Question

39. Red and White Company reported the following monthly data: Units produced 3,600 units Sales price...

39.

Red and White Company reported the following monthly data:

Units produced 3,600 units
Sales price $ 41 per unit
Direct materials $ 7 per unit
Direct labor $ 5 per unit
Variable overhead $ 8 per unit
Fixed overhead $ 9,000 in total

What is Red and White's net income under absorption costing if 1,140 units are sold and selling and administrative expenses are $16,200?

40.

Red and White Company reported the following monthly data:

Units produced 3,600 units
Sales price $ 41 per unit
Direct materials $ 7 per unit
Direct labor $ 5 per unit
Variable overhead $ 8 per unit
Fixed overhead $ 9,000 in total

What is Red and White's net income under variable costing if 1,140 units are sold and operating expenses are $16,200?

46.The Gardner Company expects sales for October of $255,000. Experience suggests that 40% of sales are for cash and 60% are on credit. The company collects 50% of its credit sales in the month of sale and 50% in the month following sale. Budgeted Accounts Receivable on September 30 is $70,500. What is the amount of Accounted Receivables on the October 31 budgeted balance sheet?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
A SP per Unit 41
B Units Sold 1140
C Sales Revenue A*B 46740
D Units Produced 3600
E Cost of production 81000
(7+5+8) + 9000
F Cost Per Unit E/D 22.5
G Profit Per Unit A-F 18.5
H Gross Profit G*B 21090
I Less Selling and Admin Expenses 16200
J Net Income under absorption 4890
H Variable Costing
I Net Income under absorption Costing 4890
J Fixed Cost (9000/3600) 2.5
K Units Unsold D-B 2460
L Fixed Cost on Unsold Units 6150
M NetLoss under Variable Costing -1260
Total Sale 255000
Cash Sale 40% 102000
Credit Sale 60% 153000
Credit Sale In Oct 153000
Amt Recd In Oct 50% 76500
Amt Recd In Nov 50 % 76500
therefore
Cash Sale 102000
Credit Sale Amt Recd In Oct 76500
Credit Sale Amt Recd In Oct of Sep 70500
249000
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Red and White Company reported the following monthly data: Units produced 2,500 units Sales price $...
Red and White Company reported the following monthly data: Units produced 2,500 units Sales price $ 30 per unit Direct materials $ 2 per unit Direct labor $ 3 per unit Variable overhead $ 4 per unit Fixed overhead $ 8,500 in total What is Red and White's net income under absorption costing if 1,030 units are sold and selling and administrative expenses are $14,500? ($1,370) ($3,500) $3,628 $7,130 $13,130
Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0...
Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units produced this year 40,000 units Units sold this year 24,000 units Direct materials $ 24 per unit Direct labor $ 26 per unit Variable overhead $ 120,000 in total Fixed overhead $ 200,000 in total 1. Given Advanced Company's data, compute cost of finished goods in inventory under variable costing. Multiple Choice $928,000 $2,320,000 $1,392,000 $848,000 $1,272,000 2.Brush Industries reports the...
​McFarlane, Inc. reports the following​ information: Units produced 580 units Units sold 400 units Sales price...
​McFarlane, Inc. reports the following​ information: Units produced 580 units Units sold 400 units Sales price $ 160 per unit Direct materials $ 29 per unit Direct labor $ 12 per unit Variable manufacturing overhead $ 15 per unit Fixed manufacturing overhead $ 17800 per year Variable selling and administrative costs $ 6 per unit Fixed selling and administrative costs $ 13900 per year There are no beginning inventories. What is the ending balance in Finished Goods Inventory using variable​...
Assume the following information for a company that produced 10,000 units and sold 9,000 units during...
Assume the following information for a company that produced 10,000 units and sold 9,000 units during its first year of operations: Per Unit Per Year Selling price $ 200 Direct materials $ 80 Direct labor $ 50 Variable manufacturing overhead $ 10 Sales commission $ 8 Fixed manufacturing overhead $ 295,000 Which of the following choices explains the relationship between the absorption costing net operating income and the variable costing net operating income? Multiple Choice The absorption costing net operating...
Trez Company began operations this year. During this first year, the company produced 100,000 units and...
Trez Company began operations this year. During this first year, the company produced 100,000 units and sold 80,000 units. The absorption costing income statement for this year follows. Sales (80,000 units × $45 per unit) $ 3,600,000 Cost of goods sold Beginning inventory $ 0 Cost of goods manufactured (100,000 units × $25 per unit) 2,500,000 Cost of good available for sale 2,500,000 Ending inventory (20,000 × $25) 500,000 Cost of goods sold 2,000,000 Gross margin 1,600,000 Selling and administrative...
A company reports the following information for its first year of operations: Units produced this year...
A company reports the following information for its first year of operations: Units produced this year 650 units Units sold this year 500 units Direct materials $750 per unit Direct labor $1,000 per unit Variable overhead ? in total Fixed overhead $308,750 in total If the company's cost per unit of finished goods using variable costing is $2,375, what is total variable overhead? $237,500 $75,000 $312,500 $406,250 $97,500
Trez Company began operations this year. During this first year, the company produced 100,000 units and...
Trez Company began operations this year. During this first year, the company produced 100,000 units and sold 80,000 units. The absorption costing income statement for this year follows. Sales (80,000 units × $45 per unit) $ 3,600,000 Cost of goods sold Beginning inventory $ 0 Cost of goods manufactured (100,000 units × $25 per unit) 2,500,000 Cost of good available for sale 2,500,000 Ending inventory (20,000 × $25) 500,000 Cost of goods sold 2,000,000 Gross margin 1,600,000 Selling and administrative...
Trez Company began operations this year. During this first year, the company produced 100,000 units and...
Trez Company began operations this year. During this first year, the company produced 100,000 units and sold 80,000 units. The absorption costing income statement for this year follows. Sales (80,000 units × $45 per unit) $ 3,600,000 Cost of goods sold Beginning inventory $ 0 Cost of goods manufactured (100,000 units × $25 per unit) 2,500,000 Cost of goods available for sale 2,500,000 Ending inventory (20,000 × $25) 500,000 Cost of goods sold 2,000,000 Gross margin 1,600,000 Selling and administrative...
Trez Company began operations this year. During this first year, the company produced 100,000 units and...
Trez Company began operations this year. During this first year, the company produced 100,000 units and sold 80,000 units. The absorption costing income statement for this year follows. Sales (80,000 units × $40 per unit) $ 3,200,000 Cost of goods sold Beginning inventory $ 0 Cost of goods manufactured (100,000 units × $20 per unit) 2,000,000 Cost of good available for sale 2,000,000 Ending inventory (20,000 × $20) 400,000 Cost of goods sold 1,600,000 Gross margin 1,600,000 Selling and administrative...
Reliance Corporation sold 5,000 units of its product at a price of $25 per unit. Total...
Reliance Corporation sold 5,000 units of its product at a price of $25 per unit. Total variable cost per unit is $13.50, consisting of $12.90 in variable production cost and $0.60 in variable selling and administrative cost. Compute the contribution margin for the company. Multiple Choice $57,500 $67,500 $125,000 $64,500 $70,500 Shore Company reports the following information regarding its production cost. Units produced 48,000 units Direct labor $ 43 per unit Direct materials $ 44 per unit Variable overhead $...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT