 4,000 21 Purchase, February 15 6,000 22 Purchase, March 10 8,000 23 1. Prepare schedules proving the cost of goods sold shown here under each of the three alternatives. For average cost. LEE COMPANY Schedules of Cost of Goods Sold For First Quarter Ended March 31 FIFO LIFO Average Beginning…
Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales Beginning merchandise inventory Purchases Ending merchandise inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income Req 1 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3. Calculate the selling price per unit. 4. Calculate the variable cost per unit. 5. Calculate the contribution margin per unit. 6. Which income statement format (traditional format or contribution format) would be more useful to managers in estimating how net operating income will change in responses to changes in unit sales? Req 2 Complete this question by entering your answers in the tabs below. Req 3 to 5 $ 240,000 $ 16,000 $ 160,000 8,000 ? 9,600 12,000 ? 48,000 $ 14,400 $ $ $ Prepare a traditional format income statement. $ $ $ Selling and…
Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales Beginning merchandise inventory Purchases Ending merchandise inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income Req 1 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3. Calculate the selling price per unit. 4. Calculate the variable cost per unit. 5. Calculate the contribution margin per unit. 6. Which income statement format (traditional format or contribution format) would be more useful to managers in estimating how net operating income will change in responses to changes in unit sales? Req 2 Complete this question by entering your answers in the tabs below. $ 240,000 $ 16,000 $ 160,000 $ 8,000 ? $ 9,600 12,000 ? 48,000 $ 14,400 Req 3 to 5 3. Calculate the selling price per unit. 4. Calculate the variable cost…