The change in gross profit due to change in quantity sold 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: Profit and loss data for Lota & Romy, Inc. for 2019 and 2019 2020 Sales P2,688,000 Р3,45 Cost of…
A: Solution: A) Sold in 2020 = 2,688,000 + 2,688,000 x 25% = 2,688,000 + 672,000…
Q: You have the following information about Al- Farah Company: 2020: Net Sales 11,396.9, Gross profit…
A: Horizontal analysis is one of the financial statement analysis under which each item is being…
Q: The management of Bataan Corporation ask you to submit an analysis of the increase in their gross…
A: change in cost = Cost of sales in 2021 - Cost of sales in 2020=950,000 - 800,000=150,000
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: s higher than in 2019 and that the production costs in 2020 were lower than that of 2019 by 6%. The…
A: Cost function is a function that is used to show how production expense will change at different…
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: The following data for the years ended December 31, 2019 and 2020 were presented to the management…
A: Sales: Sales include a number of goods and services sold by the organization during their accounting…
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: % change in total sales and cost of goods sold from 2018 to 2019 can be because of % change in…
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: The change in gross profit due to change in cost price must be
A: 2018 2019 Sales 792,000 810,000 Cost of sales 464,000 480,000 Gross Profit 328,000…
Q: BC company had net sales of RO 75000 and gross profit is RO 18750 in the year 2019. The net sales in…
A: gross profit ratio = gross profit / net sales = RO 18750/RO 75000 = 25%
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: The management of Bataan Corporation ask you to submit an analysis of the increase in their gross…
A: Increase in gross profit = Change in profit / Base gross profit
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: Sales: Sales include a number of goods and services sold by the organization during their accounting…
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: 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: pared to 2019. 2020 Sales P1,944,000; 2020 Cost of Sales P1,152,000; 2019 Sales P1,900,800; 2019…
A: Gross profit % = Gross profit ÷ Sales Gross profit is one of the operational performance…
Q: Given the income statement below, Mega Trade Inc. wants to find the resulting net income for the…
A: Income Statement is part of Financial Statements statement which represents Revenue and Expenses…
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: ments of Brief Company for 2021 and 2020 are presented below: 2021 2020 Sales P890,000…
A: Increase in sales at base year prices = Sales for 2021 - Sales for 2020 = P…
Q: Presented below is income statement data for Short & Company as of year-end 2019: Income Tax…
A: Prepare a multi-step income statement for 2019.
Q: The following data for the years ended December 31, 2019 and 2020 were presented to the management…
A: Gross profit: It is the profit earned by the company after deducting cost associated with the…
Q: You are given the following extract of an income statement: Particulars 2018 (OMR) 2019(OMR) Net…
A: Common size statement is prepared item wise to show figures as a % of Revenue in Profit & Loss…
Q: The increase (decrease) in net sales due to price factor is:
A: The increase (decrease) in net sales due to price factor is = 1363000 - 1250000 = 113000 (increase)
Q: The management of Bataan Corporation ask you to submit an analysis of the increase in their gross…
A: Gross benefit is the benefit an organization makes in the wake of deducting the expenses related to…
Q: The increase (decrease) in gross profit because of the change in units sold is:
A:
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A: Answer:- DuPont Analysis meaning:- The DuPont Corporation first popularized the DuPont analysis…
Q: The following data for the years ended December 31, 2019 and 2020 were presented to the management…
A: The increase (decrease) in net sales due to volume factor is = 194000
Q: ABC company had net sales of RO 75000 and gross profit is RO 18750 in the year 2019. The net sales…
A: The cost of sales can be estimated as a % of sales. In 2019 cost of sale was 75000-18750 = 57250…
Q: Here are the abbreviated financial statements for Planner's Peanuts: INCOME STATEMENT, 2019 $2,500…
A: Financial statement of any company reveals its financial position in terms of profit and loss and…
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: During 2020 Quail, Inc. had sales of $86,000. In addition, during 2020 Quail received $4,000 in cash…
A: Net sales means the amount of revenue earned and cost of goods sold means the cost of goods which…
Q: Smith Corporation had Sales of $2,350,000 in 2021 and $2,125,000 in 2020. Cost of Good Sold were…
A: In order to find the changes in the sales are the cost of good sold ,the period of two are…
Q: The percent of increase (decrease) in cost price must be:
A: Calculation of Percentage Change in Sales Given , 2019 2018 Sales 810000 792000 The Sales…
Q: The increase (decrease) in gross profit because of the change in sales price is
A:
Q: Here are the abbreviated financial statements for Planner’s Peanuts: INCOME STATEMENT, 2019…
A: Given in the question that, company uses a strict percentage of sales planning model. This means,…
Q: The increase (decrease) in net sales due to cost factor is
A: The increase (decrease) in net sales due to cost factor is= 911800 - 776000
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: For 2021, Hamilton Company had Sales of $5,700,000 and Cost of Goods Sold of $3,600,000. For 2020,…
A: Vertical analysis is one of the form of financial statement analysis,under which each item is being…
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: Here are the abbreviated financial statements for Planner's Peanuts: INCOME STATEMENT, 2019 $6,000…
A: Here, we have been given Sales and Balance Sheet Data. We would calculate the balancing item as…
Q: Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue…
A: Vertical analysis is the proportionate analysis of the financial statements of an entity whereby…
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A: Relationship between Operating Expense and Gross Profit Cost of sales = Net sales - Gross profit We…
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- Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 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.Berg Company began operations on January 1, 2019, and uses the FIFO method in costing its raw materials inventory. During 2020, management is contemplating a change to the LIFO method and is interested in determining what effect such a change will have on net income. Accordingly, the following information has been developed: Required: What is the effect on income before income taxes in 2020 of a change to the LIFO method?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.
- Fava Company began operations in 2018 and used the LIFO inventory method for both financial reporting and income taxes. At the beginning of 2019, the anticipated cost trends in the industry had changed, so that it adopted the FIFO method for both financial reporting and income taxes. Fava reported revenues of 300,000 and 270,000 in 2019 and 2018, respectively. Fava reported expenses (excluding income tax expense) of 125,000 and 120,000 in 2019 and 2018, which included cost of goods sold of 55,000 and 45,000, respectively. An analysis indicates that the FIFO cost of goods sold would have been lower by 8,000 in 2018. The tax rate is 21%. Fava has a simple capital structure with 15,000 shares of common stock outstanding during 2018 and 2019. It paid no dividends in either year. Required: 1. Prepare the journal entry to reflect the change. 2. At the end of 2019, prepare the comparative income statements for 2019 and 2018. Notes to the financial statements are not necessary. 3. At the end of 2019, prepare the comparative retained earnings statements for 2019 and 2018.Company Elmira reported the following cost of goods sold but later realized that an error had been made in ending inventory for year 2021. The correct inventory amount for 2021 was 32,000. Once the error is corrected, (a) how much is the restated cost of goods sold for 2021? and (b) how much is the restated cost of goods sold for 2022?May I ask for an explanation and solution to the question for a better understanding. Thank you! 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: a. P39,680 F b. P47,290 F c. P47,290 U d. P63,290 F e. P63,290 U
- May I ask for an explanation and solution to the question for a better understanding. Thank you! 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. P72,000 b. P79,200 c. P81,000 d. P90,000Pierce 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 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
- May I ask for an explanation and solution to the question for a better understanding. Thank you! 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: a. 8.97% b. (8.97%) c. 9.85% d. (9.85%)Use this problem to answer the following requirements: Mabuhay Corporation generated these gross profits during the past recent ears when the sales price was 10% lower during 2020 compared to 2019. 2020 Sales P1,944,000; 2020 Cost of Sales P1,152,000; 2019 Sales P1,900,800; 2019 Cost of Sales P1,113,600. The decrease in gross profit due to decrease in selling price must bePierce 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:
