Question 1 A company produces a single product called the Fidget. The following information relating to the next year has been provided: Sales 1,200,000 Less Variable expenses 840,000 Contribution margin 360,000 Less Fixed expenses 300,000 60,000 Net operating income The company plans to sell 15,000 next year Required: a. Calculate the contribution margin per unit and the contribution margin ratio b. Compute the breakeven point in units and dollar value C. Compute the number of units to be sold in order to earn a profit of $36,000

Question 1 A company produces a single product called the Fidget. The following information relating to the next year has been provided: Sales 1,200,000 Less Variable expenses 840,000 Contribution margin 360,000 Less Fixed expenses 300,000 60,000 Net operating income The company plans to sell 15,000 next year Required: a. Calculate the contribution margin per unit and the contribution margin ratio b. Compute the breakeven point in units and dollar value C. Compute the number of units to be sold in order to earn a profit of $36,000

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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Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800