Last month Annie's Homemade sold 5,000 servings of ice cream for $5.00 each. Its variable cost is $1.25 per serving and its total fixed costs were $11,000. Required: 1. What was last month's margin of safety? 2. What was last month's margin of safety percentage?
Q: Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense…
A: Closing Entries: These are defined as the journal entries that are posted or recorded by the…
Q: Ultimo Co. operates three production departments as profit centers. The following information is…
A: Contribution to overhead = Sales - Cost of goods sold - Direct expenses
Q: Whitman Printing has contracts to complete weekly printing supplements for its customers. For the…
A: An income statement stands for the statement that shows profits and loss of the firm, its revenue…
Q: The balance sheet of Koehn, Incorporated, has the following balances: Cash Accounts receivable…
A: The working capital is calculated as the difference between the current assets and current…
Q: 1. Calculate Sub Station's return on assets, profit margin, and asset turnover ratio. (Enter your…
A: The financial performance of an organization throughout time is thoroughly evaluated using ratio…
Q: Vernon Company reported the following data regarding the product it sells: Sales price Contribution…
A: Contribution margin ratio: The proportion of sales revenue that contributes to covering fixed costs…
Q: hi! I need trial balance for below details please Dec. 1 - Mr. John Miller deposited $100,000 as…
A: A trial balance is a method used by accountants to verify the accuracy of the general accounting…
Q: E7-12 (Algo) Using FIFO for Multiproduct Inventory Transactions (Chapters 6 and 7) [LO 6-3, LO 6-4,…
A: Gross Profit -Gross Profit is a profit included in the sales value of the company. It is calculated…
Q: Gary owns and operates an orange grove in Florida that produces the best orange juice in the region.…
A: Costs which are directly attributable to or necessary to bring the equipment in usable condition are…
Q: The Marshall Company issued a $100,000, 8%, 5 year bond for $92,278. The bond that pays interest…
A: The bonds are the long term liabilities of the balance sheet. The bonds are issued to raise the…
Q: Profit from Processing Further Deaton Corporation manufactures products A, B, and C from a joint…
A: The allocation of joint costs based on the relative sales value of products at the split-off point…
Q: Fixed Assets & Depreciation At 31 July 20X6, Apollon International had non-current assets which had…
A: Depreciation expenses serve as a means to distribute the expenditure associated with a tangible,…
Q: Budgeted selling price per unit Budgeted unit sales (all on credit): January February March April…
A: The budget is prepared to estimate the requirements for the period. The direct labor cost is…
Q: Treasury Stock Transactions. Lawn Spray Inc. develops and produces spraying equipment for lawn…
A: Treasury stock: Shares that are bought back by the company from the open market but not retired from…
Q: The following transactions of Berain Manufacturers, that uses the perpetual inventory system, took…
A: FIFO Method is an inventory valuation method, Under this method company uses inventory in the…
Q: Sabrina has a $12,000 basis in her S&B partnership interest. Sabrina receives a current cash…
A: Recognized gain or loss is the financial gain or loss that an individual or entity must report on…
Q: A traveling production of The Lion King performs each year. The average show sells 1,600 tickets at…
A: Operating income is the amount of money earned by the entity after deducting operating expenses from…
Q: Treasury Stock Transactions Lava Lake Inc. bottles and distributes spring water. On February 11 of…
A: Journal entries are the primary reporting of the business transactions in the books of accounts.…
Q: The following information is from the materials requisitions and time tickets for Job 9 completed by…
A: The total cost of jobs comprises direct materials, direct labor and overhead applied. The overhead…
Q: Required: For each item, determine the accounts to be adjusted on December 31, 2024, the balances…
A: The adjustment entries are prepared to adjust the revenue and expense of the current period. The…
Q: Required Information Use the following information for the Exercises below. [The following…
A: Lets understand the basics.Income statement is one of the financial statements that shows…
Q: On January 1, Mitzu Company pays a lump-sum amount of $2,600,000 for land, Building 1, Building 2,…
A: The depreciation expense is charged on the fixed assets as reduction in the value of the fixed…
Q: The following balances and amounts were taken from the financial statements of Concord, Inc.. The…
A: Earnings per share is the per share amount of money earned by the common shareholders of the entity.…
Q: Identifying and Recording Impairment Loss on Plant Asset Three cases are provided below concerning a…
A: Impairment loss occurs when the value of an asset (like a plant, building, machine, or investment)…
Q: in recent years there have been several organization within the country that has been brought to the…
A: The debate over whether artificial intelligence (AI) should replace humans in the workplace,…
Q: Net sales Cost of products sold Gross margin 2020 $ 8,691 5,692 $ 2,999 (In millions) 2019 $ 8,107…
A: GROSS PROFIT RATIOGross Profit Ratio is the ratio between Gross Profit & Net Sales Revenue.…
Q: What is the after-tax cost in the following situations if the taxpayer has additional deductions as…
A: Expenses incurred will be resulting in to reduction in profit. Hence additional expenses incurred…
Q: Computing Asset Ratios The following information from Ike Inc. is from a recent Form 10-K, listed in…
A: Asset turnover is calculated by dividing net sales revenue by average total assets. Return on assets…
Q: Required information Bunker makes two types of briefcases, fabric and leather. The company is…
A: The overhead is assigned to the production on the basis of the pre-determined overhead rate. The…
Q: 2. Determine the total overhead assigned to each model using the two most expensive activities. The…
A: Manufacturing overhead: It is the expense incurred as a result of the production process. These…
Q: The owner of a bicycle repair shop forecasts revenues of $192,000 a year. Variable costs will be…
A: INCOME STATEMENTIncome Statement is one of the Important Financial Statement of the Company. Income…
Q: Recording Entries for Equity Investment: FV-NI and Equity Method On January 1, Allen Corporation…
A: The equity method is one of the methods used to value an investment made by an entity in another…
Q: Karr Inc. reported net income of $300,000 for 20X1. Changes occurred in several balance sheet…
A: The cash flow statement is part of the financial statements of the company. It is prepared at the…
Q: The debits to Work in Process—Roasting Department for Morning Brew Coffee Company for August,…
A: A department's production and cost activities for a reporting period is compiled in the production…
Q: Identify whether each description best applies to a periodic or a perpetual inventory system.…
A: An inventory system is a method used by businesses to keep track of their inventory, which includes…
Q: Ervin Equipment, a manufacturer of exercise and workout equipment for sale to institutions, uses job…
A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…
Q: Pharoah provides shuttle service between 4 hotels near a medical center and an international…
A: Contribution margin is the amount which shows the left over proportion of sales after subtracting…
Q: On November 1, 2022, Sheridan Corporation management decided to discontinue operation of its…
A: Balance sheet stands for the statement and information that shows the assets and liabilities of the…
Q: Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In…
A: After-tax cost refers to the actual cost of an expense or payment once the impact of taxes has been…
Q: Put Clases UI raw materials (DOL Urect direct Direct labor cost Inventories: Raw materials,…
A: OVERAPPLIED OVERHEADOverapplied Overhead occurs when Company's Budgeted Overhead is more than…
Q: Trevor Mills produces agricultural feed at its only plant. Materials are added at the beginning of…
A: WEIGHTED AVERAGE METHOD :— Under this method, equivalent units are calculated by adding equivalent…
Q: Angle Max Industries produces a product which goes through two operations, Assembly and Finishing,…
A: Predetermined overhead rate is the estimated allocation rate used by the company to allocate its…
Q: Required information [The following information applies to the questions displayed below.] Archer…
A: VARIABLE COST Variable Cost is a cost that varies with the level of output.Variable costs include…
Q: How do accounting standards and practices vary when accounting for intangible assets, such as…
A: In the realm of accounting, assets are broadly categorized into tangible and intangible assets.…
Q: A company had a decrease in the LIFO reserve during the year from $40,000 to $30,000. Which of the…
A: The LIFO reserve is an accounting measure used in inventory valuation methods. It represents the…
Q: Port Ormond Carpet Company manufactures carpets. Fiber is placed in process in the Spinning…
A: When the production cost is required for a job, it is referred to as work in process, until and…
Q: Pretzel Corporation owns 60 percent of Stick Corporation's voting shares. On January 1, 20X2,…
A: Investment means an asset purchased in expectation of earning a return on such investment in future…
Q: Alpine Township contracts with Dragoon Environmental Services (DES) to provide solid waste…
A: Cost allocation refers to the assignment of costs to specific cost objects. This may involve…
Q: s Woodland Wearables produces two models of a smart watch, the Basic and the Flash. The watches have…
A: The contribution margin income statement then subtracts variable expenses from revenues to get the…
Q: Computing Income Statement Effect of Revenue Recognition on Long-Term Construction Contract On…
A: An accounting theory known as revenue recognition describes the precise circumstances in which…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Moon Karak sells tea. The average selling price of a cup is OMR 0.200 and the average variable expense per cup is OMR 0.150. The average fixed expense per month is OMR 600. An average of 20,000 cups are sold each month. What is the margin of safety expressed as a percentage of sales? Select one: а. 30% b. 25% c. 35% d. None of the answers given e. 40% The correct answer is: 40%Cost, Revenue, Profit You decide to begin selling ice cream cones at the local park and swap. Your cost for each ice cream cone is $1.33 plus you have to pay a fixed weekly fee of $240 for the booth. Your plan is to sell each ice cream cone for $2.75. 1. Write an expression to represent your total costs for the week if you sell n ice cream cones. Total Costs: 2. Write an expression to represent the revenue from the sale of n ice cream cones during the week. Revenue: 3. Write an expression that represents the profit for selling n ice cream cones in a given week. Profit: How many ice cream cones must you sell in order to make a positive profit? In order to make a positive profit, you would have to sell Select an answer ice cream cones. ↑Question 2. The marketing manager for Tim Hortons is attempting to price a cup of coffee. She knows that the cost of the coffee is $0.14 per cup, and expenses are 30% of the regular selling price. She would like the coffee to achieve an 88.24% markup on selling price.a) What is the regular selling price for a cup of coffee?b) What is the profit per cup?c) What is the markup on cost percentage?
- Homework Saved Help Gibson Company makes a product that sells for $33 per unit. The company pays $16 per unit for the variable costs of the product and incurs annual fixed costs of $137,700. Gibson expects to sell 21,100 units of product. Required Determine Gibson's margin of safety expressed as a percentage. (Round your percentage answers to 2 decimal places (i.e., 0.2345 should be entered as 23.45).) Margin of safety %Homework Saved Help Stuart Company makes a product that sells for $33 per unit. The company pays $13 per unit for the variable costs of the product and incurs annual fixed costs of $184,000. Stuart expects to sell 22,200 units of product. Required Determine Stuart's margin of safety expressed as a percentage. (Round your percentage answers to 2 decimal places (i.e., 0.2345 should be entered as 23.45).) Margin of safetyttempt%3D1434433&cmid%3D715053 ing services SQU Libraries SQU Portal Attendance English (en) Clear my choice Moon Karak sells tea. The average selling price of a cup is OMR 0.200 and the average variable expense per cup is OMR 0.150. The average fixed expense per month is OMR 950. An average of 20,000 cups are sold each month. What is the margin of safety expressed as a percentage of sales? Select one: Oa. 15% Ob. None of the answers given Oc. 10% O d. 20% Oe. 5% Next page vers to Ex5A-3 6SA-8 Appencix
- Heather Hudson makes stuffed teddy bears. Recent information for her business follows: Selling price per bear Total fixed costs per month Variable cost per bear $31.50 1,729.00 18.50 Required: If she sells 289 bears next month, determine the margin of safety in units, in sales dollars, and as a percentage of sales. Note: Round your intermediate calculations to the nearest whole number and round your "Percentage of Sales" answer to 2 decimal places. (i.e. 0.1234 should be entered as 12.34%. Round your "Margin of safety (Dollars)" answer to the nearest whole number.) Margin of safety (Units) Margin of safety (Dollars) Margin of safety percentage %please show all work and preferably on paper Question 2. The marketing manager for Tim Hortons is attempting to price a cup of coffee. She knows that the cost of the coffee is $0.14 per cup, and expenses are 30% of the regular selling price. She would like the coffee to achieve an 88.24% markup on selling price.a) What is the regular selling price for a cup of coffee?b) What is the profit per cup?c) What is the markup on cost percentage?Question 2 Ronamart needs 1000 coffee makers per year. The cost of each coffee maker is $78. Ordering cost is $100 per order. Carrying cost is $20 of unit cost. Lead time is 5 days. RonaMart is open 360 days/yr. Required: 2. how many times per year does the store reorder? 3. What is the length of order cycle? 4. What is the total annual cost if EOQ Quantity is ordered?
- Firm X sold 1,000 units of their product last month at a price of $600. If it costs them $300 to produce each unit, what is their gross margin for the month? Answer 2$ Show your work or leave a commentCleveland Foods Data Note: You can download the Excel file containing Cleveland Foods' data by clicking the above link and perform the necessary calculations for answering the upcoming questions. Question 12 (1 point) □ What is the unit contribution of BlueLiq, considering the given information? $0.70 $2.50 $ 1.00 $1.70 $ $ J 0 20% Retail Margin 2.50 Price to consumers (Retail Price) 15% Wholesale Margin 2.00 Price to retailers (Wholesale Price) $ 1.70 Price to Wholesalers Variable Costs $ 0.70 per unit Fixed Costs Variable Manufacturing Costs $300,000 annual $200,000 Corporate Overhead $250,000 Marketing and Advertising $750,000 Total Fixed Costs Cleveland Foods Data Fixed Manufacturing Costs Note: You can download the Excel file containing Cleveland Foods' data by clicking the above link and perform the necessary calculations for answering the upcoming questions. Question 11 (1 point). Listen 4 What is the price at which Cleveland Foods sells BlueLiq to wholesalers? $1.70 $2.50 $1.00The Reward One Company manufactures windows. Its manufacturing plant has the capacity to produce 12,000 windows each month. Current production and sales are 10,000 windows per month. The company normally charges $250 per window. Requirement 1. Should Reward One accept this special order? Show your calculations. Begin by completing an analysis, and start by showing the computation of the company's operating income without the special order. Next, calculate operating income with the special order, and then calculate the differences between the two columns. (Complete all input fields. For amounts with no change, make sure to enter "0" in the appropriate cells of the Difference column.) Variable costs that vary with number of units produced Direct materials $600,000 Direct manufacturing labor 700,000 Variable costs (for setups, materials handling, quality control, and so on) that vary with number of batches, 100 batches × $1,500 per batch…