Reference no: EM131211233
Quincy Corp. produces three products: X, Y, and Z. The income statement for 2014 is as follows: Sales $3,000,000 Less variable costs -1,905,000 Contribution margin $1,095,000 Less fixed expenses: Manufacturing $200,000 Selling and administrative 140,000 - 340,000 Net income $ 755,000 The sales, contribution margin ratios, and direct fixed expenses for the three types of products are as follows: X Y Z Sales $600,000 $600,000 $1,500,000 Contribution margin ratio 35% 30% 40% Direct fixed expenses of products $80,000 $50,000 $40,000 Prepare income statements segmented by products and include a column for the entire firm in the statement.
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Analyzing variable overhead variances for the fiscal period
: The management of Tristan Manufacturing is analyzing variable overhead variances for the fiscal period just ended. During the period, Tristan's management used 10,000 hours of direct labor. It had budgeted to use 16,000 hours of direct labor.
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International imports is a merchandising firm
: International Imports is a merchandising firm. Last year they reported sales of $674,500 and cost of goods sold of $404,700. The company's total variable selling and administrative expense was $60,705, and fixed selling and administrative expense was..
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Employees based on expected client traffic
: Jenny’s Cutting Station is a new concept in haircuts; low cost and very quick. Set in a local mall, Jenny’s offers 15 minute haircuts for harried shoppers who do not have time for lengthy appointments. To ensure that the clients are in and out quickl..
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Direct labor hours than those reflected in the standards
: Castle Inc. has set labor costs at $48 per unit of output, based on 3 hours allowed to produce each finished unit. Last month, 3,000 direct labor hours were used, and 1,500 units of output were manufactured at a total labor cost of $72,000. If the co..
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Prepare income statements segmented by products
: Quincy Corp. produces three products: X, Y, and Z. The income statement for 2014 is as follows: Sales $3,000,000 Less variable costs -1,905,000. Prepare income statements segmented by products and include a column for the entire firm in the statement..
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Distributed to its sold individual shareholder
: A business generates profits of $150,000. The owner currently has a 28% MTR. What is the total amount of taxes paid if the business is a regular corporation and $20,000 in dividends is distributed to its sold individual shareholder?( The dividend tax..
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What is the differential revenue for this decision
: Brandon Company plans to add a new item to its product line. Two possible products are under consideration. Each unit of Product A costs $12 to produce and sells for $20, while each unit of Product B costs $18 and sells for $28. What is the different..
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Experiences an equal increase or decrease in sales
: Pioneer and Victory operate in the same industry. Pioneer’s sales, variable costs, and fixed costs are $800,000, $560,000, and $80,000, respectively. Victory’s sales, variable costs, and fixed costs are $800,000, $320,000, and $320,000, respectively...
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What cost flow assumption was used
: A had 500 units in its inventory at a cost of $5 each. if purchased, for $2400, 300 more units. A then sold 600 units at a selling price of $10 each, resulting in gross profit of $2,100. What cost flow assumption was used? End of the year physical in..
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