Question

1. THE FOLLOWING INFORMATION IS USED FOR QUESTIONS 1 – 10. Quiz Company sells its product...

1. THE FOLLOWING INFORMATION IS USED FOR QUESTIONS 1 – 10.

Quiz Company sells its product for $10 per unit. Variable costs are $6 per unit and fixed costs are $15,000 per week. During the third week of July, Quiz Company sold 5,000 units.

Determine the total contribution margin for the week.

2. Determine the operating income for the week.

3. Determine the contribution margin ratio.

4. Determine the number of units Quiz Company must sell to break even.

5. Determine the number of units Quiz Company must sell to earn operating income of $8,000.

6. Determine the sales revenue (in dollars) Quiz Company must generate to break even.

7. Determine the sales revenue (in dollars) Quiz Company must generate to earn operating income of $8,000.

8. Determine the margin of safety in units for the week.

9. Determine the margin of safety in dollars for the week.

10. Suppose Quiz Company increased spending for advertising by $2,500 per week. As a result, sales in the fourth week increased by $5,000 compared to the third (current) week.

Determine the operating income earned in the fourth week.

Note: Give your answer using dollar signs and commas but no decimal points (cents).

Example: $12,345

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