Vaughn, Incorporated, sold 16,000 units last year for $120.00 each. Variable costs per unit were $24.00 for direct materials, $24.00 for direct labor, and $6.00 for variable overhead. Fixed costs were $38,000 in manufacturing overhead and $21,000 in nonmanufacturing costs. Required: What is the total contribution margin? What is the unit contribution margin? Note: Round your answer to 2 decimal places. What is the contribution margin ratio? Note: Round your intermediate calculations to 2 decimal places. elf sales increase by 3,000 units, by how much will profits increase? Note: Round your intermediate calculations to 2 decimal places. Total Contribution Margin Unit Contribution Margin Contribution Margin Ratio Profits Increaso %
Q: 4) Explain if, and why an accountant will be held liable to: its client, to 3rd party intended…
A: An accountant owes it to their clients to use sound professional judgement. According to the Revised…
Q: Toward the end of 2021, XYZ Compan investing firm, began selling subscript to its economic research…
A: Accounting - Accounting is the process of documenting a business's financial transactions. These…
Q: Revenue on account amounted to $7,400. Cash collections of accounts receivable amounted to $4,850.…
A: According to Accrual concept of accounting, Revenues are recorded in books of account when it is…
Q: On January 01, 2018, WORD, EXCEL and POWERPOINT formed MICROSOFT Partnership with original…
A: Partnership refers to the agreement which is contractual in nature among two or more persons who are…
Q: BANK STATEMENT (definition and provide ex;) BANK RECONCILIATION (definition and provide example)
A: A bank statement is a summary of financial transactions that have occurred over a given period of…
Q: What Is The Difference Between Merchandise Purchased For Cash And Merchandise Purchased On Account?
A: INTRODUCTION: The word "merchandise" is used to describe any items bought with the intention of…
Q: What sources of finance should Alphabet Holdings Plc consider to finance the investment in either…
A: The sources of finance is defined as the sources from where the business gets the money from in…
Q: Before selecting the Open or Begin Return button, which of the following statements starting a new…
A: BlockWork is a tax software that provides taxpayers with a user-friendly interface for easily…
Q: eBook Show Me How ator=&inprogress=false Upd. Issuing Bonds at a Discount On the first day of the…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: What is the fair market value of an item? a)the amount that a buyer would pay for the item under a…
A: The Fair Market Value (FMV) refers to the current price that an interested buyer in the open market…
Q: Bonita Co. reported $150,000 of net income for 2020. The accountant, in preparing the statement of…
A:
Q: Problem 16-6 (IAA) Complex Company reported the following info relating to income before tax for…
A: Deferred Income Tax - A liability that appears on a balance sheet as a result of an income…
Q: Fitzpatrick Company had $500 of accrued salary expenses that will be paid during the following…
A: Journal entries Journal entries are defined as the entries recorded in the accounting books in…
Q: Net Solutions; banks statement shows the following: Balance Deposits Debit Checks Other charges No.…
A: Bank reconciliation statement - The amount of balance shown in the bank statement must tally with…
Q: Problem 1: Interest on capital and bonus A and B formed a partnership. The partnership agreement…
A: The main characteristic of partnership is limited liability. The partners are not obliged to pay any…
Q: please answer question 2 briefly with audit examples and terms.
A: Audit is an examination of the financial statements of the business by the independent auditor to…
Q: Titan Mining Corporation has 15 million shares of common stock outstanding, 1,000,000 shares of 10…
A: Weighted Average cost of capital (WACC) :— It is the average cost of capital of the firm's existing…
Q: The Recovery Rebate Credit is calculated using what form
A: The Recovery Rebate Credit represents the reduction in the tax liability of an individual if the…
Q: SOS On 1 January 2017, Devin obtained a bank loan of $500 000 from ABC Bank. The loan is to be paid…
A: A loan is a financial instrument taken to fulfill the financial needs of the borrower having fixed…
Q: $15.15 $17.67 $14.63 $15.40
A: Process costing is the method of costing which is used for the purpose of tracking the number of…
Q: In the course of your audit of Cash of Fatherhood Corporation as of and for the period ended…
A: Cash and cash equivalents are assets that are highly liquid, meaning they can be easily converted…
Q: Dillon Products manufactures various machined parts to customer specifications. The company uses a…
A: INTRODUCTION: The Journal Entry is used for inter-office transactions (sales of products or…
Q: Calculate Cash Flows from Operating Activities from the following: Particulars Cash Purchases Cash…
A: Cash flow from operating activities (CFO) indicates the amount of money a company brings in from its…
Q: Mahaley, Incorporated, manufactures and sells two products: Product Q9 and Product FO. Data…
A: You can use the activity-based costing (ABC) method to determine production costs. It divides…
Q: For tax year 2020, a taxpayer has the following income items: $200,000 Wages (with no…
A: Taxable income is income on which tax will apply at a specified tax rate. The taxable income is…
Q: From the following information of Axis Limited compute the Replacement Cost Value / Net Substantial…
A: Replacement cost or replacement value refers to the price that it would cost to replace an existing…
Q: In 2021, Landon has self-employment earnings of $196,000. Required: Compute Landon's self-employment…
A: For 2021, the social Security limit will be 12.4% of first 137,700 and additional 2.9% for Medicare…
Q: Modern Lighting Inc. manufactures lighting fixtures, using lean manufacturing methods. Style Omega…
A: Formulas, Budgeted cell conversion cost per hour= budgeted conversion cost/production hours Budgeted…
Q: 1. Record adjusting journal entries in the general journal. 2. Transfer adjusting journal entries…
A: INTRODUCTION: A journal entry is the first process in the accounting cycle. A journal records the…
Q: What are 2 ways to begin setting up a recurring transaction in QuickBooks Online?
A: The correct answers are: (C) Gear > recurring transactions (E) Select the make recurring option…
Q: A company has following information:::- i) Number of rooms in the apartment = 100 ii) Rent per…
A: NOI is an important comparable figure and profitability metric used exclusively for income-producing…
Q: The balance sheet for the Litex Corporation on December 31, 2004, includes the following receivables…
A: Account Receivable - Accounts receivable (AR) is the remaining amount owed to a business for goods…
Q: 6. A credit sale of $750 is made on 13 June, terms 2/7, n/30, on which a return of $50 is granted on…
A: INTRODUCTION: Credit sales are a sort of sales in which corporations offer things to clients on…
Q: Give one word or a term used to describe the following: a) An allowance by a creditor to debtor for…
A: Answer:- Creditor meaning:- A creditor is a person or organization that offers another party credit…
Q: Snavely, Incorporated, manufactures and sells two products: Product E1 and Product A7. Data…
A: Solution.. Activity rate = estimated overhead / estimated cost Driver Activity Rate…
Q: Question 5 Which 2 statements are true regarding using bank rules in QuickBooks Online? Rules are…
A: The two true statements regarding using bank rules in QuickBooks Online are:
Q: income tax
A: Tax withholding is common for those who earn weekly, bi-weekly, semimonthly, monthly, or yearly.…
Q: Revenue on account amounted to $6,400. Cash collections of accounts receivable amounted to $6,100.…
A: Statement of cash flow is prepared using two methods and those method include direct as well as…
Q: product cost
A: Batch costing is essentially the cluster of costs incurred/borne when a group of products/services…
Q: Required information [The following information applies to the questions displayed below.] Marco…
A: A cost schedule is prepared to record the details of all the costs related to production and sales.…
Q: Question 1 From the For review tab in the Banking center, how can you exclude a bank transaction…
A: Bank reconciliation: Excluding a transaction from the "For Review" tab is a common step in the bank…
Q: Q8 What factors should stembiso consider before making a decision?
A: Sthembiso should consider a variety of factors before making a decision about whether to support the…
Q: 2. The following Trial Balance obtained from Mr. Sofi business in baby clothes on 31st December…
A: The question asked to prepare the statement of comprehensive income, and, the statement of financial…
Q: A credit sale of $750 is made on 13 June, terms 2/7, n/30, on which a return of $50 is granted on 16…
A: INTRODUCTION: Credit sales are a sort of sales in which corporations offer things to clients on…
Q: Variable costs Fixed costs PHOENIX COMPANY Flexible Budgets For Year Ended December 31 Flexible…
A: A budget is a guiding tool for the organization. With the help of a budget, an organization can…
Q: eBook Show Me How Westgate Inc. uses a lean manufacturing strategy to manufacture DVR (digital video…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: research a case of financial statement fraud within the last five years. Assess the case using the…
A: Financial statement fraud refers to the deliberate misrepresentation of a company's financial…
Q: During Year 2, Chico Company earned $1,250 of cash revenue, paid $700 of cash expenses, and paid a…
A: Cash Flow Statement :— It is one of the financial statement that shows change in cash and cash…
Q: Assume that Minneapolis' sales by major market are: Sales Variable expenses Contribution margin…
A: Contribution Margin Ratio :— It is calculated by dividing total contribution margin by total sales…
Q: how about the cash discount 5% ?
A: Cash discount is a type of trade discount given to customers who pay for goods in cash within a…
Please help with all answers......
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Bobcat uses a traditional cost system and estimates next years overhead will be $800.000, as driven by the estimated 25,000 direct labor hours. It manufactures three products and estimates the following costs: If the labor rate is $30 per hour, what is the per-unit cost of each product?Suppose that a company has fixed costs of $18 per unit and variable costs $9 per unit when 15,000 units are produced. What are the fixed costs per unit when 12,000 units are produced?Colonels uses a traditional cost system and estimates next years overhead will be $480,000, with the estimated cost driver of 240,000 direct labor hours. It manufactures three products and estimates these costs: If the labor rate is $25 per hour, what is the per-unit cost of each product?
- The following product Costs are available for Haworth Company on the production of chairs: direct materials, $15,500; direct labor, $22.000; manufacturing overhead, $16.500; selling expenses, $6,900; and administrative expenses, $15,200. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 7,750 equivalent units are produced, what is the equivalent material cost per unit? If 22,000 equivalent units are produced, what is the equivalent conversion cost per unit?Baxter Company has a relevant range of production between 15,000 and 30,000 units. The following cost data represents average variable costs per unit for 25,000 units of production. Using the costs data from Rose Company, answer the following questions: A. If 15,000 units are produced, what is the variable cost per unit? B. If 28,000 units are produced, what is the variable cost per unit? C. If 21,000 units are produced, what are the total variable costs? D. If 29,000 units are produced, what are the total variable costs? E. If 17,000 units are produced, what are the total manufacturing overhead costs incurred? F. If 23,000 units are produced, what are the total manufacturing overhead costs incurred? G. If 30,000 units are produced, what are the per unit manufacturing overhead costs incurred? H. If 15,000 units are produced, what are the per unit manufacturing overhead costs incurred?Menk Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 6.80 Direct labor $ 3.80 Variable manufacturing overhead $ 2.00 Fixed manufacturing overhead $ 20,200 Sales commissions $ 0.50 Variable administrative expense $ 0.40 Fixed selling and administrative expense $ 10,100 Required: a. If 5,220 units are sold, what is the variable cost per unit sold? Note: Round "Per unit" answer to 2 decimal places. b. If 5,220 units are sold, what is the total amount of variable costs related to the units sold? c. If 5,220 units are produced, what is the total amount of manufacturing overhead cost incurred? a. Variable cost per unit sold b. Total variable costs c. Total manufacturing overhead cost
- Write a linear cost function equation for each of the following conditions. Use y for estimated costsand X for activity of the cost driver.a. Direct materials cost is $2.70 per pound b. Total cost is fixed at $800 per month regardless of the number of units produced. c. Auto rental has a fixed fee of $90.00 per day plus $1.75 per mile driven. d. Machine operating costs include $1,000 of maintenance per month, and $15.00 of coolant usagecosts for each day the machinery is in operation.Suppose that Larimer Company sells a product for $20. Unit costs are as follows: Direct materials $1.70 Direct labor 1.60 Variable factory overhead 2.00 Variable selling and administrative expense 1.50 Total fixed factory overhead is $55,240 per year, and total fixed selling and administrative expense is $38,480. Required: 1. Calculate the variable cost per unit and the contribution margin per unit. 2. Calculate the contribution margin ratio and the variable cost ratio. 3. Calculate the break-even units. 4. Prepare a contribution margin income statement at the break-even number of units. Enter all amounts as positive numbers.2.) Beehive Company has the following per unit cost data for 5,000 units of production. $12 Direct materials Direct labor 9 Indirect materials 2 Indirect labor 3 Rent on the factory 5 ver 08. Answer the following questions. Round to two decimals when necessary. a.) If 6,000 units are produced, what is the variable cost per unit? $ b.) If 8,000 units are produced, what is the variable cost per unit? $002 c.) If 6,000 units are produced, what is the fixed cost per unit? $ d.) If 8,000 units are produced, what is the fixed cost per unit? $ e.) If 6,000 units are produced, what is the total fixed cost? $ f.) If 8,000 units are produced, what is the total fixed cost? $ g.) If 6,000 units are produced, what is the total manufacturing overhead costs? $ h.) If 8,000 units are produced, what is the total manufacturing cost? $ torl to noihog 1200 1200 bozit wel-doid 3.) Using the above information, develop a cost equation for Beehive Company. 4.) Use your cost equation to predict total costs for…
- Lillibridge & Friends, Incorporated provides you with the following data for its single product: Sales price per unit Fixed costs (per quarter): Selling, general, and administrative (SG&A) Manufacturing overhead Variable costs (per unit): Direct labor Direct materials Manufacturing overhead SG&A Number of units produced per quarter Required: $ 60 1,500,000 4,500,000 9 12 10 6 500,000 units Compute the amounts for each of the following assuming that the production levels are within the relevant range if the number of units is 500,000 per quarter. Also calculate if the number of units increases to 600,000 per quarter. Note: Do not round intermediate calculations. Round your answers to 2 decimal places. a. Prime cost per unit b. Contribution margin per unit c. Gross margin per unit d. Conversion cost per unit e. Variable cost per unit f. Full absorption cost per unit g. Variable production cost per unit h. Full cost per unit 500,000 units 600,000 unitsBlossom Company manufactures and sells three products. Relevant per unit data concerning each product are given below. Product A B C Selling price $11 $14 $16 Variable costs and expenses $6 $12 $13 Machine hours to produce 2 1 2 (a) Compute the contribution margin per unit of limited resource (machine hours) for each product. (Round contribution margin per unit to 2 decimal places, e.g. 1.50.) Product A Product B Product C Contribution margin per unit of limited resource $enter a dollar amount rounded to 2 decimal places $enter a dollar amount rounded to 2 decimal placesGelb Company currently makes a key part for its main product. Making this part incurs per unit variable costs of $1.95 for direct materials and $1.50 for direct labor. Incremental overhead to make this part is $1.70 per unit. The company can buy the part for $5.45 per unit. (a) Prepare a make or buy analysis of costs for this part. Note: Enter your answers rounded to 2 decimal places. (b) Should Gelb make or buy the part? (a) Make or Buy Analysis Direct materials Direct labor Overhead Cost to buy Cost per unit Cost difference (b) Company should: Make Buy