Question
In: Accounting
Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold 6,200...
Fanelli Corporation, a merchandising company, reported the following results for July:
| Number of units sold | 6,200 | |
| Selling price per unit | $ | 600 |
| Unit cost of goods sold | $ | 414 |
| Variable selling expense per unit | $ | 52 |
| Total fixed selling expense | $ | 125,700 |
| Variable administrative expense per unit | $ | 30 |
| Total fixed administrative expense | $ | 207,600 |
Cost of goods sold is a variable cost in this company.
Required:
a. Prepare a traditional format income statement for July.
b. Prepare a contribution format income statement for July.
Solutions
Expert Solution
The answer has been presented to the supporting sheet. All the parts has been solved with detailed explanation and calculation. For detailed answer refer to the supporting sheet.
ekkarill92 answered 1 year agoRelated Solutions
Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold 6,200...
Fanelli Corporation, a merchandising company, reported the
following results for July:
Number of units sold
6,200
Selling price per unit
$
600
Unit cost of goods sold
$
414
Variable selling expense per unit
$
52
Total fixed selling expense
$
125,700
Variable administrative expense per unit
$
30
Total fixed administrative expense
$
207,600
Cost of goods sold is a variable cost in this company.
Required:
a. Prepare a traditional format income statement for July.
b. Prepare a contribution...
Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold 6,400...
Fanelli Corporation, a merchandising company, reported the
following results for July:
Number of units sold
6,400
Selling price per unit
$
600
Unit cost of goods sold
$
416
Variable selling expense per unit
$
56
Total fixed selling expense
$
125,900
Variable administrative expense per unit
$
24
Total fixed administrative expense
$
207,800
Cost of goods sold is a variable cost in this company.
Required:
a. Prepare a traditional format income statement for July.
b. Prepare a contribution...
Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold 6,800...
Fanelli Corporation, a merchandising company, reported the
following results for July:
Number of units sold
6,800
Selling price per unit
$
610
Unit cost of goods sold
$
420
Variable selling expense per unit
$
64
Total fixed selling expense
$
126,300
Variable administrative expense per unit
$
32
Total fixed administrative expense
$
208,200
Cost of goods sold is a variable cost in this company.
Required:
a. Prepare a traditional format income statement for July.
b. Prepare a contribution...
Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold 5,200...
Fanelli Corporation, a merchandising company, reported the
following results for July:
Number of units sold
5,200
Selling price per unit
$
600
Unit cost of goods sold
$
404
Variable selling expense per unit
$
54
Total fixed selling expense
$
124,700
Variable administrative expense per unit
$
24
Total fixed administrative expense
$
206,600
Cost of goods sold is a variable cost in this company.
Required:
a. Prepare a traditional format income statement for July.
b. Prepare a contribution...
Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold 5,900...
Fanelli Corporation, a merchandising company, reported the
following results for July:
Number of units sold
5,900
Selling price per unit
$
600
Unit cost of goods sold
$
411
Variable selling expense per unit
$
68
Total fixed selling expense
$
125,400
Variable administrative expense per
unit
$
24
Total fixed administrative
expense
$
207,300
Cost of goods sold is a variable cost in this company.
Required:
a. Prepare a traditional format income statement for July.
b. Prepare a contribution...
O&A Corporation, a merchandising company, reported the following results for September: Number of units sold……………………..…. 3,700...
O&A Corporation, a merchandising company, reported the
following results for September:
Number of units sold……………………..…. 3,700
Selling price per unit ………………….…...…339
Cost of goods sold ………………….....531,500
Total Variable selling expense ………..….. 99,900
Total fixed selling expense …………..…77,800
Total Variable administrative expense …... 44,400
Total fixed administrative expense ……..185,200
You are required to:
1. prepare a contribution format income statement for May.
2. prepare a traditional format income statement for May.
Questions:
What is the total variable selling expense? (Contribution income...
O&A Corporation, a merchandising company, reported the following results for September: Number of units sold……………………..…. 7,400...
O&A Corporation, a merchandising company, reported the
following results for September:
Number of units sold……………………..…. 7,400
Selling price per unit ………………….…...…339
Cost of goods sold ………………….....531,500
Total Variable selling expense ………..….. 99,900
Total fixed selling expense …………..…77,800
Total Variable administrative expense …... 44,400
Total fixed administrative expense ……..185,200
Questions: What is the total variable selling expense?
(Contribution income statement format)
What is the total variable expense? (Contribution income
statement format)
What is the contribution margin? (Contribution income statement
format)
What...
Bolka Corporation, a merchandising company, reported thefollowing results for October:Sales$ 418,000Cost of...
Bolka Corporation, a merchandising company, reported the
following results for October:Sales$ 418,000Cost of goods sold (all variable)$ 175,500Total variable selling expense$ 23,700Total fixed selling expense$ 21,800Total variable administrative expense$ 16,200Total fixed administrative expense$ 34,300The contribution margin for October is:Multiple Choice$202,600$361,900$146,500
Whitman Corporation, a merchandising company, reported sales of 12,100 units for May at a selling price...
Whitman Corporation, a merchandising company, reported sales of
12,100 units for May at a selling price of $714 per unit. The cost
of goods sold (all variable) was $448 per unit and the variable
selling expense was $63 per unit. The total fixed selling expense
was $163,800. The variable administrative expense was $28 per unit
and the total fixed administrative expense was $376,100.
Required:
a.
Prepare a contribution format income statement for May.
(Input all amounts as positive values. Omit...
Whitman Corporation, a merchandising company, reported sales of 17,300 units for May at a selling price...
Whitman Corporation, a merchandising company, reported sales of
17,300 units for May at a selling price of $693 per unit. The cost
of goods sold (all variable) was $495 per unit and the variable
selling expense was $55 per unit. The total fixed selling expense
was $155,900. The variable administrative expense was $33 per unit
and the total fixed administrative expense was $378,100.
Required:
a.
Prepare a contribution format income statement for May.
(Input all amounts as positive values. Omit...
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