Fill in the missing amounts in each of the eight case situations below. Each case Is Independent of the others. (Hint: One way to findthe missing amounts would be to prepare a contribution format Income statement for each case, enter the known data, and thencompute the missing items.)Required:a. Assume that only one product is being sold in each of the following four case situations:Unit soldSalesVariable expensesFixed expensesOperating income (loss)Contribution margin per unitSalesVariable expensesFixed expenses$Operating income (loss)Average contribution margin (percentage)Case #120,400244,800163,20068,000$$ 136,000$10Case #2$Case #1536,00043,52010.880 $8,80020%10$69Case #3Case #213,600b. Assume that more than one product is being sold in each of the following four case situations: (Enter "Contribution margin ratio" inpercent. Round your final answers to the nearest whole dollar amount.)436.000283.400109.00095,20016,32013$SCACase #4Case #38,160408.000140.80030.80060%136.000(13,600)35Case #4636,000445.200(4.800)

Formula used here:- a) Net operating income= Sales - Variable Expenses Contribution= Sales -…

Answered: Fill in the missing amounts in each of…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter9: Responsibility Accounting And Decentralization

Section: Chapter Questions

Problem 6PB: Using the information for Lighthizer Trading Company, prepare the income statement to include all...

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Fill in the missing amounts in each of the eight case situations below. Each case is independent of the others. (Hint: One way to find the missing amounts would be to prepare a contribution format income statement for each case, enter the known data, and then compute the missing items.) Required: a. Assume that only one product is being sold in each of the following four case situations: Unit sold Sales Variable expenses Fixed expenses Operating income (loss) Contribution margin per unit Sales Variable expenses Fixed expenses $ Operating income (loss) Average contribution margin (percentage) Case #1 20,100 241,200 $ 160,800 67,000 $ Case #2 S $ $ Case #1 134,000 42,880 10,720 S 10 S 8,700 20% b. Assume that more than one product is being sold in each of the following four case situations. (Enter "Contribution margin ratio" in percent. Round your final answers to the nearest whole dollar amount.) 534,000 $ Case #3 Case #2 13,400 434,000 282,100 108,500 93,800 Case #4 8,040 S 402,000…
Fill in the missing amounts in each of the eight case situations below. Each case is independent of the others. (Hint: One way to find the missing amounts would be to prepare a contribution format income statement for each case, enter the known data, and then compute the missing items.) Required: a. Assume that only one product is being sold in each of the four following case situations:
Fill in the missing amounts in each of the following eight case situations. Treat each case independently. (Hint: One way to find the missing amounts would be to prepare a contribution margin income statement for each case, enter the known data, and then compute the missing items.) a. Assume that only one product is being sold in each of the following four case situations: (Negatlve omounts should be Indicated by a mlnus sign. Enter your contributlon margln answers as per unlt dollor values. Enter your answers rounded to the nearest whole number.) Fixed Еxpenses Net Income (Loss) Variable Contribution Case Units Sold Sales Expenses Margin 14,000 196,000 $9 per unit 46.000 1 106,600 $16 per unit 40% 31,500 59,400 15 10,000 3. 9,900 282,000 $31 per unit 104,000 (8,000) 4 b. Assume that more than one product is being sold in each of the following four case situations: (Negative omounts should be Indicated by a mlnus sign.) Average Contribution Margin (percentage) Variable Fixed Net Income…
Fill in the missing amounts in each of the eight case situations below. Each case is independent of the others. (Hint: One way to find the missing amounts would be to prepare a contribution format income statement for each case, enter the known data, and then compute the missing items.) Required: a. Assume that only one product is being sold in each of the four following case situations: b. Assume that more than one product is being sold in each of the four following case situations: Complete this question by entering your answers in the tabs below. Required A Required B Assume that only one product is being sold in each of the four following case situations: Case 3 Units sold Sales Variable expenses Fixed expenses Net operating income (loss) Contribution margin per unit $ Case 1 15,000 180,000 $ 120,000 50,000 $ $ Case 2 Required A 100,000 32,000 8,000 $ 10 S 10,000 70,000 $ Case 4 Required B > 6,000 300,000 100,000 12,000 $ (10,000) 13
Fill in the missing amounts in each of the eight cases below. Each case is independent of the others. (Hint: One way to find the missing amounts would be to prepare a contribution format income statement for each case, enter the known data, and then compute the missing items.) Required: a. Assume that only one product is being sold in each of the four following case situations: b. Assume that more than one product is being sold in each of the four following case situations: Complete this question by entering your answers in the tabs below. Required A Required B Assume that more than one product is being sold in each of the four following case situations: Sales Variable expenses Fixed expenses Net operating income (loss) Contribution margin ratio (percent) $ $ Case 1 442,000 75,060 43 % $ Case 2 198,000 132,660 68,000 % $ Case 3 470,000 82,210 79 % $ Case 4 304,000 94,240 $ (19,240) %
Fill in the missing amounts in each of the eight case situations below. Each case is independent of the others. (Hint: One way to find the missing amounts would be to prepare a contribution format income statement for each case, enter the known data, and then compute the missing items.) Required: a. Assume that only one product is being sold in each of the four following case situations: b. Assume that more than one product is being sold in each of the four following case situations:
Fill in the missing amounts in each of the eight case situations below. Each case is independent of the others. (Hint: One way to find the missing amounts would be to prepare a contribution format income statement for each case, enter the known data, and then compute the missing items.) Required: a. Assume that only one product is being sold in each of the four following case situations: b. Assume that more than one product is being sold in each of the four following case situations: Complete this question by entering your answers in the tabs belows Required A Required B Assume that only one product is being sold in each of the four following case situations: (Loss amounts should be indicated by a minus sign.) Case #1 Case #2 Case #3 Case #4 Unit sold 8,900 20,100 5,300 Sales $267,000 $319,000 $148,400 Variable expenses 124,600 221,100 Fixed expenses 85,000 179,000 76,000 Net operating income (loss)…
Fill in the missing amounts in each of the eight case situations below. Each case is independent of the others. (Hint: One way to find the missing amounts would be to prepare a contribution format income statement for each case, enter the known data, and then compute the missing items.) Required: a. Assume that only one product is being sold in each of the four following case situations: b. Assume that more than one product is being sold in each of the four following case situations: Complete this question by entering your answers in the tabs below. Required A Required B Assume that only one product is being sold in each of the four following case situations: Case #1 Case #2 Case #3 Case #4 Unit sold 15,000 10,000 6,000 Sales $ 180,000 $ 100,000 $ 300,000 Variable expenses 120,000 70,000 Fixed expenses 50,000 32,000 100,000 Net operating income (loss) $ 8,000 $ 12,000 $ (10,000) Contribution margin per unit $ 10 $ 13
Using the information from BDS Enterprises, prepare the income statement to include all costs, but separate out uncontrollable costs. Insert subtotals where appropriate (include one for operating income) before the uncontrollable costs. Income tax expense should be based on all expenses (that is, it will be the same amount as in question 1). Calculate net income, profit margin, ROI, and RI, excluding uncontrollable expenses. Prepare a short response to accompany the income statement that explains why uncontrollable costs are separated in the income statement.
Using the information for Lighthizer Trading Company, prepare the income statement to include all costs, but separate out uncontrollable costs. Insert subtotals where appropriate (include one for operating income) before the uncontrollable costs. Income tax expense should be based on all expenses (that is, it will be the same amount as in the previous exercise). Calculate net income, profit margin, ROI, and RI excluding uncontrollable expenses. Prepare a short response to accompany the income statement that explains why uncontrollable costs are separated in the income statement.
1. Which of the following is TRUE about contribution margin? Select one: A. The amount remaining after cost of goods sold has been deducted from sales revenues. B. The amount remaining fixed costs have been deducted from sales revenue. C. The amount remaining after fixed costs have been deducted from variable costs. D. The amount remaining after variable costs have been deducted from sales revenue. 2. Which of the following financial statements reports information as of a specific date? Select one: A. Statement of Changes in Equity. B. Statement of Profit or Loss and other Comprehensive Income. C. Statement of Cash Flows. D. Statement of Financial Position. 3. The following are objectives of budgeting EXCEPT: Select one: A. Compare organisational actual achievement with planned goals. B. Ensuring departments within an organisation operate as a team. C. Establishing and communicating organisational goals. D. Developing appropriate high technology information system for an…
Direction: Read carefully and answer the questions below. Encircle the letter of the correct answer. 1. Which of the following is an example of a variable cost? а. interest b. ingredients с. insurance d. lease 2. What type of cost varies depending on the quantity of products being produced? а. fixed b. net sales с. total d. variable 3. Which among the following concepts is usually seen on the top item in an income statement from which all costs and expenses is subtracted to arrive at net income? a. fixed cost b. net sales с. total cost d. variable cost 4. When do we obtain the break-even point? When the fixed cost is equal to the total cost When the total cost is equal to the variable cost When the variable cost is equal to the fixed cost d. When the number of units of goods sold covers the all the costs а. b. с. 5. Which of the following is NOT true? а. The fixed cost does not vary over time. b. The total cost is the sum of the fixed cost and the variable cost. с. The total cost is…

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