Explain the companies contribution margin income statement, Accounting Basics

+44 141 628 6080
[email protected]

Explain the companies contribution margin income statement

During its most recent fiscal year, Simon Enterprises sold 290,000 electric screwdrivers at a price of $17.70 each. Fixed costs amounted to $841,000 and pretax income was $1,131,000. What amount should have been reported as variable costs in the company's contribution margin income statement for the year in question?

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Explain the companies contribution margin income statement

Reference No:- TGS0688374

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : How to drop the sporting goods department

A company is trying to decide whether to keep or drop the sporting goods department in its department store. If the segment is dropped, the sporting goods manager will be fired. The manager's salary, in relation to the decision to keep or drop the

Q : What was the predetermined overhead allocation rate

Austin Company uses a job order cost accounting system. The company's executives estimated that direct labor would be $5,510,000 (290,000 hours at $19/hour) and that factory overhead would be $1,590,000 for the current period.

Q : Calculate the equivalent units of production for the month

A production department's output for the most recent month consisted of 11,500 units completed and transferred to the next stage of production and 11,500 units in ending goods in process inventory.

Q : Uses a capital intensive production process

Krusty, Co. uses a capital intensive production process and allocates maintenance costs to the three producing departments. The maintenance cost for April was $100,000. The three departments had the following usage for April.

Q : Explain the companies contribution margin income statement

During its most recent fiscal year, Simon Enterprises sold 290,000 electric screwdrivers at a price of $17.70 each. Fixed costs amounted to $841,000 and pretax income was $1,131,000.

Q : What is the basic premise of target costing

Products should be designed to meet customer needs at a price customers are willing to pay that allows the company to make a reasonable profit.

Q : Usage of other production operating managers

When service department's fixed costs are allocated using actual costs and actual usage, the charge one production operating manager receives will depend on the usage of other production operating managers?

Q : Determine how many units must be sold

A product sells for $240 per unit, and its variable costs per unit are $162. The fixed costs are $428,000. If the firm wants to earn $85,240 pretax income, how many units must be sold?

Q : What is the target cost per opener

company believes it can sell 10,000,000 units of its proposed new garage door opener at a price of $100 each. If the company desires to make a profit of 40% of selling price on the garage door opener, what is the target cost per opener?

1951105

Questions
Asked

3,689

Active Tutors

1412821

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Explain the companies contribution margin income statement

Reference No:- TGS0688374

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : How to drop the sporting goods department

Q : What was the predetermined overhead allocation rate

Q : Calculate the equivalent units of production for the month

Q : Uses a capital intensive production process

Q : Explain the companies contribution margin income statement

Q : What is the basic premise of target costing

Q : Usage of other production operating managers

Q : Determine how many units must be sold

Q : What is the target cost per opener

Describe the results, including any scores

Discuss three ethical guidelines that are important

Provide reasons why working from a person centred

Discussion about gender stereotyping

Describe some of your personality traits

Outline a social issue that is important to you

How do you define being an adult

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Explain the companies contribution margin income statement

Reference No:- TGS0688374

Recent Questions Asked Accounting Basics

Q : How to drop the sporting goods department

Q : What was the predetermined overhead allocation rate

Q : Calculate the equivalent units of production for the month

Q : Uses a capital intensive production process

Q : Explain the companies contribution margin income statement

Q : What is the basic premise of target costing

Q : Usage of other production operating managers

Q : Determine how many units must be sold

Q : What is the target cost per opener

Asked Questions