FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- 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 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. $ 450,000 $ 30,000 $ 300,000 $ 15,000 ? $ 18,000 $ 22,500 ? $ 90,000 $ 27,000 6. Which income statement format (traditional format or contribution format) would be more useful to managers in estimati operating income will change in response to changes in unit sales? Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 to 5 Req 6 3. Calculate the selling price per unit. 4. Calculate the variable cost per unit. 5. Calculate the contribution margin per unit. 3. Selling price per unit 4. Variable cost…arrow_forwardSolve the missing values.arrow_forwardchapter 3 4. Given the information below, what is the profit percent? Round your answer to two decimal places and add a percent sign (i.e. 15.37%) Gross Sales $341,420 Customer Returns 29,870 Cost of Goods Sold 161,570 Expenses 138,140arrow_forward
- Question attached in screenshot below need help asap thanks aprpeciated i51oiyji1o5j1io5yj51oijygmi lo1 51arrow_forwardHomework i A company reports the following sales-related information. Sales, gross Sales discounts $295,000 Sales returns and allowances 5,900 Sales salaries expense Prepare the net sales portion only of this company's multiple-step income statement. Net sales Multiple-Step Income Statement (Partial) Saved < Prev. $ 22,000 11,900 10 of 10 HH hp narrow_forwardSolve for the missing numbers.Markup is based on selling price. Round dollar amounts to the nearest cent. 54% C $ ? ? % M$ ? 100% S $55.38 O A. O C. 54% C $80.85 154% M $25.47 100% S $55.38 54% C $29.91 154% M $25.47 100% S $55.38 O B. O D. 54% C $29.91 46% M $25.47 100% S $55.38 54% C $25.47 46% M $29.91 100% S $55.38arrow_forward
- 1. Compute the missing term. Dollar Markup Cost $427.38 a. $216.41 dollar markup b. $361.41 dollar markup c. $261.41 dollar markup d. $1,116.17 dollar markup Selling Price $688.79arrow_forwardJ Gross Sales Sales Return & Allowances Sales Discounts Cost of Merchandise Sold 33,000 O $87,000 O $46,000 100,000 Given the above values, determine Net Sales. O $67,000 10,000 O $54,000 3,000 Need help? Review these concept resources.arrow_forwardcompany 1 sells a product for $24.30 with trade discount rates of 7% and 3%. company 2 sells the same product for $22.30 with two trade discount rates of 7% and 5%. a. Which company is offering it for a cheaper price? The company 1 The company 2 b. What further trade discount rate must the company with the higher price provide to match the lower price?arrow_forward
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