John Company produces hats and sells them for $100 each. His cost to produce the hats are: DM 20 per unit DL 30 per unit VMOH 10 per unit FMOH 40,000 Selling expenses are $5 per unit and are all variable. Administrative expenses of 25,000 are all fixed. John produced 5,000 hats; sold 4,000; and had no beginning inventory. Complete the income statement and calculation of net income under absorption costing. Absorption Costing Income Statement Sales Cost of Goods Sold: 80,000 Direct labor Fixed manufacturing overhead Total Cost of Goods Sold Gross profit 128,000 Selling expenses 25,000 45,000 Net income

Grainger Company produces only one product and sells that product for $110 per unit. Cost information for the product is as follows: Direct Material $16 per Unit Direct Labor $26 per Unit Variable Overhead $6 per Unit Fixed Overhead $27,200   Selling expenses are $5 per unit and are all variable. Administrative expenses of $20,000 are all fixed. Grainger produced 4,000 units; sold 3,200; and had no beginning inventory. A. Compute net income under i. Absorption Costing $fill in the blank 1 ii. Variable Costing    $fill in the blank 2 B. Which costing method provide higher net income? By how much? The     method provided more net income by $fill in the blank 4 .

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A company produces and sells two products. It sells these products through different channels, and makes them in separate factories. The products have no shared costs. This year there were 42,000 units of each product sold. Contribution margin income statements follow. Sales Variable costs Contribution margin Fixed costs Income Product 1 Complete this question by entering your answers in the tabs below. Product 2 Product 1 $ 735,000 441,000 294,000 110,500 $ 183,500 Numerator For Product 1, compute the contribution margin ratio, the break-even point in dollar sales, and the degree of operating leverage. If sales in dollars increase by 10% for this product, compute income. Numerator Product 2 $ 735,000 73,500 661,500 478,000 $ 183,500 1 Contribution Margin Ratio Denominator Break-Even Point in Dollars Denominator = Contribution margin ratio Break-even point in dollars 0

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REQUIRED: How much is the company's overall income?

Assume the following information for a merchandising company: Number of units sold 20,000 Selling price per unit $ 30 Variable selling expense per unit $ 3.60 Variable administrative expense per unit $ 3.10 Fixed administrative expenses $ 50,000 Beginning merchandise inventory $ 24,000 Ending merchandise inventory $ 19,000 Merchandise purchases $ 340,000 What is the contribution margin?

Cullumber Company makes 2 products, sleep masks and sleep socks. Additional information follows: Sleep Socks 2,800 $34,000 10,004 Units Sales Variable costs Fixed costs Net income Profit per unit Sleep Masks Sleep Masks 4,300 $69,000 38,986 11,954 $18,060 Sleep Socks $4.20 Compute the Contribution margin per unit. (Round answers to 2 decimal places, e.g. 15.25.) 12,012 $ $11,984 $4.28 Contribution margin per unit