Midlands Inc. had a bad year in 2019. For the first time in its history, it operated at a loss. The company's income statement showed the following results from selling 77,000 units of product: net sales $1.540,000; total costs and expenses $1,964,000; and net loss $424,000. Costs and expenses consisted of the following. Cost of goods sold Selling expenses Administrative expenses Manager Total Variable $1,299,600 $773,000 513,400 93,000 151,000 58,000 $1,964,000 $924,000 Fixed $526,600 420,400 93,000 $1,040,000
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- Current Attempt in Progress Midlands Inc, had a bad year in 2019. For the first time in its history, it operated at a loss. The company's income statement showed the following results from selling 77.000 units of product net sales $1.540,000: total costs and expenses $1.794.800; and net loss $254,800. Costs and expenses consisted of the following Cost of goods sold Selling expenses Administrative expenses 1 2. Total 3. $1.112.800 529,000 Variable $618,000 92,000 153,000 60,000 $1,794,800 $770,000 Fixed $494,800 437,000 92.000 Management is considering the following independent alternatives for 2020, Increase unit selling price 25% with no change in costs and experises. Change the compensation of salespersons from foed annual salaries totaling $201,000 to total salaries of $36,015 plus a 5% commission on net sales $1,024,800 Purchase new high-tech factory machinery that will change the proportion between variable and foxed cost of goods sold to 50:50. (a) Compute the break-even point in…Sheridan Inc. had a bad year in 2021. For the first time in its history, it operated at a loss. The company's income statement showed the following results from selling 73,600 units of product: net sales $1,840,000; total costs and expenses $2,056,200; and net loss $216,200, Costs and expenses consisted of the following. Cost of goods sold Selling expenses Administrative expenses 1. 2. 3. Break-even point 1. 2. $1,442,560 3. Total $ 475,640 Management is considering the following independent alternatives for 2022. 138,000 $2,056,200 Increase selling price Change compensation Purchase machinery (a) Compute the break-even point in sales dollars for 2021. (Round contribution margin ratio to 4 decimal places e.g. 0.2512 and final answer to O decimal places, e.g. 2,510.) Variable Increase unit selling price 25% with no change in costs and expenses. Change the compensation of salespersons from fixed annual salaries totaling $184,000 to total salaries of $36,800 plus a 5% commission on net…Ivanhoe Inc. had a bad year in 2021. For the first time in its history, it operated at a loss. The company's income statement showed the following results from selling 86,400 units of product: net sales $2,160,000; total costs and expenses $2,413,800; and net loss $253,800. Costs and expenses consisted of the following. Cost of goods sold Selling expenses Administrative expenses 1. 2. 3. Break-even point $ 1. Total $1,693,440 558,360 162,000 Management is considering the following independent alternatives for 2022. Increase selling price 2. Change compensation $2,413,800 $1,296,000 3. Purchase machinery Variable Increase unit selling price 25% with no change in costs and expenses. Change the compensation of salespersons from fixed annual salaries totaling $216,000 to total salaries of $43,200 plus a 5% commission on net sales. $1,134,000 99,360 62,640 Purchase new high-tech factory machinery that will change the proportion between variable and fixed cost of goods sold to 50:50. (a)…
- Blossom Corp's sales slumped badly in 2022. For the first time in its history, it operated at a loss. The company's income statement showed the following results from selling 500.500 units of product: sales $2,502,500, total costs and expenses $2,615,550, and net loss $113,050. Costs and expenses consisted of the following amounts. Cost of goods sold Selling expenses Administrative expenses Total 2 Variable $1,491,490 $2,155,090 $663,600 250,250 158,158 210,210 142,142 $2,615,550 $1,651,650 $963,900 Fixed 92,092 68,068 Management is considering the following independent alternatives for 2023. 1. Increase the unit selling price 20% with no change in total costs, total expenses, and sales volume. Change the compensation of sales personnel from fixed annual salaries totaling $150,150 to total salaries of $60,060 plus a 6% commission on sales, All other total costs, total expenses, and total sales remain unchanged.Given: The Company showed Cost of Goods Sold amounting to P645,750 and its gross profit rate is 40%. The total expenses was P559,400. Required: What is the net profit or net loss of the company. Select the correct response:Cullumber Inc. had sales of $2,816,000 for the first quarter of 2022. In making the sales, the company incurred the following costs and 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. Sales CULLUMBER INC. CVP Income Statement For the Quarter Ended March 31, 2022 Variable Costs Contribution Margin Fixed Costs Ε
- Sage Hill Corporation had sales of $3,360,000 for the year ended December 31, 2022. The unit selling price was $12. In making the sales, the company incurred the following costs and expenses. Variable Fixed Cost of goods sold $832,000 $760,000 Selling expenses 113,000 64,000 Administrative expenses 231,000 71,000 Your answer is partially correct. Prepare a GAAP income statement. SAGE HILL CORPORATION GAAP Income Statement For the Year Ended December 31, 2022 Sales 3,360,000 Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses $ Administrative Expenses Total Operating Expenses Net Income/(LosS) $The gross profit margin excludes all costs except the cost of goods sold. If Miller Company recorded Net Sales of $17,260 for the month of March 2021, and cost of goods sold of $11,042, what is the company’s gross profit margin for the month of March. 37.4% 36% 39.2% 38.6%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…
- Jacob’s Landing Inc. has sales of 2,000 for the first quarter of 2019. The company incurred the following costs and expenses from making sales. Variable Fixed Cost of goods sold $70 60 Selling expense $50 80 Administrative expenses $95 66 Instructions: Prepare a CVP income statement for the quarter ended March 2010.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 > $ $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.