hrd.3answer must be table format or i will give down vote The actual selling expenses incurred in March 2027 by Sheffield Company are as follows.Variable ExpensesSales commissionsAdvertisingTravelDeliveryFixed Expenses$12,100Sales salaries$38,5007,590Depreciation7,7005,610Insurance1,1003,795Variable costs and their percentage relationship to sales are sales commissions 6%, advertising 4%, travel 3%, and delivery 2%. Fixedselling expenses will consist of sales salaries $38,500, Depreciation on delivery equipment $7,700, and insurance on deliveryequipment $1,100.

The information provided gives a good breakdown of Sheffield Company's selling expenses in March…

Answered: The actual selling expenses incurred in…

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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The actual selling expenses incurred in March 2022 by Flint Company are as follows. Variable Expenses Fixed Expenses Sales commissions $12,980 Sales salaries $41,300 Advertising 8,142 Depreciation 8,260 Travel 6,018 Insurance 1,180 Delivery 4,071 Variable costs and their percentage relationship to sales are sales commissions 6%, advertising 4%, travel 3%, and delivery 2%. Fixed selling expenses will consist of sales salaries $41,300, Depreciation on delivery equipment $8,260, and insurance on delivery equipment $1,180.(a) Prepare a flexible budget performance report for March, assuming that March sales were $200,600. (b) Prepare a flexible budget performance report, assuming that March sales were $212,400
The actual selling expenses incurred in March 2022 by Sheffield Company are as follows. Variable Expenses Fixed Expenses Sales commissions $12,100 Sales salaries $38,500 Advertising 7,590 Depreciation 7,700 Travel 5,610 Insurance 1,100 Delivery 3,795 Variable costs and their percentage relationship to sales are sales commissions 6%, advertising 4%, travel 3%, and delivery 2%. Fixed selling expenses will consist of sales salaries $38,500, Depreciation on delivery equipment $7,700, and insurance on delivery equipment $1,100. (a) Prepare a flexible budget performance report for March, assuming that March sales were $187,000. (List variable costs before fixed costs.)
A company has following details for this yearDetails Total sales($) Total cost($) Details Total sales($) Total cost($)Year ended 31/12/2018 35,78,998 25,89,709Year ended 31/12/2019 48,90,742 31,67,984 Calculate P/V ratio, Fixed cost, break even sales, Margin of safety 2018/2019, Variable cost 2018/2019and percent of fixed cost 2018/2019
A U Ltd manufactures and sells a single product, the company's sales and expenses for themonth of January 2021 were as follows:Total (Kshs)Value per unit (Kshs)Sales1.200.0080.00Less: Variable expenses840.0056.00Contribution360.0024.00Less: Fixed expenses300.00Net income60.00Required:What is the monthly breakeven point in units and in shillings?What is the total contribution margin at breakeven point?How many units would be sold each month to carn a minimum target net income ofkshs. 36.000?(iv)Using the original data, compute a company's margin of safety in both shilling and in percentage termsWhat is the contribution margin ratio, if the monthly sales increase by Kshs 16,000?
The GAAP income statement for Wildhorse Company for the year ended December 31, 2022, shows sales $950,000, cost of goods sold $595,000, and operating expenses $165,000. Assuming all costs and expenses are 80% variable and 20% fixed, prepare a CVP income statement through contribution margin. Sales Variable Expenses Contribution Margin Fixed Expenses Net Income /(Loss) LA PACE COMPANY CVP Income Statement tA LA 950000
CraneManufacturing Inc. had sales of $3.00 million for the first quarter of 2022. In making the sales, the company incurred the following costs and expenses: Cost of goods sold Selling expenses Administrative expenses Variable $920,000 73,000 87,000 Fixed $448,500 CRANE MANUFACTURING INC. CVP Income Statement 42,000 95,500 Prepare a CVP income statement for the quarter ended March 31, 2022. K
Blossom Company has the following information available for September 2022. Unit selling price of video game consoles Unit variable costs Total fixed costs Units sold $400 $320 $24,000 600
Blossom Manufacturing Ltd. had sales for January 2022 of $1,025,000. The units sold were 20.500, and the expenses for January 2022 were as follows: Cost of goods sold Selling expenses Administrative expenses Show Transcribed Text Variable $207.050 56.375 29,725 Fixed $123,000 28,700 35,875 10 C Blossom Manufacturing Inc. CVP Income Statement Total Per unit
Crane Inc. had sales of $2,390,000 for the first quarter of 2022 (it sold 239,000 units). In making the sales, the company incurred the following costs and expenses. Cost of goods sold Selling expenses Administrative expenses Sales Prepare a CVP income statement for the quarter ended March 31, 2022. (Round per unit answers to 2 decimal places, e.g. 15.25.) Variable Costs Contribution Margin Fixed Costs Variable $976,000 116,000 103,000 Net Income/(Loss) Fixed $488,000 95,000 129,000 CRANE INC. CVP Income Statement For the Quarter Ended March 31, 2022 V Total $ Per Unit Percent of Sales 100 % % %
The GAAP income statement for Pace Company for the year ended December 31, 2022, shows sales $900,000, cost of goods sold $600,000, and operating expenses $200,000. Assuming all costs and expenses are 70% variable and 30% fixed, prepare a CVP income statement through contribution margin.
The net operating income reported by Erin Company in March 2021 amounted to $10,000, however, it decreased by $40,000 in April 2021, ending up with a loss. Besides, Erin Company is a retail company, and its management has provided the following-additional information for April 2021. tem Amsunt Sales Volume 75.000 unita Unit Selling Price Tetal Coribution Margin $1.500,000 Variable Cot of Goods Sed S00.000 Variable Selling Expenses per Unit Variahle Administrative Epees $9 per unit Fisod Selling Expon Fixed Administrative Expenses 25% of Total Administrative Expenses) 77 Contribution Margin Ratie 40% 17. What is the unit selling price? $20 per unit $30 per unit $41 per unit O $50 per unit O None of the above 18. What is the amount of variable administrative expenses for April 2021? * O $225,000 O $675,000 O $900,000 $1,305,000 O None of the above O O O O O
The condensed income statement for the Kimberly and Matthew partnership for 2022 is as follows. Kimberly and Matthew Company Income Statement For the Year Ended December 31, 2022 Sales (270,000 units) Cost of goods sold Gross profit Operating expenses Selling Administrative Net loss $1,350,000 936,000 414,000 $270,000 156,600 426,600 $(12,600) A cost behavior analysis indicates that 75% of the cost of goods sold are variable and 42% of the selling expenses are variable. Administrative expenses are $94,500 fixed. (a) Compute the break-even point in sales dollars and in sales units for 2022. (Round intermediate calculations to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 2,520.) Break-even point in sales dollars $ Break-even point in units units

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