Cullumber Inc. had sales of $2,816,000 for the first quarter of 2022. In making the sales, the company incurre expenses. Variable Fixed Cost of goods sold $1,177,600 $563,200 Selling expenses 89,600 57,600 Administrative expenses 110,080 125,440 Prepare a CVP income statement for the quarter ended March 31, 2022. CULLUMBER INC. CVP Income Statement For the Quarter Ended March 31, 2022 Sales Variable Costs Contribution Margin Fixed Costs

Cullumber Inc. had sales of $2,816,000 for the first quarter of 2022. In making the sales, the company incurre expenses. Variable Fixed Cost of goods sold $1,177,600 $563,200 Selling expenses 89,600 57,600 Administrative expenses 110,080 125,440 Prepare a CVP income statement for the quarter ended March 31, 2022. CULLUMBER INC. CVP Income Statement For the Quarter Ended March 31, 2022 Sales Variable Costs Contribution Margin Fixed Costs

Name: Cullumber Inc. had sales of $2,816,000 for the first quarter of 2022.
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Cullumber Inc. had sales of $2,816,000 for the first quarter of 2022. In making the sales, the company incurred the following costs andexpenses.VariableFixedCost of goods sold$1,177,600$563,200Selling expenses89,60057,600Administrative expenses110,0

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 2RE: On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the...

See similar textbooks

Similar questions

Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
Ivanhoe Inc. has sales of $1,720,000 for the first quarter of 2025. In making the sales, the company incurred the following costs and expenses. Cost of goods sold Selling expenses Administrative expenses Variable $653,600 81,700 67,940 Fixed $516,000 51,600 56,760 Prepare a CVP income statement for the quarter ended March 31, 2025.
Crane Manufacturing Ltd's sales for the year ended December 31, 2022 are $1.24 million. The expenses for 2022 are as follows: Cost of goods sold Selling expenses Variable Fixed $416,000 $234.000 34,320 46,800 72,800 Administrative expenses 36,320 Prepare a detailed CVP income statement for the year ended December 31, 2022. Crane Manufacturing Ltd. CVP Income Statement
Blossom Inc. had sales of $2,300,000 for the first quarter of 2020. In making the sales, the company incurred the following costs and expenses. Variable Fixed Cost of goods sold $936,000 $473,000 Selling expenses 119,000 71,000 Administrative expenses 116,000 120,000 Prepare a CVP income statement for the quarter ended March 31, 2020. BLOSSOM INC. CVP Income Statement For the Quarter Ended March 31, 2020
The following income statement appears in the financial report of MERCADO Company for the year ending December 31, 2020: MERCADO Company Income Statement For the year ending December 31. 2020 Sales 72,485,000.00 Cost of goods sold Gross profit 39.866,750.00 32.618.250.00 Less: Operating expenses: Variable selling expenses: Salesmen's commissions 3,624,250.00 Communication expenses 1,812.125.00 Advertising and promotion 635.350.00 Representation expenses 215.385.00 Gas and oil - salesmen 1,285.000.00 Repairs and maintenance 1,150.000.00 3.722.110.00 Fixed selling expenses Salaries and wages 4,225,000.00 Franchises and royalties 524,150.00 Office supplies and materials 555.000.00 Depreciation 963 300.00 6.267,450.00 14.989,560.00 Fixed administrative expenses Salaries and wages 6.324,650.00 Employee benefits 316,490.00 Communications expenses 335,125.00 Office supplies and materials 275,150.00 Depreciation 325,500.00 104 250.00 7.681,165.00 9.947.525.00 Miscellaneous expenses Operating…
Wildhorse Inc. had sales of $2,300,000 for the first quarter of 2020. In making the sales, the company incurred the following costs and expenses. Variable Fixed Cost of goods sold $966,000 $471,000 Selling expenses 109,000 57,000 Administrative expenses 93,000 107,000 Prepare a CVP income statement for the quarter ended March 31, 2020. WILDHORSE INC. CVP Income Statement For the Quarter Ended March 31, 2020 > $ $
Ivanhoe Inc. had sales of $2,300,000 for the first quarter of 2020. In making the sales, the company incurred the following costs and expenses. Variable Fixed Cost of goods sold $940,000 $464,000 Selling expenses 74,000 54,000 Administrative expenses 96,000 145,000 Prepare a CVP income statement for the quarter ended March 31, 2020. IVANHOE INC.CVP Income StatementFor the Quarter Ended March 31, 2020 Administrative ExpensesContribution MarginCost of Goods SoldFixed CostsGross ProfitNet Income/(Loss)SalesSelling ExpensesVariable Costs $ Administrative ExpensesContribution MarginCost of Goods SoldFixed CostsGross ProfitNet Income/(Loss)SalesSelling ExpensesVariable Costs Administrative ExpensesContribution MarginCost of Goods SoldFixed CostsGross…
Presented below are excerpts from the income statements of Ralos Company for the years ended December 31, 2021 and 2020. 2021 2020 Inc (Dec) Net sales P2,750,000 P2,500,000 P250,000 Cost of goods sold 1,584,000 1,600,000 (16,000) Gross margin P1,166,000 P 900,000 P234,000 The unit cost decreased by 10% on January 1, 2021. What is increase (decrease) in cost of goods sold due to volume? O P(176,000) O P 176.000 O P(160,000) O P 160,000
Presented below are excerpts from the income statements of Ralos Company for the years ended December 31, 2021 and 2020.     2021     2020 Inc (Dec) Net sales P2,750,000 P2,500,000 P250,000 Cost of goods sold 1,584,000 1,600,000 (   16,000) Gross margin P1,166,000 P   900,000 P234,000 The unit cost decreased by 10% on January 1, 2021. What is increase (decrease) in cost of goods sold due to volume?
Presented below are excerpts from the income statements of Ralos Company for the years ended December 31, 2021 and 2020.     2021     2020 Inc (Dec) Net sales P2,750,000 P2,500,000 P250,000 Cost of goods sold 1,584,000 1,600,000 (   16,000) Gross margin P1,166,000 P   900,000 P234,000 The unit cost decreased by 10% on January 1, 2021. What is increase (decrease) in cost of goods sold due to volume? Group of answer choices P(160,000) P 176,000 P 160,000 P(176,000)
Presented below are excerpts from the income statements of Ralos Company for the years ended December 31, 2021 and 2020.     2021     2020 Inc (Dec) Net sales P2,750,000 P2,500,000 P250,000 Cost of goods sold 1,584,000 1,600,000 (   16,000) Gross margin P1,166,000 P   900,000 P234,000 The unit cost decreased by 10% on January 1, 2021. What is increase (decrease) in cost of goods sold due to volume? Group of answer choices P(160,000) P 176,000 P 160,000 P(176,000) pls answer fast