D.) Total Gross Profit VarianceE.) Sales Mix VarianceF.) Final Sales Volume Variance Jungkook Company present the following data for analysis affecting its Gross Profit. Thecompany is selling 2 products, Tata and Chimmy2020175.000105,00070,0002021228,000Net Sales128,40099.600Cost of SalesGross MarginAdditional Data:20212020Chimmy16,0006.00Chimmy15,000ItemsTataTataUnits Sold12,00010,000Unit Selling11.0010.005.00PriceUnit Costs6.303.306.003.00Uni GP4.702.704.002.00Analyze if Favorable or Unfavorable.A.) Sales Price Variance 28,000 FB.) Cost Price Variance 8,400 UC.) Quantity Variance =15,900 FD.) Total Gross Profit VarianceE.) Sales Mix VarianceF.) Final Sales Volume Variance

Gross profit variance is computed by finding the difference between the given gross profits.

Jungkook Company present the following data for analysis affecting its Gross Profit. The company is selling 2 products, Tata and Chimmy 2021 2020 228,000 128,400 99,600 175,000 105,000 Net Sales Cost of Sales Gross Margin 70,000 Additional Data: 2021 2020 Chimmy 16,000 6.00 Chimmy 15,000 5.00 Items Tata Tata Units Sold 12,000 10,000 Unit Selling 11.00 10.00 Price 3.30 2.70 Unit Costs 6.30 6.00 3.00 Uni GP 4.70 4.00 2.00 Analyze if Favorable or Unfavorable. A.) Sales Price Variance 28,000 F B.) Cost Price Variance 8,400 U C.) Quantity Variance 15,900 F D.) Total Gross Profit Variance E.) Sales Mix Variance F.) Final Sales Volume Variance

Jungkook Company present the following data for analysis affecting its Gross Profit. The company is selling 2 products, Tata and Chimmy 2021 2020 228,000 128,400 99,600 175,000 105,000 Net Sales Cost of Sales Gross Margin 70,000 Additional Data: 2021 2020 Chimmy 16,000 6.00 Chimmy 15,000 5.00 Items Tata Tata Units Sold 12,000 10,000 Unit Selling 11.00 10.00 Price 3.30 2.70 Unit Costs 6.30 6.00 3.00 Uni GP 4.70 4.00 2.00 Analyze if Favorable or Unfavorable. A.) Sales Price Variance 28,000 F B.) Cost Price Variance 8,400 U C.) Quantity Variance 15,900 F D.) Total Gross Profit Variance E.) Sales Mix Variance F.) Final Sales Volume Variance

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...

See similar textbooks

Similar questions

The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?
If Swifty Corporation has net sales of $515000 and cost of goods sold of $365000, Swifty gross profit rate is 71%. 41%. 100%. 29%.
Revenue and expense data for Rogan Technologies Co. are as follows: 20Y8 20Y7 Sales $701,000 $610,000 Cost of goods sold 434,620 347,700 Selling expenses 105,150 103,700 Administrative expenses 119,170 122,000 Income tax expense 21,030 12,200 a. Prepare an income statement in comparative form, stating each item for both 20Y8 and 20Y7 as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as a positive number. Rogan Technologies Co. Comparative Income Statement For the Years Ended December 31, 20Y8 and 20Y7 20Y8 Amount 20Y8 Percent 20Y7 Amount 20Y7 Percent $fill in the blank 6de34503cfdf061_2 fill in the blank 6de34503cfdf061_3% $fill in the blank 6de34503cfdf061_4 fill in the blank 6de34503cfdf061_5% fill in the blank 6de34503cfdf061_7 fill in the blank 6de34503cfdf061_8% fill in the blank 6de34503cfdf061_9 fill in the blank 6de34503cfdf061_10% Gross profit $fill in the blank…
Prepare a horizontal analysis of the following excerpt of an income statement. Eye Witness Security GmbH Income Statement 2012 2011 Net sales €540.400 €573.000 Cost of goods sold 130.300 165.800 Gross profit (loss) 410.100 407.200 Operating expenses 264.900 205.100 Net income (loss) €145.200 €202.100
compute net sales, gross profit, and the gross profit ratio for each of the four seperate companies. Round gross margin ratio to one decimal place. carrier lennox trane york sales 150000 550000 38700 255700 sales discounts 5000 17500 600 4800 sales returns and allowances 20000 6000 5100 900 cost of goods sold 79750 329589 24453 126500
A company's net sales are $817,990, its costs of goods sold are $449,895, and its profit is $112,475. Its gross profit margin ratio equals: Multiple Choice 45.0%. 55.0%. 13.75%. 31.25% 25.0%.
Blossom Corp. has annual sales totaling $1146000 and an average gross profit of 20% of cost. What is the dollar amount of the gross profit? $286500. $171900. $229200. $191000.
The following information relates to a company for two periods: year 1; profit- GH¢131250, sales- GH¢1375000; year 2; profit- 225000, sales- GH¢1750000. What is the margin of safety if profit is GH¢262000?
Our company is a manufacturer and has the following data available for the current year: sales, $550,000; sales discounts, $20,000; sales returns and allowances, $15,000; and cost of goods sold, $200,000. What is the amount reported on the income statement for net sales? $530,000 $515,000 $500,000 $330,000
The income statements of Cullumber Corporation show the following amounts: 2020 2019 2018 Net sales $740 $710 $660 Cost of goods sold 540 509 449 Gross profit 200 201 211 Selling, general, and administrative expenses 190 150 110 Profit before tax 10 51 101 Using vertical (common-size) analysis, analyze Cullumber Corporation’s declining profit before tax. (Round answers to 0 decimal places, e.g. 52%.) 2020 2019 2018 Net sales % % % Cost of goods sold % % % Gross profit % % % Selling, general, and administrative expenses % % % Profit before tax % % %
Stockton Co. prepared its income statement containing the information below. Using vertical analysis, what percentages would apply to cost of sales, gross profit, and interest expense, respectively? Net Sales Revenue $ 649,000 Cost of Sales 431,000 Gross Profit 218,000 Operating and Other Expenses 88,500 Interest Expense 32,500 Income Tax Expense 35,500 Net Income $ 61,500 Cost of Sales Gross Profit Interest Expense A) 73.4 % 100.0 % 16.3 % B) 49.7 % 60.7 % 39.7 % C) 100.0 % 50.6 % 8.2 % D) 66.4 % 33.6 % 5.0 % Multiple Choice Option B Option C Option A Option D