b-2. Calculate the gross margin for each product. (Round your intermediatecalculations and final answers to 2 decimal places.)ChickenChickenDrumsticksBreastRevenueCost of goodssoldGross marginc-1. Should Martin further process chicken breasts into chicken steak? (Use theassumption made in requirement b-1)YesONoc-2. How would the profit be affected by your answer c-1Effect on profit Martin Chicken Corporation processes and packages chicken for grocery stores. Itpurchases chickens from farmers and processes them into two different products:chicken drumsticks and chicken steak. From a standard batch of 12,000 pounds of rawchicken that costs $7,000, the company produces two parts: 2,800 pounds of drumsticksand 4,200 pounds of breast for a processing cost of $2,450. The chicken breast isfurther processed into 3,200 pounds of steak for a processing cost of $2,00o. Themarket price of drumsticks per pound is $1.25 and the market price per pound ofchicken steak is $4.20. If Martin decided to sell chicken breast instead of chicken steak,the price per pound would be $2.20.

Answered: Image /qna-images/answer/7c7b1c36-2fe9-47c8-9286-be18b0f8ae51.jpg

Answered: b-2. Calculate the gross margin for…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 4MC: If goods are shipped FOB destination, which of the following is true? A. Title to the goods will...

See similar textbooks

Similar questions

Fill in the missing amounts in each of the eight case situations below. Each case is independent of the others. (Hint: One way to find the missing amounts would be to prepare a contribution format income statement for each case, enter the known data, and then compute the missing items.) a. Assume that only one product is being sold in each of the four following case situations: (picture1) b. Assume that more than one product is being sold in each of the four following case situations: (picture2)
Calculate the gross earning for an apple picker based on the following differential pay scale: (Round your answer to the nearest cent.) 1–1,000: $0.03 each 1,001–1,600: $0.05 each Over 1,600: $0.07 each Apple picker Number of apples picked Gross earnings James 1,935
Ralston Dairy gathered this data about the two products that it produces: Products Current SalesValue Estimated AddedProcessing Costs Sales Value IfProcessing Further Frozen yogurt $8,200 $2,100 $11,300 Ice cream 12,100 7,100 18,400 Which of the products should be processed further? Frozen Yougurt because profit increase by $???
A small company manufactures a certain item and sells it online. The company has a business model where the cost, C in dollars, to make x items is given by the equation C = 20/3 x + 50. The revenue R , in dollars , made by selling x items is given by the equation R = 10x. How many items must the company sell in order for the cost to equal their revenue?
Calculate the gross earning for an apple picker based on the following differential pay scale: (Round your answer to the nearest cent.) 1 - 1,000: $0.03 each 1,000 - 1,600: $0.05 each Over 1,600: $0.07 each Apple Picker Number of Apples Picked Gross Earning Ryan 1,850
Fill in the missing amounts in each of the eight case situations below. Each case is independent of the others. (Hint: One way to find the missing amounts would be to prepare a contribution format income statement for each case, enter the known data, and then compute the missing items.) Required: a. Assume that only one product is being sold in each of the four following case situations: b. Assume that more than one product is being sold in each of the four following case situations: Complete this question by entering your answers in the tabs belows Required A Required B Assume that only one product is being sold in each of the four following case situations: (Loss amounts should be indicated by a minus sign.) Case #1 Case #2 Case #3 Case #4 Unit sold 8,900 20,100 5,300 Sales $267,000 $319,000 $148,400 Variable expenses 124,600 221,100 Fixed expenses 85,000 179,000 76,000 Net operating income (loss)…
A-Using estimated net realizable value, what amount of the joint costs would be allocated Skim goat ice cream? B-Using the sales value at split-off method, what is the gross-margin percentage for condensed goat milk at the split-off point?
Fill in the missing amounts in each of the eight case situations below. Each case is independent of the others. (Hint: One way to find the missing amounts would be to prepare a contribution format income statement for each case, enter the known data, and then compute the missing items.) Required: a. Assume that only one product is being sold in each of the four following case situations: b. Assume that more than one product is being sold in each of the four following case situations:
Assume in each case that the selling expenses are $9 per unit and that the normal profit is $6 per unit. Calculate the limits for each case. Then enter the amount that should be used for lower of cost or market. Selling Price Upper Limit Replacement Cost Lower Limit Cost LCM (a) $63 $ $44 $ $53 $ (b) 52 35 39 (c) 59 44 45 (d) 54 38 36
Or it can expressed as the investor sells goods to the associate for 65,000 (selling price), the selling price includes a mark up on cost of 30%. Profit made by seller= 65,000 * 0.3/1+0.3= 15,000 My instructor told me that in order to solve this problem, I need to convert the markup into the gross profit and then multiply it by the selling price. I didn’t get the idea of converting the markup into GP. Refering to the question, that is 0.3/1+0.3. If possible, please analyse this bit. That is all I need Thanks
The total revenue function for a product is given by R=805 x dollars, and the total cost function for this same product is given by c=24500+70x+x square, where C is measured in dollars. For both functions, the input x is the number of units produced and sold. a. Form the profit function for this product from the two given functions. b. What is the profit when 26 units are produced and sold? c. What is the profit when 40 units are produced and sold? d. How many units must be sold to break even on this product?
Calculate the gross earning for an apple picker based on the following differential pay scale: (Round your answer to the nearest cent.) 1–1,000: $0.03 each 1,001–1,600: $0.05 each Over 1,600: $0.07 each Apple picker Number of apples picked Gross earning Ryan 1,850 I cannot figure out how to work out this problem. I know before problems like these could be worked out by multiplying it by the "over 1600 for .07 each" for it being 1,850, choice, but it doesn't work here. The answer by doing 1,850X.07=129.50 is wrong. It says to use the differential pay schedule but I can't figure out how to work it out. Please help.

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

Entrepreneurial Finance

Finance

ISBN:

9781337635653

Author:

Leach

Publisher:

Cengage

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

Entrepreneurial Finance

Finance

ISBN:

9781337635653

Author:

Leach

Publisher:

Cengage

SEE MORE TEXTBOOKS