Slapshot Company makes ice hockey sticks and sold 1,880 sticks during the month of June at a total cost of $433,000. Each stick sold at a price of $400. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales price and other selling expense of $65,000. Administrative expense totaled $53,800.Required:Prepare an income statement for Slapshot for the month of June.
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Slapshot Company makes ice hockey sticks and sold 1,880 sticks during the month of June at a total cost of $433,000. Each stick sold at a price of $400. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales price and other selling expense of $65,000. Administrative expense totaled $53,800.
Required:
Prepare an income statement for Slapshot for the month of June.
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- Using the information in the previous exercises about Marleys Manufacturing, determine the operating income for department B, assuming department A sold department B 1,000 units during the month and department A reduces the selling price to the market price.Marwick's Pianos, Incorporated, purchases pianos from a manufacturer for an average cost of $1,491 per unit and then sells them to retail customers for an average price of $3,200 each. The company's selling and administrative costs for a typical month are presented below: Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Cost Formula $960 per month $4,813 per month, plus 4% of sales $57 per piano sold $632 per month $4,934 per month Depreciation of sales facilities Administrative: Executive salaries Insurance Clerical Depreciation of office equipment During August, Marwick's Pianos, Incorporated, sold and delivered 62 pianos. $13,486 per month $712 per month $2,487 per month, plus $37 per piano sold $857 per month Required: 1. Prepare a traditional format income statement for August. 2. Prepare a contribution format income statement for August. Show costs and revenues on both a total and a per-unit basis down through contribution…Slapshot Company makes ice hockey sticks and sold 1,880 sticks during the month of June at a total cost of $433,000. Each stick sold at a price of $400. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales price and other selling expense of $65,000. Administrative expense totaled $53,800. Prepare an income statement for Slapshot for the month of June. What is the fixed selling expenses? What is the operating income?
- Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,502 per unit and then sells them to retail customers for an average price of $2,400 each. The company's selling and administrative costs for a typical month are presented below: Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Cost Formula $944 per month $4,810 per month, plus 5% of sales $61 per piano sold $638 per month $4,920 per month Depreciation of sales facilities Administrative: Executive salaries Insurance Clerical Depreciation of office equipment During August, Marwick's Pianos, Incorporated, sold and delivered 64 pianos. $13,534 per month $685 per month $2,492 per month, plus $39 per piano sold $945 per month Required: 1. Prepare a traditional format income statement for August. 2. Prepare a contribution format income statement for August. Show costs and revenues on both a total and a per unit basis down through contribution…arwick’s Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,482 per unit and then sells them to retail customers for an average price of $3,100 each. The company’s selling and administrative costs for a typical month are presented below: Costs Cost Formula Selling: Advertising $ 963 per month Sales salaries and commissions $ 4,816 per month, plus 3% of sales Delivery of pianos to customers $ 59 per piano sold Utilities $ 640 per month Depreciation of sales facilities $ 5,100 per month Administrative: Executive salaries $ 13,519 per month Insurance $ 704 per month Clerical $ 2,471 per month, plus $38 per piano sold Depreciation of office equipment $ 926 per month During August, Marwick’s Pianos, Inc., sold and delivered 58 pianos. Required: 1. Prepare a traditional format income statement for August.2. Prepare a contribution format income statement for August. Show costs and revenues on both a total and a per…Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,503 per unit and then sells them to retail customers for an average price of $2,500 each. The company's selling and administrative costs for a typical month are presented below: Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Cost Formula $943 per month $4,780 per month, plus 5% of sales $62 per piano sold $638 per month $5,012 per month Depreciation of sales facilities Administrative: Executive salaries $13,474 per month Insurance $688 per month Clerical $2,464 per month, plus $37 per $927 per month Depreciation of office equipment During August, Marwick's Pianos, Incorporated, sold and delivered 61 pianos. Lano sold Required: 1. Prepare a traditional format income statement for August. 2. Prepare a contribution format income statement for August. Show costs and revenues on both a total and a per unit basis down through contribution…
- Marwick's Pianos, Incorporated, purchases pianos from a manufacturer for an average cost of S 1,507 per unit and then sells them to retail customers for an average price of $2,600 each. The company's selling and administrative costs for a typical month are presented below: Costs Cost Formula Selling: Advertising $937 per month Sales salaries and commissions $4,790 per month, plus 5% of sales Delivery of pianos to customers $61 per piano sold Utilities $645 per month Depreciation of sales facilities $5,027 per month Administrative: Executive salaries $13,534 per month Insurance $710 per month Clerical $2,535 per month, plus $41 per piano sold Depreciation of office equipment $928 per month During August, Marwick's Pianos, Incorporated, sold and delivered 63 pianos. Required: Prepare a traditional format income statement for August. Prepare a contribution format income statement for August. Show costs and revenues on both a total and a per - unit basis down through contribution margin.Marwick’s Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,499 per unit and then sells them to retail customers for an average price of $2,600 each. The company’s selling and administrative costs for a typical month are presented below: Costs Cost Formula Selling: Advertising $ 961 per month Sales salaries and commissions $ 4,799 per month, plus 4% of sales Delivery of pianos to customers $ 60 per piano sold Utilities $ 647 per month Depreciation of sales facilities $ 4,956 per month Administrative: Executive salaries $ 13,422 per month Insurance $ 702 per month Clerical $ 2,456 per month, plus $37 per piano sold Depreciation of office equipment $ 879 per month During August, Marwick’s Pianos, Inc., sold and delivered 56 pianos. Required: 1. Prepare a traditional format income statement for August.Marwick’s Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,499 per unit and then sells them to retail customers for an average price of $3,400 each. The company’s selling and administrative costs for a typical month are presented below: Costs Cost Formula Selling: Advertising $ 948 per month Sales salaries and commissions $ 4,782 per month, plus 4% of sales Delivery of pianos to customers $ 57 per piano sold Utilities $ 664 per month Depreciation of sales facilities $ 4,905 per month Administrative: Executive salaries $ 13,450 per month Insurance $ 704 per month Clerical $ 2,469 per month, plus $44 per piano sold Depreciation of office equipment $ 928 per month During August, Marwick’s Pianos, Inc., sold and delivered 61 pianos. Required: 1. Prepare a traditional format income statement for August.2. Prepare a contribution format income statement for August. Show costs and revenues on both a total and a per…
- during 8. House of Furniture, Inc., purchases from a well known manufacturer and sells them at the retail level. Bach set is sold at the rate of $2,500. The average cost of each set of furniture from the manufacturer is $1,500. The costs that the company incurs in a month are presented below: Cost Selling Costs Advertising $950 per month Delivery expenses $60 per set sold Salaries and commission $4,800 per month, plus 4% of sales Depreciation of sales facilities $5,000 per month Other selling expenses $650 per month Administrative Costs Executive salary $13,500 per month Depreciation of office equipment $900 per month Clerical expenses $2,500 per month plus $40 per set sold Insurance $700 per month During November, the company sold and delivered 60 furniture sets. Required: a. Prepare a traditional income statement for November b. Prepare a contribution format income statement. Show costs and revenues on both a total and a per unit basis down through contribution margin.Marwick’s Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,508 per unit and then sells them to retail customers for an average price of $2,800 each. The company’s selling and administrative costs for a typical month are presented below: Costs Cost Formula Selling: Advertising $ 961 per month Sales salaries and commissions $ 4,802 per month, plus 5% of sales Delivery of pianos to customers $ 59 per piano sold Utilities $ 667 per month Depreciation of sales facilities $ 5,049 per month Administrative: Executive salaries $ 13,433 per month Insurance $ 696 per month Clerical $ 2,513 per month, plus $37 per piano sold Depreciation of office equipment $ 877 per month During August, Marwick’s Pianos, Incorporated, sold and delivered 55 pianos. Required: 1. Prepare a traditional format income statement for August.2. Prepare a contribution format income statement for August. Show costs and revenues on both a…Marwick's Planos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,508 per unit and then sells them to retail customers for an average price of $3,400 each. The company's selling and administrative costs for a typical month are presented below: Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative: Cost Formula $958 per month $4,822 per month, plus 3% of sales $58 per piano sold $643 per month $4,959 per month Executive salaries. Insurance Clerical Depreciation of office equipment During August, Marwick's Pianos, Incorporated, sold and delivered 65 pianos. $13,582 per month $715 per month $2,526 per month, plus $42 per piano sold $892 per month Required: 1. Prepare a traditional format income statement for August 2. Prepare a contribution format income statement for August. Show costs and revenues on both a total and a per unit basis down through contribution…