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The president of Company X is puzzled by the operating profit report and summary of manufacturing activity for the year, in which $1,200,000 raw materials cost was wasted and charged to expense in the year. He expected that operating profit would be $1,200,000 lower. Operating profit in the wasted raw materials scenario is only $100,000 lower than in table. Explain to the president why operating profit is only $100,000 lower.
Company X
Per Unit
Totals
Operating Profit Report for Year
Sales volume, in Units
110,000
Sales Revenue
$1,400.00
$154,000,000
Cost of Goods Sold Expense (see below)
-760
-83,600,000
Gross Margin
$640.00
$70,400,000
Variable Operating Expenses
-300
-33,000,000
Contribution Margin
$340.00
$37,400,000
Fixed Operating Expenses
-21,450,000
Operating Profit
$15,950,000
Manufacturing Activity Summary for Year
Annual Production Capacity, in Units
150,000
Actual Output, in Units
120,000
Raw Materials
$215.00
$25,800,000
Direct Labor
125
15,000,000
Variable Manufacturing Overhead Costs
70
8,400,000
Total Variable Manufacturing Costs
$410.00
$49,200,000
Fixed Manufacturing Overhead Costs
350
42,000,000
Product Cost and Total Manufacturing Costs
$760.00
$91,200,000
U.S. INDIVIDUAL INCOME TAX RETURN
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