Do not give answer in image Morrisey & Brown, Ltd., of Sydney, Australia, is a merchandising firm that is the sole distributor of a product that is increasing inpopularity among Australian consumers. The company's Income statements for the three most recent months followFor the Four Quarters Ending December 31Quarter 1 Quarter 26,3005,800A$630,000 A$550,000378,000 348,000252,000232,800Sales in unitsSales revenueLess: Cost of goods soldGross marginLess: Operating expenses:Advertising expenseShipping expenseSalaries and commissionsInsurance expenseDepreciation expenseTotal operating expensesNet incomeMORRISEY & BROWN, LTD.Income StatementsExpensesCost of goods soldAdvertising expenseShipping expenseSalaries and commissionsInsurance expenseDepreciation expense22,80041,20088,8007,80016,800177,400AS 74,600 A$ 59,800Advertising expenseShipping penseSalaries and commissions expenseClassificatioVariable:FixedMixedMixedFixedFixed(Note: Morrisey & Brown, Ltd's Australian-formatted income statement has been recast into the format common in Canada. TheAustralian dollar is denoted by A$.)DRequired:1. Identify each of the company's expenses (including cost of goods sold) as being variable, fixed, or mixed-22,80043,20081,6007,80016,800172,200ASA$A$GQuarter 3 Quarter 47,1606,400A$716,000 A$640,000429,600384,000286,400256,00022,80048,64897,9207,80016,800193,960AS 92,4482-6. Using the high-low method, separate each mixed expense into variable and fixed elements.22,80042,84095,4407,80016,800185,680AS 70,320Variable Cost18,400 per unit0 per unit0 per unitAS222ASASFixed Cos(5511

Variable Cost: This cost varies with the change in the level of production. Variable Cost (per unit)…

Required: 1. Identify each of the company's expenses (including cost of goods sold as being variable, fixed, or mixed Expenses Cost of goods sold Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense Classificatio Variable Fixed Mixed Advertising expense Shipping expense Salaries and commissions expense Mixed Fixed Fixed 2-6. Using the high-low method, separate each mixed expense into variable and fixed elements. 222 AS Variable Cost 18,400 per unit 0 per unit 0 per unit AS AS ८ AS Fixed Cos (55

Required: 1. Identify each of the company's expenses (including cost of goods sold as being variable, fixed, or mixed Expenses Cost of goods sold Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense Classificatio Variable Fixed Mixed Advertising expense Shipping expense Salaries and commissions expense Mixed Fixed Fixed 2-6. Using the high-low method, separate each mixed expense into variable and fixed elements. 222 AS Variable Cost 18,400 per unit 0 per unit 0 per unit AS AS ८ AS Fixed Cos (55

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
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