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Simulation | CPA
https://cpa.becker.com/module/F-01-04/V4.3/sim/session
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PERCENTAGE OF COMPLETION METHOD
Question 1 Solution:
Calculation:
Estimate pro±t (Sale price $2,800,000 – Estimated costs $1,600,000)
$1,200,000
Determine percentage complete (Costs to date $400,000 /
Estimated Costs $1,600,000)
25%
Apply percentage complete to estimated pro±t ($1,200,000 × 25%)
$ 300,000
Question 2 Solution:
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Question 3 Solution:
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Calculation:
Construction in progress ($400,000 + $300,000)
$700,000
Less: Progress billings
250,000
Net construction in progress (Current asset)
$450,000
Question 4 Solution:
Calculation:
Estimate pro±t (Sale price $2,800,000 – Estimated costs $2,000,000)
$800,000
Determine percentage complete (Costs to date $900,000 /
Estimated Costs $2,000,000)
45%
Apply percentage complete to estimated pro±t ($800,000 × 45%) to
±nd the cumulative Year 2 pro±t
$360,000
Subtract pro±t recognized in Year 1
300,000
Pro±t to be recognized in Year 2
$ 60,000
Question 5 Solution:
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You are trying to choose between purchasing one of two machines for a factory. Machine A costs $15,400 to purchase and has a
three-year life. Machine B costs $17,500 to purchase but has a four year life. Regardless of which machine you purchase, it will have
to be replaced at the end of its operating life. Assume a marginal tax rate of 35 percent and a discount rate of 13 percent.
Calculate the equivalent annual costs (EAC) of each machines. (Do not round intermediate calculations. Round answers to 2
decimal places, e.g. 15.27.)
Equivalent Annual Cost (EAC) of machine A
$4
Equivalent Annual Cost (EAC) of machine B
$4
Which machine should you choose?
You should choose
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Cost Allocation To:
uality
ontrol
78,400✔
21,600
100,000)
0
Fabricating
140,600
28,800
20,000
S 189,400
S $
$
$
SA
Finishing
9,820 X
21,600
50,000
81,420
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Given the cost formula Y $17,500+ $4x, at what level of activity will total cost be $42,500? Multiple Choice 10,625 units 4,375 units 5,250 units. Search < Prev 22 of 25 ‒‒‒ +++ ‒‒‒ Next J
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NG SYSTEM (ACADEMIC)
cerial Accounting - Spring21
Time left 0:31:27
The contribution margin ratio is 70%. If total fixed costs are $23,000, then what is the total cost ($) of producing and selling 66,550 units? The
selling price is $3 per unit.
O a. 59,895
O b. None of the given answers
O . 176,650
O d. 116,755
O e. 139,755
CLEAR MY CHOICE
FINISH ATTEMPT ...
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104-Principles of Management Accounting-1-20202
My courses / BUSS 104-1-20202 / MAKEUP TEST SCHEDULED FOR Thursday 6th may 2021 from 11:00 to 12:00 NOON/
Production Facilities cost is 465000 OMR. Total Variable cost is 65000 OMR. Calculate Total Fixed cost
Select one:
O a. 630000 OMR
O b. 465000 OMR
O c. 65000 OMR
O d. 400000 OMR
ge
-1 04-05-21 9:35-10:35
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National Corporation needs to set a target price for its newly designed
product M14-M16. The following data relate to this new product.
RESOURCES
OMEWORK
--05
-07
-09
-11 a-b
Per
Unit
Total
Direct materials
$21
-16
Direct labor
$41
--01A
-02A
-03A
Variable manufacturing overhead
Fixed manufacturing overhead
$14
$1,264,000
Variable selling and administrative expenses
$ 4
Fixed selling and administrative expenses
$ 1,106,000
Its by Study
These costs are based on a budgeted volume of 79,000 units produced and
sold each year. National uses cost-plus pricing methods to set its target
selling price. The markup percentage on total unit cost is 40%.
Compute the total variable cost per unit, otal fixed cost per unit, and total
cost per unit for M14-M16.
Variable cost per unit
2$
Fixed cost per unit
Total cost per unit
24
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Snipe Company has been purchasing a component, Part Q, for $19.20 per unit. Snipe is currently operating at 70% of capacity, and no signific.
increase in production is anticipated in the near future. The cost of manufacturing a unit of Part Q is estimated as follows:
Direct materials
$11.50
Direct labor
4.50
Variable factory overhead
1.12
Fixed factory overhead
3.15
Total
$20.27
Prepare a differential analysis report dated March 12 of the current year. Round your answers to two decimal places. If an amount is zerO
"o".
Differential Analysis
Make (Alternative 1) or Buy (Alternative 2) Part Q
March 12
Differential
Effects
Buy
Make
Part Q
(Alternative 1) (Alternative 2) (Alternative 2)
Part Q
Unit costs:
Direct labor
Directhaterials
Variable operating expenses
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Bonita's Manufacturing Company can make 100 units of a
Central
necessary component part with the following costs:
e 365
$119000
Direct Materials
24000
Direct Labor
ges
53000
Variable Overhead
za
30000
Fixed Overhead
If Bonita's Manufacturing Company can purchase the component
externally for $195000 and only $6000 of the fixed costs can be
avoided, what is the correct make-or-buy decision?
O Make and save $7000
O Make and save $22000
Buy and save $7000
OBuy and save $22000
ip
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Planned costs of product A - 150000
Planned costs of product B - 250000
Real costs of product A - 120000
Real costs of product B - 240000
\At the end of the month, when the full production cost of production is formed on the account Production process
Dr Finished products. A
Cr Production process. A - ?
Please be more careful wit + / - (in case of storno)
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ER
ES
Study
Question 6
In applying the high-low method, what is the fixed cost?
Month
Miles
January 76000
February 52000
March
66000
April
84000
O$12000
$40000
O$45000
$32000
Total Cost
$122000
110000
n the web and Windows
118000
150000
Click if you would like to Show Work for this question: Open Show Work
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Equipment with a cost of $220,000 has an estimated residual value of $30,000 and an estimated life of 10 years or 19,000 hours. It is to be depreciated
by the straight-line method. What is the anount of depreciation for the first full year, during which the equipment was used for 2,100 hours?
Oa. $21,000
Ob. $22,000
Oc. $19,000
Od. $30,000
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G 1. Compute the companys deg X
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napter 05
Hudson Co. reports the contribution margin income statement for 2019.
HUDSON CO.
Contribution Margin Income Statement
For Year Ended December 31, 2019
Sales (9,600 units at $225 each)
Variable costs (9,600 units at $180 each)
Contribution margin
Fixed costs
$2,160,000
1,728,000
$432,000
324,000
Pretax income
$
108,000
1. Compute the company's degree of operating leverage for 2019.
2. If sales decrease by 5% in 2020, what will be the company's pretax income?
3. Assume sales for 2020 decrease by 5%. Prepare a contribution margin income statement for 2020.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Required 3
Compute the company's degree of operating leverage for 2019.
Degree of operating leverage
3.0
ост
20
W
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AccountingQ&A LibraryAn operations manager narrowed the search for a new facility location to four communities. The annual fixed costs (land, property taxes, insurance, equipment, and buildings) and the variable costs (labor, materials, transportation, and variable overhead) are as follows:Community Fixed Costs per Year Variable Costs per UnitA $150,000 $62B $300,000 $38C $500,000 $24D $600,000 $30Notice that no community dominates the set of alternatives; that is, no community has both the lowest fixed costs and the lowest variable costs per unit. If that were so, that community would be the best location.Step 1. Plot the total cost curves for all the communities on a single graph. Identify on the graph the approximate volume range…
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Activity-Based Costing: Factory Overhead Costs
The total factory overhead for Bardot Marine Company is budgeted for the year at $1,167,450, divided into four activities: fabrication, $507,000; assembly, $210,000;
setup, $245,700; and inspection, $204,750. Bardot Marine manufactures two types of boats: speedboats and bass boats. The activity-base usage quantities for each
product by each activity are as follows:
Fabrication
Assembly
Setup
Inspection
Speedboat
9,750 dlh
31,500 dlh
70 setups
122 inspections
Bass boat
29,250
10,500
515
853
39,000 dlh
42,000 dlh
585 setups
975 inspections
Each product is budgeted for 5,500 units of production for the year.
a. Determine the activity rates for each activity.
Fabrication
$
per direct labor hour
Assembly
5
V per…
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Mazomanie Farm completed 23,000 units during the quarter and has 2,600 units still in process. The units are 100% complete with regard to materials and 55% complete with
regard to conversion costs. What are the equivalent units for materials and conversion?
Equivalent Units of Materials
Equivalent Units of Conversion
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Process Cost Practice Quiz Part 1
The following information is related to the blending department:
1. 1,900 units in beginning WIP, 60X completed as to conversion costs
2. Direct Materials added: 22,000 units
3. Goods completed and transterred total 21,800 units
4. All materials are added at the beginning of the process.
5. Beginning WIP was $7,657
10
6. Cost of DMadded during the month: $77,000
7. Cost of DL added during the month: $14,200
8. Factory overhead applied during the month: $6,880
13 9. Ending WIP inventory is 20% completed as to conversion costs
14
15
12
Required.
16 1 Compute total units to be assigned costs
2. Compute Group 1-3 whole units and equivalent units
18
R.Compute cost per equivalent unit for materials and conversion costs
18
4. Using cost per equivalent unit above, determine (A) cost transferred
20
21
22
out of WIP to next department and (B) cost assigned to ending WIP
VIP- Blending Dept.
23
Units
Units
24
25
26 Beginning
27
28
23 DM
30
31
32 DL
33
34…
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Q1&2 are correct
3. What if activities 1, 2, 5, and 8 each had a cost of $707,000 and the remaining activities had a cost of $24,000 each? Calculate the cost assigned to Wafer A by a fully specified ABC system and then by an approximately relevant ABC approach.
Cost by a fully specified ABC system
$
Cost by an approximately relevant ABC approach
$
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The following information relates to the operations of a company; cost per unit from supplier- GHC80, variable cost per unit
GHC40 and total fixed cost of GH¢300000. The company determines its selling price by adding a margin of 20%. What is the
breakeven quantity?
O A. 5556units
O B. 6665units
C. 5000units
D. 6000units
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Question # 11
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Net profit is calculated as:
Sales minus cost of sales.
O Sales plus overheads.
O Gross profit minus overheadş.
O Gross profit minus cost of sales.
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1 Laurman, Inc. is considering the following project:
2 Required investment in equipment
2$
2,205,000
3 Project life
7
4 Salvage value
225,000
5
6 The project would provide net operating income each year as follows:
7 Sales
2,750,000
8 Variable expenses
9 Contribution margin
10 Fixed expenses:
1,600,000
2$
1,150,000
11
Salaries, rent and other fixed out-of pocket costs
520,000
12
Depreciation
13 Total fixed expenses
350,000
870,000
14
Net operating income
280.000
15
16 Company discount rate
18%
17
18 1. Compute the annual net cash inflow from the project.
19
20 2. Complete the table to compute the net present value of the investment.
21
22
Year(s)
23
Now
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7-2 Project: Company Accour x
121. Project Guidelines and Rubric x
121. 7-1 Problem Set: Module Sev X
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Return on Total Assets
A company reports the following income statement and balance sheet information for the current year:
Net income
$224,540
Interest expense
39,620
Average total assets
Determine the return on total assets. If required, round the answer to one decimal place.
1.8
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Divide the sum of net income and interest expense by average total assets.
Previa
Check My Work
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Cost Flow Methods
The following three identical units of Item K113 are purchased during April:
Item Beta
Units
Cost
April 2
Purchase
1
$171
April 15
Purchase
1
175
April 20
Purchase
1
179
3
$525
Total
Average cost per unit
$175
($525 + 3 units)
Assume that one unit is sold on April 27 for $247. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out
(FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method.
Gross Profit
Ending Inventory
a. First-in, first-out (FIFO)
b. Last-in, first-out (LIFO)
c. Weighted average cost
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Return on Total Assets
A company reports the following income statement and balance sheet information for the current year:
Net income
$224,540
Interest expense
39,620
000'080
Determine the return on total assets. If required, round the answer to one decimal place.
Average total assets
Feedback
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Divide the sum of net income and interest expense by average total assets.
Check My Work
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Question #7
GRevisit
Choose the best option
Wages paid to own employees who have redecorated the office are
O capital expenditure.
debited to profit and loss account.
debited to premises account.,
O credited to profit and loss account.
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Exercise 1. Classify the below cost on their behavior (Fixed Costs and Variable Costs)
(a) Rent of Factory Building,
(b) Managerial Salaries,
(c)Direct wages,
(d) Direct Materials,
(e) Building Insurance,
(f) Commission of salesman,
(g)Municipal taxes,
(h) Power,
(1) Normal Spoilage,
G) Small tools
Exercise 2
The Information bellow has been taken from production department of XYZ Company for
December is as follows:
Total Costs
Variable Cost
Fixed Cost
Material used in Production
OMR 200000
200000
Labour used
in Production 150000
100000
50000
(Assembly and supervisor)
Production Facilities cost
( 50000
40000
10000
rent general, utilities.)
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Lake Corporation is considering the elimination of one of its segments. The segment incurs the following fixed costs. If the segment is
eliminated, the building it uses will be sold.
Advertising expense
Supervisory salaries
Allocation of companywide facility-level costs
Original cost of building
Book value of building
Market value of building
Maintenance costs on equipment
Real estate taxes on building
$140,000
300,000
130,000
220,000
100, өөө
160,000
112, 0өө
12,000
0:50
Required
Determine the amount of avoidable cost associated with the segment.
ces
Avoidable cost
o search
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Sales are 140000 OMR, variable cost = 110000 OMR calculate
contribution
Select one:
O a. None of them
O b. 65000 OMR
O c. 70000 OMR
O d. 69000 OMR
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A production department within a company received materials of $10,000 and conversion costs of $11,000 from the prior department. It added material of $24,960 and conversion
costs of $50,560. The equivalent units are 19,000 for material and 17,100 for conversion. What is the unit cost for materials and conversion? When required, round final
answers to two decimal places.
Unit Cost
Materials
Conversion $
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SQU LLC is considering purchasing the following new machines which relevant data is presented
below.
Albana Albanu
580,000 840,000 Life Span
5,000
Albana Albanu
Cost
10
Salvage value
2,000 Yearly Cost Savings
185,000 195,000
Tax Rate
25%
Discount Rate
10%
(a) Evaluate the above capital expenditure proposal using the three different methods of Net
Present Value, the Internal Rate of Return and the Payback Period.
(Note: You are required to clearly indicate the appropriate decision and assume straight-
line depreciation method)
(b) Numerical analysis based on the above calculation methods forms only a part of the capital
budgeting strategy. Do you agree? Explain.
(c) Given the results in (a) above, do you agree that the IRR method is superior to the NPV
method? Explain.
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- W NWP Assessment Player UI Application W NWP Assessment - 1023.121103 BFN-C201-1023-... th Solution Walkthrough Videos Question 3 of 7 -/0.75 View Policies Current Attempt in Progress You are trying to choose between purchasing one of two machines for a factory. Machine A costs $15,400 to purchase and has a three-year life. Machine B costs $17,500 to purchase but has a four year life. Regardless of which machine you purchase, it will have to be replaced at the end of its operating life. Assume a marginal tax rate of 35 percent and a discount rate of 13 percent. Calculate the equivalent annual costs (EAC) of each machines. (Do not round intermediate calculations. Round answers to 2 decimal places, e.g. 15.27.) Equivalent Annual Cost (EAC) of machine A $4 Equivalent Annual Cost (EAC) of machine B $4 Which machine should you choose? You should choose eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answerarrow_forwardCost Allocation To: uality ontrol 78,400✔ 21,600 100,000) 0 Fabricating 140,600 28,800 20,000 S 189,400 S $ $ $ SA Finishing 9,820 X 21,600 50,000 81,420arrow_forwardGiven the cost formula Y $17,500+ $4x, at what level of activity will total cost be $42,500? Multiple Choice 10,625 units 4,375 units 5,250 units. Search < Prev 22 of 25 ‒‒‒ +++ ‒‒‒ Next Jarrow_forward
- u.om/mod/quiz/attempt.php?attempt3D18933338&cmid%3D891193&page%=D15 NG SYSTEM (ACADEMIC) cerial Accounting - Spring21 Time left 0:31:27 The contribution margin ratio is 70%. If total fixed costs are $23,000, then what is the total cost ($) of producing and selling 66,550 units? The selling price is $3 per unit. O a. 59,895 O b. None of the given answers O . 176,650 O d. 116,755 O e. 139,755 CLEAR MY CHOICE FINISH ATTEMPT ... AGEarrow_forward104-Principles of Management Accounting-1-20202 My courses / BUSS 104-1-20202 / MAKEUP TEST SCHEDULED FOR Thursday 6th may 2021 from 11:00 to 12:00 NOON/ Production Facilities cost is 465000 OMR. Total Variable cost is 65000 OMR. Calculate Total Fixed cost Select one: O a. 630000 OMR O b. 465000 OMR O c. 65000 OMR O d. 400000 OMR ge -1 04-05-21 9:35-10:35 Jump to...arrow_forwardYPLUS Kimmel, Accounting, 7e Help | System Announcements CALCULATOR PRINTER VERSION 1 BACK NEXT National Corporation needs to set a target price for its newly designed product M14-M16. The following data relate to this new product. RESOURCES OMEWORK --05 -07 -09 -11 a-b Per Unit Total Direct materials $21 -16 Direct labor $41 --01A -02A -03A Variable manufacturing overhead Fixed manufacturing overhead $14 $1,264,000 Variable selling and administrative expenses $ 4 Fixed selling and administrative expenses $ 1,106,000 Its by Study These costs are based on a budgeted volume of 79,000 units produced and sold each year. National uses cost-plus pricing methods to set its target selling price. The markup percentage on total unit cost is 40%. Compute the total variable cost per unit, otal fixed cost per unit, and total cost per unit for M14-M16. Variable cost per unit 2$ Fixed cost per unit Total cost per unit 24 MacBookarrow_forward
- MyUSF X My Home CengageNOWv2 | Online teachin X - ngagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker%3D&takeAssignmentSessionLocator=D&inpro... o Snipe Company has been purchasing a component, Part Q, for $19.20 per unit. Snipe is currently operating at 70% of capacity, and no signific. increase in production is anticipated in the near future. The cost of manufacturing a unit of Part Q is estimated as follows: Direct materials $11.50 Direct labor 4.50 Variable factory overhead 1.12 Fixed factory overhead 3.15 Total $20.27 Prepare a differential analysis report dated March 12 of the current year. Round your answers to two decimal places. If an amount is zerO "o". Differential Analysis Make (Alternative 1) or Buy (Alternative 2) Part Q March 12 Differential Effects Buy Make Part Q (Alternative 1) (Alternative 2) (Alternative 2) Part Q Unit costs: Direct labor Directhaterials Variable operating expensesarrow_forwardsions Question 1 rences View Policies porations Current Attempt in Progress PLUS Support Bonita's Manufacturing Company can make 100 units of a Central necessary component part with the following costs: e 365 $119000 Direct Materials 24000 Direct Labor ges 53000 Variable Overhead za 30000 Fixed Overhead If Bonita's Manufacturing Company can purchase the component externally for $195000 and only $6000 of the fixed costs can be avoided, what is the correct make-or-buy decision? O Make and save $7000 O Make and save $22000 Buy and save $7000 OBuy and save $22000 iparrow_forwardPlanned costs of product A - 150000 Planned costs of product B - 250000 Real costs of product A - 120000 Real costs of product B - 240000 \At the end of the month, when the full production cost of production is formed on the account Production process Dr Finished products. A Cr Production process. A - ? Please be more careful wit + / - (in case of storno)arrow_forward
- ER ES Study Question 6 In applying the high-low method, what is the fixed cost? Month Miles January 76000 February 52000 March 66000 April 84000 O$12000 $40000 O$45000 $32000 Total Cost $122000 110000 n the web and Windows 118000 150000 Click if you would like to Show Work for this question: Open Show Workarrow_forwardengageNOWV2 | Assignme CengageNOWv2 |Unlın X now.com/ilrm/takeAssignment/takeAssignmentMain.do?invoker%3D8takeAssignmentSessionLocator3&inprogress%3false Calculator Equipment with a cost of $220,000 has an estimated residual value of $30,000 and an estimated life of 10 years or 19,000 hours. It is to be depreciated by the straight-line method. What is the anount of depreciation for the first full year, during which the equipment was used for 2,100 hours? Oa. $21,000 Ob. $22,000 Oc. $19,000 Od. $30,000 Previous Next 8:21 AM 5/4/2020arrow_forwardG 1. Compute the companys deg X Connect tent A https://ezto.mheducation.com/ext/map/index.html?_con%3Dcon&external_browser=0&l Saved napter 05 Hudson Co. reports the contribution margin income statement for 2019. HUDSON CO. Contribution Margin Income Statement For Year Ended December 31, 2019 Sales (9,600 units at $225 each) Variable costs (9,600 units at $180 each) Contribution margin Fixed costs $2,160,000 1,728,000 $432,000 324,000 Pretax income $ 108,000 1. Compute the company's degree of operating leverage for 2019. 2. If sales decrease by 5% in 2020, what will be the company's pretax income? 3. Assume sales for 2020 decrease by 5%. Prepare a contribution margin income statement for 2020. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the company's degree of operating leverage for 2019. Degree of operating leverage 3.0 ост 20 Warrow_forward
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