Pints produced with each batch 40 Selling price per batch 93.00 Variable materials per batch 35.70 Variable labor per batch 27.75 Variable Overhead per Batch 10.75 Variable selling expenses per batch Variable administrative expenses per batch 3.00 2.50 Sales salaries 40,000 Executive Salaries 110,000 Office Staff Salary 40,000 Office Occupancy 10,000 Fixed Factory Overhead 30,000 Leaf Peepers Ice Cream, Inc. Leaf Peepers Ice Cream, Inc. Contribution Income Statement - Projected Traditional Income Statement - Projected For the Year Ended December 31, 2021 For the Year Ended December 31, 2021 Sales Revenues Sales Revenues 1,729,800 Variable Costs Cost of Goods Sold 1,410,120 Materials Gross Profit 319,680 Labor Overhead Selling Expenses 95,800 Selling Administrative Expenses 206,500 Administrative Total Selling & Administrative Expenses 302,300 Total Variable Costs Net Operating Income $ 17,380 Contribution Margin Fixed Costs Pro Tip: When formatting your income statement Selling remember that it is just 1 schedule, despite any gaps that are formed for aesthetic purposes. Administrative Overhead Total Fixed Costs Net Operating Income

Pints produced with each batch 40 Selling price per batch 93.00 Variable materials per batch 35.70 Variable labor per batch 27.75 Variable Overhead per Batch 10.75 Variable selling expenses per batch Variable administrative expenses per batch 3.00 2.50 Sales salaries 40,000 Executive Salaries 110,000 Office Staff Salary 40,000 Office Occupancy 10,000 Fixed Factory Overhead 30,000 Leaf Peepers Ice Cream, Inc. Leaf Peepers Ice Cream, Inc. Contribution Income Statement - Projected Traditional Income Statement - Projected For the Year Ended December 31, 2021 For the Year Ended December 31, 2021 Sales Revenues Sales Revenues 1,729,800 Variable Costs Cost of Goods Sold 1,410,120 Materials Gross Profit 319,680 Labor Overhead Selling Expenses 95,800 Selling Administrative Expenses 206,500 Administrative Total Selling & Administrative Expenses 302,300 Total Variable Costs Net Operating Income $ 17,380 Contribution Margin Fixed Costs Pro Tip: When formatting your income statement Selling remember that it is just 1 schedule, despite any gaps that are formed for aesthetic purposes. Administrative Overhead Total Fixed Costs Net Operating Income

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Total Amount Units Sales Variable Costs: 31,250 Per Unit $ 445,313 $ 14.25 Direct Materials $ 125,000 4.00 = Direct Labor $ 28,000 0.90 = Variable Manufacturing Overhead $ 66,250 2.12 = Sales Commissions $ 15,625 0.50 = Shipping Variable Billing Total Variable Costs $ 3,125 0.10 $ 313 0.01 $ 238,313 7.63 Contribution Margin $ 207,000 6.62 Fixed Costs: Fixed Manufacturing Overhead Advertising Sales and Admin. Salaries Fixed Billing Total Fixed Costs Net Operating Income (Loss) 40,000 16,800 87,300 10,000 154,100 $ 52,900 F. Using the budgeted contribution margin income statement in part E. above, calculate the following: a. Breakeven in units: b. Operating Leverage Multiplier: Given a sales volume increase of 8%, operating income will increase by: c. Percent: d. Dollars: #N/A #N/A #N/A #N/A
Deliveries to the retailers Sh.so 2,400,000 Set-up costs 6,000,000 Purchase order costs 3,600,000 Total overheads 12,000,000 All director labor is paid at $ 5 per hour. The company holds no inventories. Required: a. Calculate the total profit on each of General Motor's three types of products using each of the following methods: 1. The existing method based upon labor hours 2. Activity based costing
The entity reports the following transactions for the 2022 tax year. The trustee accumulates all accounting income for the year. Operating income from a business $855,000 Dividend income, all from U.S. corporations(20% tax rate) 51,300 Interest income, City of San Antonio bonds 6,840,000 Trustee fees, deductible portion (25,650) Net rental losses, passive activity (171,000) Compute the Federal income tax liability for the Valerio Trust by providing the following amounts: The amount of the trustee's gross income taxed at 20% for the Valerio Trust is $fill in the blank 1.The Trustee taxable income taxed at ordinary rates for the Valerio Trust is $fill in the blank 2.The Federal income tax liability for the Valerio Trust is $fill in the blank 3.
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Required information [The following information applies to the questions displayed below.] Kubin Company's relevant range of production is 18,000 to 22,000 units. When it produces and sells 20,000 units, its average costs per unit are as follows: Average Cost per Unit $ 7.00 $ 4.00 $ 1.50 $ 5.00 $ 3.50 $ 2.50 $ 1.00 $ 0.50 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense
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Sales (17,500 units) $1,750,000 Production costs (23,000 units): Direct materials $851,000 Direct labor 409,400 Variable factory overhead 204,700 Fixed factory overhead 135,700 1,600,800 Selling and administrative expenses: Variable selling and administrative expenses $248,100 Fixed selling and administrative expenses 96,000 344,100 If required, round interim per-unit calculations to the nearest cent. *** I only need assistance with the ones that are blank. Could you also leave the steps on how to solve it, please? a. Prepare an income statement according to the absorption costing concept. Shawnee Motors Inc. Absorption Costing Income Statement For the Month Ended August 31 Sales $1750000 Cost of goods sold Gross profit $ Selling and administrative expenses 344100 Income from operations $ b. Prepare an income statement according to the variable costing concept. Shawnee Motors Inc.…
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Variable manufacturing overhead Direct materials. Direct labor Fixed manufacturing overhead Variable marketing and administrative Vegas produced and sold 11,000 units. If the product sells for $115, what is the gross margin? Multiple Choice $209,000 $110,000 $396,000 $ 30 25 24 17 9 $297,000
PROBLEM 2. The management of B Company uses the following unit costs for the one product it manufactures Projected Cost Per Unit Direct Materials P30.00 Direct Labor 19.00 Variable Overhead 6.00 Fixed overhead (based on 10,000 units per month) 5.00 Variable selling and administrative Fixed selling and administrative (based on 10,000 units per month) 4.00 2.80 Units Beginning Inventory 2,000 Production 9,000 Available 11,000 Sales 7,500 Ending Inventory 3,500 REQUIRED: prepare projected income statements for June 2018 for management purposes under each of the following product costing methods: 1. Absorption costing with all variances charged to cost of goods sold for each month. 2. Direct (variable) costing 3. Supporting schedules calculating inventoriable production costs per unit. Ignore income taxes.