Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The percent of increase (decrease) in cost price must be:
Q: Use this problem to answer the following requirements: Mabuhay Corporation generated these gross…
A: Current year sales at 2019 prices = Current year sales / (1- decrease in sales price %) = P1,944,000…
Q: An analysis of the income statement of MERDEKA Corporation showed the following data on December 31,…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: Change in gross profits = Gross profits in 2019 - Gross profits in 2018=P 330,000 -P328,000=P…
Q: Mabuhay Corporation generated these gross profits during the past recent years when the sales price…
A: The growth in sales is primarily driven by the growth in quantity and the growth in sale price.…
Q: Vargross Company presented the following data for analysis affecting its gross profit. The company…
A: Variance: A cost variance is the difference between the amount of cost that was actually incurred…
Q: A Corporation generated these gross profits during the past recent years when the sales price was…
A: 2020 2019 Sales P1,944,000 P1,900,800 Cost of Sales P1,152,000 P1,113,600 Gross…
Q: A Corporation generated these gross profits during the past recent years when the sales price was…
A: Standard costing in simple terms can be defined as a system in which the standard costs and revenues…
Q: The change in gross profit due to change in cost price must be:
A:
Q: ABC Inc. has sales of $2,000,000 for the first quarter of 2019. In making the sales, the company…
A: Income Statement is a statement that contains the all the Revenue and Expense for a Reporting…
Q: Ivanhoe Inc. had sales of $2,300,000 for the first quarter of 2020. In making the sales, the company…
A: Cost-Volume-Profit Analysis (CVP Analysis): CVP Analysis is a tool of cost accounting that measures…
Q: During 2020, Bramble Co. generated revenues of $102000. The company’s expenses were as follows: cost…
A: Gross profit: It indicates to the profit earned by the business before deducting any allowable…
Q: Mabuhay Corporation generated these gross profits during the past recent ears when the sales price…
A: Mabuhay corporation 's Sales price was lower was 10% during 2020 compared to 2019. Decreased sales…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: Calculation of Percentage Change in Sales Given , 2019 2018 Sales 810000 792000 The Sales…
Q: The net sales of JEY Company in 2019 is ₱580,000. The cost of goods manufactured is ₱480,000. The…
A: The cost of goods sold is determined by adding beginning inventory to cost of goods manufactured and…
Q: Assuming that the selling price in 2021 is reduced by 11 percent effective January 1, calculate the…
A: Gross Profit Margin shows the sales revenue that a company keeps aside to pay off its costs while…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: Gross Profit = Sales - Cost of Sales
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: Gross profit can be defined the profit that a company makes after deducting the direct costs in…
Q: Use this problem to answer the following requirements: Mabuhay Corporation generated these gross…
A: Gross Profit is defined as the income arrived at by deducting the cost of goods sold.
Q: A Corporation generated these gross profits during the past recent years when the sales price was…
A: 2020 sales at 2019 price = 2020 sales / (1 - lower in sales price %) = P1,944,000 / (1 - 0.10) =…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: The gross profit is the excess of revenue over the cost of goods sold for a period. Cost of goods…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: Sales: Sales include a number of goods and services sold by the organization during their accounting…
Q: Vargross Company presented the following data for analysis affecting its gross profit. The company…
A: 1. Tota Gross Profit Variance = Actual gross profit - Budgeted gross profit Actual gross profit…
Q: Mabuhay Corporation generated these gross profits during the past recent ears when the sales price…
A: Gross profit is the difference between the sales revenue and the cost of goods sold. Gross profit…
Q: The portion of the functional income statements of Brief Company for 2021 and 2020 are presented…
A: Calculation of variable cost% for 2020 Variable cost %= 450000/800000*100 = 56.25%
Q: The change in gross profit due to change in cost price must be
A:
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: Gross profit refers to the profit earned after subtracting the cost of goods sold from the sales…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: Sales in 2019 = P810,000 Sales in 2018 = P792,000 Let us assume that 1,000 units were sold in 2019.…
Q: The change in gross profit due to change in quantity sold must be: a. P42,710 U
A: Budgeted gross profit ratio Sales 792,000 Less: cost of sale 464,000 Gross…
Q: The management of Bataan corporation asked you to submit an analysis of the increase in their gross…
A: Variance:- When there is a difference in the budgeted amount and what actually produces or occur is…
Q: In the year 2020, Metro Corporation expects an increase of 25% in cost of sales as compared to cost…
A: Note: Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: The management of Bataan corporation asked you to submit an analysis of the increase in their gross…
A: When there is an increase in sales of an organisation it maybe because of two reasons. First, there…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: Gross profit is the profit earned by an organization before its direct expenses (admin and selling…
Q: A Corporation generated these gross profits during the past recent years when the sales price was…
A: Cost price is represented by Cost of Sales. Sales Volume in 2019 = P1,900,800 Sales Volume in 2020…
Q: Yve Company, which sells a single product, provided the following data from its income statements…
A: The company's aim will be to increase the profitability of the company. The profits can be arrived…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: There are two methods to calculate profit variances (1) absorption cost method and (2) marginal cost…
Q: In 2019, Sheffield Corp. sold 3800 units at $600 each. Variable expenses were $420 per unit, and…
A: Net income represents the amount of revenue earned in excess of expenses.
Q: Use the following information for Jones Inc. FY 2018 Revenue…
A: The net profits of a corporation are the net residual incomes of the corporation after all the cash…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: 2018 2019 sales 792,000 sales 810,000 COS 464,000 COS 480,000 gross profit 328,000 gross…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: Gross profit is the trading profit earned by the organization. It is calculated = Closing Inventory…
Q: Al Mawarid Construction Equipment LLC has provided following Income Statement for the year ending…
A: The gross profit ratio can be calculated as gross profit divided by total sales The operating…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sa. = 2019 - P810,000; 2018 -…
A: Gross Profit Ratio= Gross Profit / Net Sales Gross Profit Margin=Gross Profit/Net sales*100…
Q: Baryans Corporation provided the following partial income statements and detailed information for…
A: Sales Price Variance: It is the difference between what the business expected price for the product…
Q: Mabuhay Corporation generated these gross profits during the past recent ears when the sales price…
A: The profit a corporation makes after subtracting the expenses of producing and selling its goods, or…
Q: Company prepared the following income statement for the year 2020: Sales…
A: Income statement is a statement that shows the total incomes and expenditure incurred or generated…
Q: The portion of the functional income statements of BP Company for 2021 and 2020 are presented below:…
A: Note:-Dear student I found on small error i.e. you have mentioned there is a decrease of 11% in…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: Gross profit is the profit earned by the company from their operating activities. It can be…
Q: he decrease in gross profit due to decrease in selling price must be:
A: Concept of Gross profit Gross profit is the residual income available after deduction of costs that…
Q: Mabuhay Corporation generated these gross profits during the past recent ears when the sales price…
A: Given Information: Sales in 2020 - P1,944,000 Sales price is 10% lower in 2020
Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The percent of increase (decrease) in cost price must be:
Step by step
Solved in 4 steps
- Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The change in gross profit due to change in cost price must be:Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The change in gross profit due to change in quantity sold must be:
- Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The decrease in gross profit due to decrease in selling price must be: A. 72,000 B. 79,200 C. 81,000 D. 90,000Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The change in gross profit due to change in cost price must be A. 39,680 (Favorable) B. 47,290 (Favorable) C. 47,290 (Unfavorable) D. 63,290 (Favorable) E. 63,290 (Unfavorable)Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The increase (decrease) in quantity sold must be: (7.95%) 12.00% 13.33% 13.64% Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The change in gross profit due to change in cost price must be: P39,680 F P47,290 F P47,290 U P63,290 F P63,290 U Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The change in gross profit due to change in quantity…
- Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The change in gross profit due to change in cost price must be: P39,680 F P47,290 F P47,290 U P63,290 F P63,290 UPierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The percent of increase (decrease) in cost price must be: The owners would like to know what reasons caused the current performance of the company and ask your opinion. Through review of the complete records you were able to obtain this additional information: (1) The selling price for every unit is P7.20 during 2018 and; (2) The marketing department did a tremendous job and was able to increase sales units by 20% during 2019. The increase (decrease) in gross profit because of the change in sales price is: a. P900 b. P1,080 c. (P4,320) d. P15,480Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The percent of increase (decrease) in cost price must be: The owners would like to know what reasons caused the current performance of the company and ask your opinion. Through review of the complete records you were able to obtain this additional information: (1) The selling price for every unit is P7.20 during 2018 and; (2) The marketing department did a tremendous job and was able to increase sales units by 20% during 2019. The increase (decrease) in gross profit because of the change in unit cost is: a. (P19,000) b. P10,800 c. (P10,800) d. P9,000
- Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The change in gross profit due to change in quantity sold must be: a. P42,710 U b. P44,710 F c. P63,290 U d. P108,000 FPierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The increase (decrease) in quantity sold A. (7.95%) B. 12.00% C. 13.33% D. 13.64%The net sales of JEY Company in 2019 is ₱580,000. The cost of goods manufactured is ₱480,000. The beginning inventories of goods in process and finished goods are ₱82,000 and ₱65,000, respectively. The ending inventories are: goods in process –₱75,000; finished goods –₱55,000. The selling expenses and general and administrative expenses are 5% and 2.5% of cost of sales, respectively. How much would be the net profit before tax in the year 2019? 45,725 ₱ 53,250 ₱ 90,000 ₱ 83,000