Question

In: Accounting

Use the following information to determine the gross margin for IntelManufacturing for the year just ended...

Use the following information to determine the gross margin for IntelManufacturing for the year just ended (all amounts are in thousands ($ 000’s) of dollars:

Accounts payable, 1/1 1,700

Accounts payable, 12/31 1,500

Depreciation on factory equipment 2,500

Direct labor 8,000

Direct materials inventory, 1/1 8,000

Direct materials inventory, 12/31 1,000

Finished goods inventory, 1/1 20,000

Finished goods inventory, 12/31 21,300

Indirect labor 1,600

Indirect materials used 1,500

Purchases of direct materials 8,000

Sales $21,800

Utilities expense, factory 900

Work in process inventory, 1/1 1,800

Work in process inventory, 12/31 10,000

Expert Solution

Computing the gross profit by using excel sheet:

Presenting the result of above excel sheet:

ekkarill92 answered 2 years ago

The following information is available for Henderson Components for the year just ended. Sales price $...

The following information is available for Henderson Components for the year just ended. Sales price $ 55 Fixed costs (for the year) Selling and administrative 451,200 Production 676,800 Variable cost (per unit) Materials 14 Labor 10 Plant supervision 7 Selling and administrative 11 Number of units (for the quarter) 225,600 units Required: Select the answer for each of the following costs. a. Variable cost per unit. b. Variable production cost per unit. c. Full cost per unit. d. Full absorption...

The following information is available for Gulf Corp. on December 31 for the year just ended....

The following information is available for Gulf Corp. on December 31 for the year just ended. The estimated yearly depreciation on the building is $950. This year's advertising bill for $12,000 is unrecorded and unpaid. Unpaid and unrecorded salaries at year-end totalled $47,500. The estimated yearly depreciation on the furniture is $900. $600 of property taxes have accrued and are unrecorded. A review of the $4,400 unadjusted balance in the supplies account shows a balance on hand at the end...

The following information is available for United Corporation on December 31 for the year just ended....

The following information is available for United Corporation on December 31 for the year just ended. A review of the $12,000 unadjusted balance in the prepaid rent account shows a remaining balance of $8,750 at the end of the year. $2,200 of the television advertising paid for in advance has been used. The yearly depreciation on the building is $150. The yearly depreciation on the equipment is $800. $1,200 of the advertising paid for in advance has been published by...

The following information is available for Weber Inc. on September 30 for the year just ended....

The following information is available for Weber Inc. on September 30 for the year just ended. Of the consulting fees Weber Inc. received in advance, $800 has been earned. Equipment purchased in a previous year for $18,500 will be sold after five years for $2,500. Interest of $1,140 has accrued on a bank loan and is unrecorded. Property taxes of $600 have accrued but are unrecorded. Buildings purchased in a previous year for $68,750 will be sold after ten years...

1. Calculate Revenues, COGS, Gross Profit and Gross Margin in year 2 based on the following:...

1. Calculate Revenues, COGS, Gross Profit and Gross Margin in year 2 based on the following: Yr. 1 Revenues 500 COGS 400 Gross Profit 100 Gross Margin 20% Sales rise 5%, 3% due to increase in volume and 2% due to increase in price. COGS is 80% variable. 2. What is the primary driver of sales growth for the following company? Explain. Assume COGS is 60% variable. Yr. 1 Yr. 2 Revenues 800 850 COGS 500 519 Gross Profit...

Given the information below, complete the following requirements: A. Rank the customers by their gross margin...

Given the information below, complete the following requirements: A. Rank the customers by their gross margin as a percent of sales revenue. B. Perform customer profitability analysis by generating an operating income for each customer segment through the use of activity-based costing. C. Rank segments by their respective operating income as a percent of sales. D. If the relative rankings of the segments using operating income as a percent of sales is different from the relative rankings using gross margin...

McAllister, Inc., employs a normal costing system. The following information pertains to the year just ended.

McAllister, Inc., employs a normal costing system. The following information pertains to the year just ended.Total manufacturing costs were $1,320,000.Cost of goods manufactured was $1,286,000.Applied manufacturing overhead was 30 percent of total manufacturing costs.Manufacturing overhead was applied to production at a rate of 80 percent of direct-labor cost.Work-in-process inventory on January 1 was 75 percent of work-in-process inventory on December 31.Required:Compute the following to support the preparation of financial statements.1. Compute the total direct-labor cost for the year.2. Compute the...

Dover Corporation has provided the following information for the year just ended: • Cash sales totaled...

Dover Corporation has provided the following information for the year just ended: • Cash sales totaled $125,000 • Credit sales totaled $279,000 • Cash collections from customers for services that have not been provided yet totaled $38,000 • There was an $11,000 gain from the sale of property and equipment • Interest income totaled $8,000 How much did net income increase due to these items?

Leslie corporation reported the following income statement and financial information for the year just ended Sales...

Leslie corporation reported the following income statement and financial information for the year just ended Sales 3,300,000 Average invested assets 3,000,000 CGS 1,700,000 Average current liabilities 200,000 Gross Margin 1,600,000 income tax rate 30% Selling and Admin 200,000 Operating income before support dept charged 1,400,000 capital debt at 8% average interest rate 600,000 Support Dept Charge 100,000 Equity dividend rate at 20% 1,800,000 Income from operations 1,300,000 The company uses GAAP operating income and assets net of current liabilities for...

Large retailers like Costco and Target typically use gross margin ratio (gross margin sales), inventory turnover

Inventory Management Metrics Large retailers like Costco and Target typically use gross margin ratio (gross margin sales), inventory turnover (sometimes referred to as inventory tums), and gross margin return on investmient (GMROI) to evaluate how well inventory has been managed. The goal is to maximize profits while minimixing the investment in inventory. Below are data for four scenarios, a base scenario (A) followed by there modifications (B, C, & D) to the base scenario. Required For each scenario calculate the gross margin percent,...