Please do not give solution in image format thanku The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarterended March 31:SalesSelling price per pair of skisVariable selling expense per pair of skisVariable administrative expense per pair of skisTotal fixed selling expenseTotal fixed administrative expenseBeginning merchandise inventoryEnding merchandise inventoryMerchandise purchasesThe Alpine House, IncorporatedTraditional Income StatementRequired:1. Prepare a traditional income statement for the quarter ended March 31.2. Prepare a contribution format income statement for the quarter ended March 31.3. What was the contribution margin per unit?Prepare a traditional income statement for the quarter ended March 31.SalesCost of goods soldGross marginSelling and administrative expenses:Administrative expensesSelling expensesAmount$ 1,200,000$ 400$ 46$15$ 130,000$ 130,000$75,000Net operating income$ 110,000$ 290,000$1,200,000255,000945,0000

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Description: Please do not give solution in image format thanku The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarterended March 31:SalesSelling price per pair of skisVariable selling e

ABSORPTION COSTINGAbsorption Costing is a Cost Managerial Accounting method in which All Cost…

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The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit? Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Incorporated Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Administrative expenses Selling expenses Amount $ 1,200,000 $ 400 $46 $15 $ 130,000 $ 130,000 $75,000 $ 110,000 $ 290,000 Net operating income $1,200,000 255,000 945,000 0

The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit? Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Incorporated Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Administrative expenses Selling expenses Amount $ 1,200,000 $ 400 $46 $15 $ 130,000 $ 130,000 $75,000 $ 110,000 $ 290,000 Net operating income $1,200,000 255,000 945,000 0

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter27: Adjustments, Financial Statements, And Year-end Accounting For A Manufacturing business

Section: Chapter Questions

Problem 1MP: Reese Manufacturing Company manufactures and sells a limited line of products made to customer...

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Reese Manufacturing Company manufactures and sells a limited line of products made to customer order. The company uses a perpetual inventory system and keeps its accounts on a calendar year basis. A 6-column spreadsheet is presented on page 1100. Additional information needed to prepare the income statement and schedule of cost of goods manufactured is as follows: REQUIRED 1. Prepare an income statement and schedule of cost of goods manufactured for the year ended December 31,20--. 2. Prepare a statement of retained earnings for the year ended December 31,20--. 3. Prepare a balance sheet as of December 31, 20--. 4. Prepare the adjusting, closing, and reversing entries.
The general merchandise retail industry has a number of segments represented by the following companies: For a recent year, the following cost of goods sold and beginning and ending inventories are provided from corporate annual reports (in millions) for these three companies: a. Determine the inventory turnover ratio for all three companies. Round all calculations to one decimal place. b. Determine the number of days sales in inventory for all three companies. Use 365 days and round all calculations to one decimal place. c. Interpret these results based on each companys merchandising concept.
Communication Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and sales for the year are as follows: Purchases: Sales: The president of the company, Connie Kilmer, has asked for your advice on which inventory cost flow method should be used for the 32,000-unit physical inventory that was taken on December 31. The company plans to expand its product line in the future and uses the periodic inventory system. Write a brief memo to Ms. Kilmer comparing and contrasting the LIFO and FIFO inventory cost flow methods and their potential impacts on the companys financial statements.
The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: amount Sales 1408000 Selling price per pair of skis 440 Variable selling expense per pair of skis 45 Variable administrative expense per pair of skis 20 Total fixed selling expense 135000 Total fixed administrative expense 100000 Beginning merchandise inventory 70000 Ending merchandise inventory 120000 Merchandise purchases 305000 1. Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Inc. Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses 0 Net operating income 2. Prepare a contribution format income statement for the quarter ended March 31. The Alpine House, Inc. Contribution…
The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Amount Total sales revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $150,000 Selling price per pair of skis . . . . . . . . . . . . . . . . . . . . . . . $750 Variable selling expense per pair of skis . . . . . . . . . . . . . $50 Variable administrative expense per pair of skis . . . . . . . $10 Total fixed selling expense . . . . . . . . . . . . . . . . . . . . . . . . $20,000 Total fixed administrative expense . . . . . . . . . . . . . . . . . . $20,000 Beginning merchandise inventory . . . . . . . . . . . . . . . . . . $30,000 Ending merchandise inventory . . . . . . . . . . . . . . . . . . . . . $40,000 Merchandise purchases . . . . . . . . . . . . . . . . . . . . . . . . . . $100,000 Required: Prepare a traditional income statement for the quarter ended March 31. Prepare a contribution format income statement for the…
The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Amount Sales $ 1,271,000 Selling price per pair of skis $ 410 Variable selling expense per pair of skis $ 46 Variable administrative expense per pair of skis $ 15 Total fixed selling expense $ 140,000 Total fixed administrative expense $ 100,000 Beginning merchandise inventory $ 75,000 Ending merchandise inventory $ 110,000 Merchandise purchases $ 285,000 Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit?
The Alpine House, Inc. is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Amount Total sales revenue $ 968,000 Selling price per pair of skis $ 440 Variable selling expense per pair of skis $ 47 Variable administrative expense per pair of skis $ 20 Total fixed selling expense $ 130,000 Total fixed administrative expense $ 115,000 Beginning merchandise inventory $ 70,000 Ending merchandise inventory $ 115,000 Merchandise purchases $ 300,000 1. prepare the traditional income statement for the quarter ended march 31 come statement for the quarter ended March 31. The Alpine House, Incorporated Traditional Income Statement Sales $968,000 Cost of goods sold 255,000 Gross margin 713,000 Selling and administrative expenses: Selling expenses $233,400 Administrative expenses 159,000 392,400 784,800 Net operating income
The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Amount Sales $1408000 Selling price per pair of skis $440 Variable selling expense per pair of skis $45 Variable administrative expense per pair of skis $20 Total fixed selling expense $135,000 Total fixed administrative expense $100,000 Beginning merchandise inventory $70,000 Ending merchandise inventory $120,000 Merchandise purchases $305,000 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31 3. What was the contribution margin per unit ?
The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Amount Total sales revenue $ 1,189,000 Selling price per pair of skis $ 410 Variable selling expense per pair of skis $ 46 Variable administrative expense per pair of skis $ 19 Total fixed selling expense $ 135,000 Total fixed administrative expense $ 115,000 Beginning merchandise inventory $ 80,000 Ending merchandise inventory $ 105,000 Merchandise purchases $ 285,000 Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution toward fixed expenses and profits for each pair of skis sold during the quarter?
The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Amount Sales $ 1,419,000 Selling price per pair of skis $ 430 Variable selling expense per pair of skis $ 46 Variable administrative expense per pair of skis $ 16 Total fixed selling expense $ 160,000 Total fixed administrative expense $ 110,000 Beginning merchandise inventory $ 70,000 Ending merchandise inventory $ 110,000 Merchandise purchases $ 295,000 Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit?
The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: AmountSales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $150,000Selling price per pair of skis . . . . . . . . . . . . . . . . . . . . . $750Variable selling expense per pair of skis . . . . . . . . . . $50Variable administrative expense per pair of skis . . . $10Total fixed selling expense . . . . . . . . . . . . . . . . . . . . . . $20,000Total fixed administrative expense . . . . . . . . . . . . . . . $20,000Beginning merchandise inventory . . . . . . . . . . . . . . . . $30,000Ending merchandise inventory . . . . . . . . . . . . . . . . . . $40,000Merchandise purchases . . . . . . . . . . . . . . . . . . . . . . . . $100,000 Required:1. Prepare a traditional income statement for the quarter ended March 31.2. Prepare a…
J Coronado, Ltd. is a local coat retailer. The store’s accountant prepared the following income statement for the month ended January 31: Sales revenue $ 751,000 Cost of goods sold 585,780 Gross margin 165,220 Operating expenses Selling expense $ 24,430 Administrative expense 50,650 75,080 Net operating income $ 90,140 Coronado sells its coats for $250 each. Selling expenses consist of fixed costs plus a commission of $6.50 per coat. Administrative expenses consist of fixed costs plus a variable component equal to 5% of sales. (a) Prepare a contribution format income statement for January. (Round per unit cost to 2 decimal places, e.g. 52.75 and all other answers to 0 decimal places, e.g. 5,275.) Per Unit select an income statement item $enter a dollar…