Manufacturing Firm Income Statement Slapshot Company makes ice hockey sticks and sold 1,880 sticks during the month of June at a total cost of $433,000. Each stick sold at a price of $400. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales price, and other selling expense of $65,000. Administrative expense totaled $53,800. 1. Prepare an income statement for Slapshot for the month of June Sales revenue: Cost of goods sold: Gross margin: Sellong expense: Commisions: Fixed selling expense:

Manufacturing Firm Income Statement Slapshot Company makes ice hockey sticks and sold 1,880 sticks during the month of June at a total cost of $433,000. Each stick sold at a price of $400. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales price, and other selling expense of $65,000. Administrative expense totaled $53,800. 1. Prepare an income statement for Slapshot for the month of June Sales revenue: Cost of goods sold: Gross margin: Sellong expense: Commisions: Fixed selling expense:

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter2: Basic Managerial Accounting Concepts

Section: Chapter Questions

Problem 33BEB: Use the following information for Brief Exercise: Morning Smiles Coffee Company manufactures...

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Use the following information for Brief Exercise: Morning Smiles Coffee Company manufactures Stoneware French Press coffee makers and sold 8,000 coffee makers during the month of March at a total cost of 612,500. Each coffee maker sold at a price of 100. Morning Smiles also incurred two types of selling costs: commissions equal to 5% of the sales price and other selling expense of 45,000. Administrative expense totaled 47,500. 2-33 Income Statement Percentages Refer to the information for Morning Smiles Coffee Company on the previous page. Required: Prepare an income statement for Morning Smiles for the month of March and calculate the percentage of sales revenue represented by each line of the income statement. (Note: Round answers to one decimal place.)
Using the information in the previous exercises about Marleys Manufacturing, determine the operating income for department B, assuming department A sold department B 1,000 units during the month and department A reduces the selling price to the market price.
Cost of Goods Manufactured, Income Statement W. W. Phillips Company produced 4,000 leather recliners during the year. These recliners sell for 400 each. Phillips had 500 recliners in finished goods inventory at the beginning of the year. At the end of the year, there were 700 recliners in finished goods inventory. Phillips accounting records provide the following information: Required: 1. Prepare a statement of cost of goods manufactured. 2. Compute the average cost of producing one unit of product in the year. 3. Prepare an income statement for external users.
Total and Unit Product Cost Martinez Manufacturing Inc. showed the following costs for last month: Last month, 4,000 units were produced and sold. Required: 1. Classify each of the costs as product cost or period cost. 2. What is the total product cost for last month? 3. What is the unit product cost for last month?
Slapshot Company makes ice hockey sticks and sold 1,880 sticks during the month of June at a total cost of $433,000. Each stick sold at a price of $400. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales priceand other selling expense of $65,000. Administrative expense totaled $53,800. Required: Prepare an income statement for Slapshot for the month of June and calculate the percentage of sales revenue represented by each line of the income statement.
Slapshot Company makes ice hockey sticks and sold 1,880 sticks during the month of June at a total cost of $433,000. Each stick sold at a price of $400. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales price and other selling expense of $65,000. Administrative expense totaled $53,800.Required:Prepare an income statement for Slapshot for the month of June.
Slapshot Company makes ice hockey sticks and sold 1,880 sticks during the month of June at a total cost of $433,000. Each stick sold at a price of $400. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales price and other selling expense of $65,000. Administrative expense totaled $53,800. What are the Fixed selling expenses? What is Operating income?
Marley Company has the following information for March: Sales $912,000 Variable cost of goods sold 474,000 Fixed manufacturing costs 82,000 Variable selling and administrative expenses 238,100 Fixed selling and administrative expenses 54,700 Determine the following for Marley Company for the month of March: a. Manufacturing margin $ b. Contribution margin $ c. Operating income $
During the first month of operations ended July 31, Head Gear Inc. manufactured 25,600 hats, of which 24,100 were sold. Operating data for the month are summarized as follows: Line Item Description Amount Amount Sales $226,540 Manufacturing costs: Direct materials $138,240 Direct labor 35,840 Variable manufacturing cost 17,920 Fixed manufacturing cost 15,360 207,360 Selling and administrative expenses: Variable $12,050 Fixed 8,800 20,850 During August, Head Gear Inc. manufactured 22,600 hats and sold 24,100 hats. Operating data for August are summarized as follows: Line Item Description Amount Amount Sales $226,540 Manufacturing costs: Direct materials $122,040 Direct labor 31,640 Variable manufacturing cost 15,820 Fixed manufacturing cost 15,360 184,860 Selling and administrative expenses: Variable $12,050 Fixed 8,800 20,850 Required: Question…
Marley Company has the following information for March: Sales $912,000 Variable cost of goods sold 474,000 Fixed manufacturing costs 82,000 Variable selling and administrative expenses 238,100 Fixed selling and administrative expenses 54,700 Determine (A) the manufacturing margin, (B) the contribution margin, and (C) income from operations for Marley Company for the month of March
Norwood Company has the following information for September: Sales $490,000 Variable cost of goods sold 225,400 Fixed manufacturing costs 73,500 Variable selling and administrative expenses 53,900 Fixed selling and administrative expenses 29,400 Determine the following for Norwood Company for the month of September: a. Manufacturing margin $ b. Contribution margin $ c. Operating income $
Cosgrove Company, Inc. is a wholesaler that distributes a single product. The company's revenues and expenses for the last three months are given below: Identify the fixed and variable costs associated with Cosgrove. Calculate the average costs per month. Cosgrove Company Traditional Format Income Statement For the Three Months Ended June 30 April May June Sales in Units 3,000 3,750 4,500 Sales Revenue 420,000 525,000 630,000 Cost of Goods Sold 168,000 210,000 252,000 Gross Margin 252,000 315,000 378,000 Selling and Administrative Expenses: Shipping Expense 44,000 50,000 56,000 Advertising Expense 70,000 70,000 70,000 Salaries and Commissions 107,000 125,000 143,000 Insurance Expense 9,000 9,000 9,000 Depreciation Expense 42,000 42,000 42,000 Total Selling and Administrative Expenses 272,000 296,000 320,000…