The condensed product-line income statement for Suffolk China Ware Company for the month of May is as follows: Suffolk China Ware CompanyProduct-Line Income StatementFor the Month Ended May 31   Bowls   Plates   Cups Sales $65,700     $90,200     $26,400   Cost of goods sold 25,900     32,000     14,800   Gross profit $39,800     $58,200     $11,600   Selling and administrative expenses 29,900     34,300     15,400   Income from operations $9,900     $23,900     $(3,800)   Fixed costs are 14% of the cost of goods sold and 35% of the selling and administrative expenses. Suffolk China Ware assumes that fixed costs would not be materially affected if the Cups line were discontinued. a.  Prepare a differential analysis dated May 31 to determine if Cups should be continued (Alternative 1) or discontinued (Alternative 2). If an amount is zero, enter "0". For those boxes in which you must enter subtracted or negative numbers use a minus sign. Differential Analysis Continue Cups (Alt. 1) or Discontinue Cups (Alt. 2) For the Month Ended May 31   Continue Cups(Alternative 1) Discontinue Cups(Alternative 2) Differential Effecton Income(Alternative 2) Revenues $ $ $ Costs:       Variable cost of goods sold       Variable selling and admin. expenses       Fixed costs       Income (Loss) $ $ $ b.   Should the Cups line be retained? Explain.  As indicated by the differential analysis in part (a), the income will   by $ if the Cups line is discontinued

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The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods:   Current assets as of March 31:   Cash $ 9,100 Accounts receivable $ 26,400 Inventory $ 49,200 Building and equipment, net $ 106,800 Accounts payable $ 29,550 Common stock $ 150,000 Retained earnings $ 11,950   The gross margin is 25% of sales. Actual and budgeted sales data:   March (actual) $ 66,000 April $ 82,000 May $ 87,000 June $ 112,000 July $ 63,000   Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales. Each month’s ending inventory should equal 80% of the following month’s budgeted cost of goods sold. One-half of a month’s inventory purchases is paid for in the month of purchase; the other half is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory.…

The following is the year ended data for Tiger​ Company:   Sales Revenue $58,000 Cost of Goods Manufactured 21,000 Beginning Finished Goods Inventory 1,100 Ending Finished Goods Inventory 2,200 Selling Expenses 15,000 Administrative Expenses 3,900   What is the gross​ profit?   A. $22,100   B. $38,100   C. $19,200   D.

Complete the following data taken from the condensed income statements for merchandising Companies A, B, and C. Company A Company B Company C Net income $385 $235 Sales 875 530 Gross profit 425 315 Operating expenses 45 Cost of goods sold 550 335 %24

In April, Holderness Incorporated, a merchandising company, had sales of $286,000, selling expenses of $20,500, and administrative expenses of $31,500. The cost of merchandise purchased during the month was $168,000. The beginning balance in the merchandise inventory account was $40,500 and the ending balance was $54,500 Required: Prepare a traditional format income statement for April. Holderness Incorporated For the month of April Traditional Format Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expense Administrative expense $ 20,500 31,500 5 286.000 154.000 132.000 52.000 $ 80,000 4

Lakeshore Manufacturing provided the following information for the month ended March 31: Sales Revenue $31,000 Beginning Finished Goods Inventory 7,000 Ending Finished Goods Inventory 8,500 Cost of Goods Manufactured 11,600 Compute gross profit. OA. $19,400 OB. $17,900 OC. $10,900 O D. $20,900 ***

Cost of Goods Sold, Profit Margin, and Net Income for a Manufacturing Company The following information is available for Bandera Manufacturing Company for the month ending January 31: Cost of goods manufactured Selling expenses Administrative expenses Sales Finished goods inventory, January 1 Finished goods inventory, January 31 $4,490,000 530,000 340,000 6,600,000 880,000 775,000 (a) For the month ended January 31, determine Bandera's cost of goods sold. Bandera Manufacturing Company Cost of Goods Sold January 31 Finished goods inventory, January 1 Cost of goods manufactured Cost of finished goods available for sale Less finished goods inventory, January 31 Cost of goods sold